Cryptoasset insurance company Evertashas completed a seed stage funding round raising $2.8 million.
The funding round was led by Morgan Creek, who were also joined by Plug n Play, Kailash Ventures, RenGen, Vy Capital and Wavemaker Genesis.
Mark Yusko, Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management & Managing Partner of Morgan Creek Digital Assets, has joined Evertas’ Board of Directors.
Evertas, which focuses on covering institutional holders of cryptoassets including exchanges, custodians, traditional financial institutions, funds, family offices and ultra-high net worth individuals, will be using these funds to support its strong growth plans.
The market capitalisation of cryptoassets is around $270 billion and growing rapidly, but because of the highly specialised nature of underwriting the risks associated with these assets, there are very few insurers currently operating in this sector.
J Gdanski, CEO and Founder of Evertas, commented: “Cryptoassets are increasingly being recognised by governments, regulators and industry bodies, and the sector will continue to enjoy rapid growth.
“We are unique in that we offer the full suite of services for these assets – from risk audits, to underwriting, investigations and claims handling. We are well positioned to capitalise on this and are doing so working directly with clients, but also through partnering brokers and carriers.”
Mark Yusko, Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management & Managing Partner of Morgan Creek Digital Assets, said: “One of the most critical components of well-functioning markets is the presence of robust insurance infrastructure. Evertas endeavors to build a comprehensive insurance platform to support the emerging Crypto asset markets and we are pleased to partner with the outstanding leadership team at Evertas to contribute to the establishment of this solutions focused enterprise.”
Andrew Keys, Managing Partner of DARMA Capital and Member of Kailash, said: “As adoption of natively digital assets continues, the insurance industry will need specialists that understand risk management and best practices.”
George Damouny, Partner at Plug and Play Ventures, said: “We are delighted to be an early stage investor in Evertas. The company has a unique and strong position in that it has a deep understanding of the risks associated with cryptoassets but is also an expert in underwriting and insurance.
“Evertas has a huge advantage over other insurance companies in capitalising on the cryptoasset space. It can do this on its own, but also by working with insurers and brokers as partners. Evertas has a very exciting future in a rapidly growing market and we are excited to continue supporting the company.”
David Seimer, Managing Partner, Wavemaker Genesis, said: “Insuring digital assets remains one of the last remaining barriers to entry for institutional investors.
“Wavemaker Genesis is excited to support Evertas as they bring a unique blend of traditional insurance and digital asset expertise to address the overwhelming market demand for comprehensive insurance.”