US-based crypto asset insurance company Evertas has raised $14m in a Series A funding round led by Polychain Capital.

The round was joined by SinoGlobal Capital, CMT Digital Ventures, Foundation Capital, Morgan Creek, Bloccelerate, Matrixport, and Hashkey.

Individual investors including Balaji Srinivasan, Andrew Keys, Colleen Sullivan, Tom Howard, Patrick McDonald and David Roebuck also participated in the round.

With the latest capital infusion, the firm’s total outside investment is now at $19.8m.

Evertas plans to use the proceeds to expand underwriting capacity, hire key personnel and develop proprietary technologies. 

Currently, it is estimated that less than 3% of digital assets are covered by insurance against loss or theft, leaving the sector extremely vulnerable, the insurer noted. 

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Evertas co-founder and president Raymond Zenkich said: “An investment in Evertas is more than just an investment in a Web3 startup. It is truly an investment in the entire Web3 space. 

“That is because the enormous crypto asset insurance gap has impeded, and continues to impede broad-based blockchain technology adoption. In empowering Evertas, these investors are empowering the entire crypto ecosystem.”

Polychain Capital founder and CEO Olaf Carlson-Wee said: “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 are excited to partner with them. 

“The founders are crypto natives 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.”

In early 2022, Evertas secured approval to become a cover holder at Lloyd’s of London, enabling the insurer to write and service policies covering digital wallet products on behalf of Lloyd’s.