Coincover said to raise $9.2m in its Series A round

Coincover, which provides insurance for cryptocurrency, has reportedly raised $9.2m in its Series A round.

The investment was led by Element Ventures, according to a report from Coverager.

Commitments also came from DRW Venture Capital, CMT Digital, Avon Ventures, Valor Equity Partners, FinTech Collective, Susquehanna Private Equity Investments, LLLP, Volt Capital, Insurtech Gateway and The Development Bank of Wales.

Funds from the round will be used to scale its market growth and meet consumer demands.

Coincover is a plug-and-pay platform that enables companies to protect their digital assets. Its features include secure key storage to government grade standards and  recovery of crypto funds if the business or customers lose access. The company also offers theft insurance cover.

Element Ventures partner Michael McFadgen told Coverager, “More and more people are investing in cryptocurrencies, but the industry needs infrastructure and safeguards to make it more consumer-friendly. People don’t want to be losing their laptops and having millions go missing.

“Coincover is building the infrastructure that will allow crypto to reach mass adoption, with a fantastic management team that can tackle this problem in a way that no one else can. We’re delighted to be supporting David and the team and can’t wait to be a part of their growth journey.”

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