Evertas closes $14 million Series A funding round

Evertas has announced that it has successfully closed a Series A financing round, which raised $14 million.

The latest financing round, in addition to $5.8 million seed financing, puts Evertas’ total outside investment at $19.8 million. The latest round was led by Polychain Capital, with 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 as the other participants.

According to the company, it will utilize the proceeds of the round to expand its underwriting capacity, hire key personnel, and further develop its proprietary enabling technologies and standards.

“2022 has been a very important year for Evertas,” said Evertas founder and CEO J. Gdanski. “It started with our gaining Lloyd’s 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.”

“An investment in Evertas is more than just an investment in a Web3 startup. It’s truly an investment in the entire Web3 space,” added Evertas co-founder and president Raymond Zenkich. “That’s because the enormous cryptoasset insurance gap has impeded, and continues to impede, broad-based blockchain technology adoption. In empowering Evertas, these investors are empowering the entire crypto ecosystem.”

“The crypto industry currently lacks insurance products and Evertas is well-suited to help fill that gap, which is one of the many reasons we’re excited to partner with them,” commented Polychain Capital founder and CEO Olaf Carlson-Wee. “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.”

What is Evertas?

Evertas is a pioneer in the cryptoasset insurance market. A Lloyd’s coverholder, the company can write and service policies insuring custodial cryptoassets and blockchain infrastructure.

Zenkich explained in a statement that currently, less than 3% of digital assets are thought to be insured against theft or loss. A company release also noted that Evertas’ financing round comes after the recent failure of FTX and other crypto custodians.

In 2020, Evertas appointed Robert Chamberlain as global head of intelligence and investigations. In his previous roles, Chamberlain was instrumental in establishing the first market intelligence capability for PwC. He was also a member of the corporate intelligence practice at IBM.