Insurtech firm Yas MicroInsurance has raised US$4.5 million in a pre-series A funding round led by Noria Capital, Zemu VC, and JKL Capital. The fundraise also saw participation from 500 Global.
The Yas team / Photo credit: Yas MicroInsurance
Yas offers blockchain-enabled insurance products that provide coverage for accidents as well as NFT investments. The firm said that using blockchain tech for its offerings makes processes such as applying and claiming faster.
The Hong Kong-headquartered firm will use the new capital to expand its insurance offerings for the Web3 industry. It noted that the sector is underserved, with only US$6 billion out of a total of US$1 trillion in Web3 assets currently insured.
Leaning on Noria Capital’s familiarity with Middle Eastern markets, Yas is also applying for a digital asset insurance license in the region, with a focus on the United Arab Emirates.
See also: Terra, Celsius raise prospects for crypto insurance
Editing by Miguel Cordon and Lorenzo Kyle Subido
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