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News & Stories

The start of a new chapter

German founder Vincenz Klemm managed to secure an exit for his insurance startup Gabi of several hundred million dollars. Now he has already begun starting to build the next startup with first capital rolling in.

Berlin – 19.01.2022. Vincenz Klemm’s path into the startup world began in his early years, when he was sent to Silicon Valley by the German TV-channel ProsiebenSat1. However, instead of fulfilling his role of scouting interesting startups, he and several co-founders started the insurance startup Gabi. 

“I didn’t know much about the insurance business”

– Vincenz Klemm – Co-founder of Boabab

With little knowledge about the industry, he and his partners built Gabi based on the success story Check24. Via an App, US consumers were able to check, compare and be advised about insurance packages. After just 5 years and 40 million dollars’ worth of investments, the company was sold for approximately 320 million dollars. Without the intention of starting something new, it also enabled him to move back to Berlin. Something he always planned on doing, especially during the Pandemic. 

Upon arrival in Berlin, Vincenz started to play and develop the idea of Boabab, but it was the investors who drove him to act. 

“Being an entrepreneur is just a bit more exciting” 

– Vincenz Klemm – Co-founder of Boabab

Boabab, inspired by the African tree, is a cybersecurity solution for medium-sized companies. Its aim is to continuously analyze cybersecurity threats exposing the companies and gives insurance during attacks. Their security scanning tool is no different to the industry standards, however, their use of machine learning- and customer differentiation tools give them the advantage of being more precise and consequently safer than their competitors. Alongside his co-founder Anton Foth, Vincenz has expanded his team by hiring Andrew Saula, head of cybersecurity at TUI, and Manuela Solescu as product engineer to build their product.

The team of currently 5 employees has already managed to secure themselves 3,5 million Euros to start their journey beginning this year. Apart from venture capital funds Project A, La Famiglia and the Zeitgold founders with Discovery Ventures, a group of A list investors and angels such as Clark founders Christopher Oster and Marco Adelt, Comtravo CEO Michael Riegel and fund manager Jan Beckers have contributed and supported in the pre-seed round. The aim of the company is to quickly start to differentiate themselves from the competition and want to achieve this by  riding on the advantages the Covid pandemic has presented and by partnering with large insurance companies in order to mitigate Baobab’s exposure to the insurance risk.

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