Insurance on-blockchain pioneer YAS MicroInsurance seeks to further expand and insure the Web3 economy after raising $4.5 million pre-Series A funding round co-anchored by Noria Capital, ZEMU VC, and JKL Capital.
500 Startups also participated in the funding round, according to the announcement.
YAS aims to offer cross-dimensional insurance opportunities. Insuring the Web3 economy and at the same time reinventing the traditional insurance value chain, using Web3 technologies. A business model that’s highly focused on the actual customers’ needs, rather than completely speculative and outside of the regulatory framework.
YAS said only $6 billion out of a total of $1 trillion in Web3 assets are insured today.
The Pre-Series A capital raise is a tremendous recognition of the vision of YAS, autonomous insurance and microinsurance on the blockchain.
The Middle East is one of the world’s leading hubs for blockchain adoption and represents an excellent opportunity for YAS. The adoption is both a result of an internal drive by the city’s leadership and private sector, as well as the United Arab Emirates (UAE) as a whole, to move towards transitioning its government services to a blockchain platform.
As a venture capital fund specializing in bringing innovation to the insurance industry in the Middle East, Noria Capital will provide expertise in the region and support YAS in obtaining a digital asset insurance license in the Middle East, to capture opportunities in the region.
With the completion of the Pre-Series A round of funding, co-founders Andy Ann and William Lee feel honoured and grateful for investors’ support and are excited to lead YAS’s next chapter of growth.
“YAS has accomplished remarkable results since 2019. Over the past three years, we are grateful to all of our investment partners for supporting YAS. In particular, we are honoured to receive the capital injection from our strategic investor, Noria Capital, in this round of funding, whose Vision, Mission and Values (VMV) matches with YAS.“, said Andy Ann, Co-founder of YAS.
“We are also extremely pleased to receive the ongoing trust from 500Startups, JKL Capital and Beyond Venture. “