Breach, a Boston, MA-based insurtech startup that is building insurance technology and products for the growing cryptocurrency market, raised a round of funding of undisclosed amount.
The round was led by RW3 and LightShed Ventures, with participation from Raptor, Foundation Capital, Road Capital, Republic Capital, and Alumni Ventures.
The company intends to use the capital to launch the new Bermuda insurance carrier and to continue growing its countrywide licensed MGA in the US.
Led by CEO Eyhab Aejaz, Breach is an insurtech with an exclusive focus on crypto risks developing creative and regulated insurance solutions by utilizing their deep crypto and insurance industry expertise.
The company, which is also expanding its proprietary insurtech platform for use with upcoming commercial-grade products, has been approved by the Bermuda Monetary Authority (BMA) to launch a new class IIGB insurer.
The new carrier will allow Breach to underwrite emerging crypto risks as a primary insurer, with a key focus on the development of bespoke embedded products tailor made for crypto native technologies.