Evertas raises $5.8 million
Chicago-based crypto insurance company Evertas has raised ~$5.8 million in a seed funding round led by Morgan Creek Digital, CMT, HashKey, Wave Partners, RenGen, 4RC, Centrality, Plug ‘n Play, Vy Capital, and a number of individual investors including James Slazas (CEO of VaultLink), Tyler Ward (Founder of BarnBridge), Quinn Abrahams (Partner of D64), Shy Datika (Founder & President of INX), and Sandra Ro (CEO of Global Blockchain Business Council and former Head of Digitization at CME Group).
Founded in 2017, Evertas helps companies reduce their exposure to cryptoasset related risk. The company, which developed a comprehensive underwriting framework for crypto (including blockchain/DLT systems) and a full lifecycle insurance product for crypto, will use the funding to accelerate product development and build out infrastructure.
“With a multi-trillion dollar crypto market and less than $5B in total insurance capacity, Evertas is developing a key piece of missing infrastructure – crypto insurance. We have seen increasing demand for insurance products as institutional and regulated entities enter the space, creating a multi-billion-dollar opportunity for Evertas.” – Raymond Zenkich, President & Founder of Evertas.
“Over the next year, Evertas plans to grow its own insurance capacity and launch our own carrier. Doing so will be a critical next step in ensuring that there is reliable, sustainable, and sufficient coverage for the crypto industry, a stark contrast to what is available today.” – J. Gdanski, CEO & Founder of Evertas.
“Morgan Creek is pleased to be an investor in Evertas. The entire cryptoasset ecosystem will evolve more rapidly and be more robust with the development of well-functioning insurance infrastructure. Moreover, institutional and retail adoption, as well as regulatory acceptance, depends on the presence of a viable insurance market, and we anticipate Evertas to be a leader in that development.” – Mark Yusko, Founder, CEO & CIO of Morgan Creek Capital Management and Partner & Co-Founder of Morgan Creek Digital.
“Insurance is nearly a must-have for institutional investors in the crypto space. Given the huge gap between actual coverage and demand, we believe Evertas is in a unique position to narrow the gap given their deep knowledge of cryptoassets and cybersecurity. We expect Evertas to create a real foothold in the traditional insurance world.” – Deng Chao, CEO of Hashkey Capital.