Evertas, a crypto insurance company, has raised $14m in Series A funding to bring a ?much-neededrisk transfer to the under-insured Web3 world.
The round was led by Polychain Capital.
Other participants in the round included SinoGlobal Capital, CMT Digital Ventures, Foundation Capital, Morgan Creek, Bloccelerate, Matrixport, and Hashkey. Individual investors include Balaji Srinivasan, Andrew Keys, Colleen Sullivan, Tom Howard, Patrick McDonald and David Roebuck.
In addition to $5.8m seed financing, puts the company total outside investment at $19.8m. Evertas said it will use the funding to expand underwriting capacity, add key personnel and further develop proprietary enabling technologies and standards.
Evertas was founded in 2017 by CEO J. Gdanski and president Raymond Zenkich. The company is focused on covering the full spectrum of crypto risks for institutional holders of cryptoassets and blockchain technology, including exchanges, custodians, traditional financial institutions, funds, family offices, corporations, miners, and ultra-high net worth individuals.
Based in Chicago, vertas can write and service policies insuring custodial cryptoassets and blockchain infrastructure.
Gdanski said, ?2022 has been a very important year for Evertas. It started with our gaining Lloyd of London coverholder status and is ending with a substantial vote of confidence by some of the smartest investors in the Web3 world. We will be working overtime to be worthy of that confidence.p>
Olaf Carlson-Wee, Polychain Capital founder and CEO, added, ?The crypto industry currently lacks insurance products and Evertas is well-suited to help fill that gap, which is one of the many reasons were excited to partner with them. The founders are cryptonatives who have a deep understanding of both crypto-asset security and insurance, and are building the right tools, relationships, and products to push the next phase of crypto adoption and maturation.p>
Earlier this month, Finery Markets, which helps institutions get involved with crypto markets, raised $5.5m in its seed funding round.
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