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Morgan Creek Leads $2.8M Seed Round for Crypto Insurance Upstart Evertas
Formerly called BlockRe, the crypto insurance provider raised the seed round from Morgan Creek,Plug n Play, Kailash Ventures and other investors.
By Ian Allison
Updated May 9, 2023, 3:10 a.m. Published Jul 15, 2020, 10:31 a.m.
Evertas, an insurance provider focused on the cryptocurrency space, has raised $2.8 million in a seed round led by Morgan Creek.
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- Plug and Play, Kailash Ventures, RenGen, Vy Capital and Wavemaker Genesis also participated.
- Mark Yusko, founder, CEO and chief investment officer of Morgan Creek Capital, has joined Evertas' board of directors as part of the deal.
- Evertas, which was formerly called BlockRe, says it offers a suite of services including risk audits, underwriting, investigations and claims handling.
- The company is looking to provide cover for both cold storage (where coins are held on devices with no connection to the internet) and hot wallets (which are connected to the web), said Evertas spokesman Phil Anderson.
- The target audience is institutional, according to Anderson. This includes insurers and brokers as well as institutional owners of crypto assets, exchanges, custody providers, funds, family offices and high-net-worth individuals.
- Evertas did not say which custodians or insurance industry firms it is already partnered with by publication time.
- Earlier this year, the firm received a license from the Bermuda Monetary Authority to operate as a "Class 3A," or small commercial, insurer. It is required to maintain minimum capital and surplus of $1 million.
- Among Evertas' investors is former ConsenSys executive Andrew Keys, managing partner of DARMA Capital and a member of Kailash Ventures.
Read more: DeFi Insurer Nexus Mutual Maxed Out by Yield-Farming Boom
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