Baobab raised €3.5 million in a pre-seed round led by Project A Ventures.

Baobab, a Berlin, Germany-based cybersecurity-based insurance provider, announced completing a pre-seed funding round closed at €3.5 million ($4M).

The money was raised from investors from Germany led by Project A Ventures with participation from La Famiglia, Discovery Ventures and multiple angel investors including Christopher Oster and Marco Adelt (Clark), Michael Riegel (Comtravo), Hanno Fichtner (Gabi), Emilios Markou and Alexis Pantazis (Hellas Direct), Philippe Mota and Jan Beckers (Bit Capital & Ioniq).

Baobab, founded in 2021 by Vincenz Klemm, founder of Gabi, and Anton Foth, formerly at BCG, is a software security company that assesses the cyber risk, secures the company against attacks and insures it against losses. The company makes money as it sells bundled cyber insurance products incorporating with cyber security measures for small and medium-sized companies.