Element Ventures led the Series A round to support team expansion and product development.
"Crypto can be complex and confusing and people have valid fears around the safety of their funds. With Coincover, we are providing a fundamental building block for a rapidly maturing market by ensuring that people can be protected against making a mistake that can end up costing them thousands. This investment means we can rapidly scale our growth to market and consumer demands, and in doing so ensure more people can invest in crypto safely."
Insurtech Gateway led the pre-seed round for the B2B insurance platform, with backing from True Sight Partners and angel investors.
"The gulf between corporates and independent retailers trying to secure credit terms is vast and, in our opinion, unfair. Our vision at BondAval is to redress this balance, allowing independent retailers to leverage investment grade security. Their word – our bond. To achieve this vision, we are excited to partner with our new investor shareholders, led by Insurtech Gateway.. They understand the value we can bring by applying digital first propositions to the world of B2B insurance."
XBTO led the seed round to support pilot programmes and regulatory preparations for Nayms.
"This pilot represents a small but significant milestone for Nayms as we move into 2021 with accelerating traction. It is our belief that the problem of scaling insurance protection for the digital asset space will be solved through a collaboration between regulated underwriters/brokers and capital markets. Nayms is building the infrastructure to facilitate this collaboration."
The seven-figure equity round was led by Insurtech Gateway with backing from the Development Bank of Wales.
"Coincover helps crypto businesses to address the security concerns of the cautious investor and delivers the trust mark they need to stand out in a crowded and wary market. We are the only company in the world with a security product that is backed by Lloyds of London, providing protection from cryptocurrency theft at the individual level and an opportunity to maximise business revenue by enabling our partners to build systems that creates strong trust with their clients."
Crowdcube led the follow-on investment round, with additional backing from Insurtech Gateway, Finance Durham Fund, and the North East Development Capital Fund.
"Raising investment is one of the most challenging aspects of running a startup, and we’re delighted to have achieved this £1.2m raise with the continued support of Maven and with further investment from the crowd. We’re also thrilled to welcome Insurtech Gateway to the honcho family. As specialists in our sector they will bring an immense amount of support to honcho as we enter our next phase of growth. Insurtech Gateway’s expertise across the sector extends from technological capabilities to expertise on products and consumer acquisition, and we’re looking forward to working with them."
