Coincover, a UK-based provider of protection and insurance for digital assets, has secured an investment of $30m in a funding round led by  Foundation Capital.

The products from Coincover give individuals, enterprises, and infrastructure providers with asset security against human or hacker error.

The company plans to use the money to expand team size, update products, and forge new partnerships.

Foundation Capital general partner Charles Moldow said: “After a tumultuous year for digital assets, investing in Coincover was a no-brainer. The brand offers assurance in a fast-paced market.

“With $3bn stolen in hacks last year and 2023 set to see the arrival of crypto regulation, the opportunity is vast.”

Currently, Coincover has nearly 300 businesses, including exchanges, wallets, hedge funds, family offices and banks, as customers.

The company also works directly with many digital asset custodians and its client list includes names such as Fireblocks and Bitso.

Disaster Recovery and Theft Protection are the company’s two major products. They are designed to assist anyone working with digital assets in preventing loss and theft.

Coincover CEO and co-founder David Janczewski said:  “We’re delighted to partner with Foundation Capital, a firm with an unparalleled reputation for helping businesses scale to support customer growth.

“Through this new funding, we can supercharge our service for all existing and future customers – building a better and more mature digital asset ecosystem in the process.”

In July 2021, Coincover garnered an investment of $9.2m in its Series A funding round led by Element Ventures and joined by DRW Venture Capital and Susquehanna Private Equity Investments.