Crypto insurance provider Evertas has raised $2.8 million in seed funding, according to a statement shared with The Block on Wednesday.
Morgan Creek Digital Assets led the round, with participation from Plug n Play, Kailash Ventures, RenGen, Vy Capital, and Wavemaker Genesis. As part of the investment, Mark Yusko, founder, CEO, and chief investment officer of Morgan Creek Capital has joined Evertas’ board of directors.
With the fresh capital in place, Evertas is looking to "finalize v2.0 of our underwriting, further develop our Bermuda carrier, formalize Evertas as an MGA [managing general agent], and continue developing our claims forensics capabilities," Evertas spokesperson Phil Anderson told The Block.
Evertas, formerly known as BlockRe, provides insurance covers to exchanges, custodians, traditional financial institutions, and ultra-high net worth individuals. It is not clear who are Evertas’ current clients; Anderson declined to disclose.
Evertas operates in California as BlockHoldings Insurance Agency, according to its website, and has a license from the Bermuda Monetary Authority to serve as a “Class 3A” insurer in the jurisdiction. Class 3 insurers are small commercial insurers required to maintain minimum capital and surplus of $1 million.
"We are currently acting as a wholesaler and are looking to have our own capacity in the next several months," said Anderson. "As a wholesaler, we are working to help place coverages for a variety of covers (hot, cold, warm, D&O [directors and officers], property, E&O [errors and omissions], etc). We also act as a specialized underwriter for cryptoasset related risks."
"When we are an MGA, we intend to offer coverages around cryptoasset theft (hot, cold, warm) and will continue to assist with other coverages (e.g. D&O, property, E&O, etc)," Anderson added.
Update: This story has been updated to include comments from Evertas spokesperson Phil Anderson