The future of the crypto industry is still murky after the recent implosion and bankruptcy of one of the largest crypto exchanges, however, investors continue to back companies in the crypto space. Chicago-based Evertas is one such business reeling in investors. It recently closed a Series A round for its tech that helps institutions insure their crypto investments.
Polychain Capital, a blockchain-focused VC firm, led the $14 million round. SinoGlobal Capital, CMT Digital Ventures, Foundation Capital and other firms and angel investors also participated in the round.
Evertas is a blockchain startup that secures institutions’ crypto investments by underwriting their investments. According to the company’s website, it can insure theft and loss of crypto assets, mining centers and equipment, among other risks.
“2022 has been a very important year for Evertas,” J. Gdanski, CEO and founder of Evertas, said in a statement. “It started with our gaining Lloyd’s of London cover holder 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.”
According to Evertas, the recent frenzy in the crypto industry highlights the need for insurance in the sector. Furthermore, a recent article by Aon stated that more than $1.3 billion worth of crypto assets have been stolen from exchanges since 2009 — further emphasizing the need for insurance in the crypto market.
Evertas said it will use the new capital to expand its underwriting capabilities for blockchain investments. It also plans to further develop its platform and make key hires.
With the latest round, Evertas has raised $19.8 million in funding since launching in 2017. The company’s previous raise was a $5.8 million seed round in May 2021.
