Insurtech startup, Nayms Closes £1.5m seed round
by Startacus Admin
Major seed investment secured by the innovative Insurtech startup Nayms to assist with developing further pilot programs and building its customer base
.png)
Fantastic news to start the year for Insurtech startup Nayms. The innovative startup has closed a £1.5m seed round led by XBTO, alongside other top investors across insurance, capital markets and crypto including Coinbase Ventures, Maven11, the founders of Synthetix and Insurtech Gateway, who co-founded the project with CEO, Dan Roberts, from day one.
The funding will enable Nayms to continue launching larger pilot programs in preparation for a full launch later in 2021 in addition to building its customer base and working on capital market integrations prior to its Series A, planned for Q1 2022.
The funding round also coincides with the launch of the company's first pilot, a digital insurance contract placed by Breach Insured for their client, Coinlist.
Nayms CTO Theodore Georgas said: “This pilot represents a small but significant milestone for Nayms as we move into 2021 with accelerating traction. It is our belief that the problem of scaling insurance protection for the digital asset space will be solved through a collaboration between regulated underwriters/brokers and capital markets. Nayms is building the infrastructure to facilitate this collaboration.”
The cryptocurrency market is expected to reach a value of $11tn in the next 3 years. Greg Carson of lead investor XBTO said: “We are pleased to invest in the Nayms project alongside some of the top insurtech investors. We see insurance as an important spoke of the cryptofinance evolution.“
Nayms uses smart contracts to collateralise cryptocurrency risk with matching crypto-assets, bringing insurance with no FX-risk to a space that is 96% uninsured. Nayms has partnered with one of their investors, MakerDAO, to collateralise these “Smart Insurance Contracts” with their stablecoin, Dai. This partnership will allow Nayms to apply their platform to traditional risk in the wider insurance market - and an initial pilot with SafetyWing is upcoming to do just this.
Nayms CEO, Dan Roberts explains: “Nayms is on a mission with our ecosystem of investors, partners, advisors and our growing team to provide brokers with a tradable, transparent, traceable and trusted insurance contract for this emerging risk category of digital assets. We look forward to seeing how the world's brokers start interacting with this technology in the months and years to come. We welcome our new investors who join us at this key time in our company's development. We look forward to an exciting 2021.”
One to watch for sure!
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
.png)
The lowdown on the Regional Winners of Tech Nation's Rising Stars competition - some of the UK's most promising early stage tech companies.
Loop Not Luck aims to improve social mobility via its innovative job board designed specifically to connect underrepresented candidates to tailored career opportunities.
75% of LGBTQ+ tech founders and investors actively conceal their gender or sexuality from peers in the ecosystem, says first of its kind report.
Leading AI startup Aiir Innovations secures major investment to support global expansion and help set a new standard for engine inspections.
The lowdown on OneThird, the foodtech startup that's tackling food waste via its innovative solution for predicting the shelf life of fresh produce.
Karen Meager, co-founder of Monkey Puzzle Training shares some insights on how leadership has changed in the last decade, and what it takes to be a great leader today.
Freight rate management platform Freightify raises Series A investment to support further international growth and mission to help more freight forwarding companies digitize their operations.
Crowdfunding success for Omni, the vegan dog food brand, reaffirms the recession-proof growth of the pet nutrition industry.
Want to learn a new language? Weeve is an innovative startup that has created an innovative, creative and effective way to help you do just that.
Want to build an investable, scalable tech startup? The Raise Accelerator programme is now open for applications and will help you do just that.
Published on: 15th January 2021
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Tech Nation reveals 33 early stage scaleups to watch in 2023 8th Feb 2023 The lowdown on the Regional Winners of Tech Nation's Rising Stars competition - some of the UK's most promising early stage tech companies.
- Loop Not Luck, the UK’s first intersectional diversity recruiting platform launches 7th Feb 2023 Loop Not Luck aims to improve social mobility via its innovative job board designed specifically to connect underrepresented candidates to tailored career opportunities.
- New report reveals the tech community's LGBTQ+ Crisis 7th Feb 2023 75% of LGBTQ+ tech founders and investors actively conceal their gender or sexuality from peers in the ecosystem, says first of its kind report.
- Aviation startup Aiir Innovations raises over €2M to transform aircraft engine maintenance 7th Feb 2023 Leading AI startup Aiir Innovations secures major investment to support global expansion and help set a new standard for engine inspections.
