Cryptocurrency Focused Insurer, Evertas, Raises A $2.8 Million Seed Round Led by Morgan Creek
- Evertas crypto insurer has received $2.8 Million cash injection from a recently concluded seed round led by Morgan Creek Capital Management.
- Morgan Creek CEO will onboard the Evertas Board of Directors as part of the agreement.
Chicago based Evertas insurance has raised $2.8Million in a recent seed round. The insurance company, formerly known as BlockRe, was founded in 2017 by current CEO J Gdanski. They have zeroed in on the crypto realm, helping their clients reduce exposure to crypto-related risks offering expertise in insurance, Blockchain, investigation, and financial audits.
The seed round was led by Morgan Creek, an investment advisory firm that offers customized investment management facilities to institutions, wealthy individuals and families. Other investors in the investment round include Plug n Play, Kailash Ventures, RenGen, Vy Capital, and Wavemaker Genesis.
Notably, the founder and CEO at Morgan Creek, Mark Yusco, will onboard the Evertas Insurance board of Directors as stipulated in the deal. The funds raised are set to be used in an expansion plan of their customer base and product market.
According to Evertas CEO, being the only crypto-focused insurer places them at a prime position to capitalize on the lucrative crypto space, especially now that the governments across the world are turning their eyes to the industry.
Evertas' spokesperson – Phil Anderson – highlighted that they are looking to venture into extending their vault services to cold and hot wallets for their clients. Their clientele will be comprised of mostly institutional investors, crypto exchanges, and extremely rich investors.
They were recently greenlighted by Bermuda Monetary Authority to commence operations in the jurisdiction operating as a class 3A insurer. As a small scale insurer, they are required obligated to have at least a million dollars as its minimum capital and surplus.