Evertas, the American crypto asset insurer with an island-based subsidiary licensed by the Bermuda Monetary Authority, has successfully closed a series A financing round that raised $14 million.

In addition to $5.8 million seed financing, that puts the company’s total outside investment at $19.8 million.

Evertas said it intends to use the proceeds of the round to expand underwriting capacity, add key personnel and further develop proprietary enabling technologies and standards.

The round was led by Polychain Capital. Other participants include SinoGlobal Capital, CMT Digital Ventures, Foundation Capital, Morgan Creek, Bloccelerate, Matrixport and Hashkey.

Individual investors include Balaji Srinivasan, Andrew Keys, Colleen Sullivan, Tom Howard, Patrick McDonald and David Roebuck.

CEO and founder J. Gdanski said: “2022 has been a very important year for Evertas. It started with our gaining Lloyd’s of London cover holder status and is ending with a substantial vote of confidence by some of the smartest investors in the Web3 world. We will be working overtime to be worthy of that confidence.”

Evertas Inc is a Chicago-based crypto asset insurance company focused on covering the full spectrum of crypto risks for institutional holders of crypto assets and blockchain technology, including exchanges, custodians, traditional financial institutions, funds, family offices, corporations, miners and ultra-high net worth individuals.

Evertas Insurance Ltd is licensed by the BMA as a Class 3A insurer.