The frequency of crypto thefts and other malfeasance has become so mundane people tend to accept that some digital assets will just go bad. Hacks, ransomware etc., have led to billions of dollars in crypto value to vaporize. It comes with the terrortitay it appears. But now we have one early-stage firm that wants to address some of the shortcomings of crypto risk by providing insurance.
Aptly named firm Breach Insurance is raising money on Republic – in their private deal room, so for accredited investors only.
Breach claims to be one of the first regulated insurance firms providing crypto coverage.
Republic is offering access to this investment alongside multiple VCs, including Foundation Capital, Raptor Group, Global Founders Capital, Goodwater Capital, and others. The offering utilizes an SPV structure which makes it simpler to manage multiple investors.
The Seed round is for preferred stock at a pre-money valuation of $30 million. The allocation for Republic is tiny ($150k) for a round of $5 million or more – so if you are curious (and accredited), you may want to review sooner rather than later. A minimum commitment of just $3500 is required.
Breach was co-foundeed by CEO Eyhab Aejaz who spent over a decade at a “global insurance firm,” before launching this company.