- Type of finance
- Business need
Developing a tech venture
“With Coincover, we are providing a fundamental building block for a rapidly maturing market by ensuring that people can be protected against making a mistake that can end up costing them thousands. This investment means we can rapidly scale our growth to market and consumer demands, and in doing so ensure more people can invest in crypto safely.”
Founded in May 2018, Coincover is building the world’s safety standard for cryptocurrency. With as much as 20% of the world’s bitcoin lost as a result of human error, Coincover’s platform protects crypto users and investors from theft, user error, and infrastructure failure.
In November 2018, the company raised early funding from a syndicate of business angels led by Ashley Cooper and match funding from the Wales Angel Co-investment Fund. This investment helped Coincover to refine and market, test the proposition and to achieve initial product-market fit prior to commercial launch. To meet growing demand from the cryptocurrency market Coincover completed a further growth funding round in 2020. The seven-figure equity investment was led by Insurtech Gateway, with co-investment from the Development Bank of Wales.
In 2021, a partial exit by the Wales Angel Co-investment Fund enabled the company to raise $9.2m in a Series A round led by global venture capital fund Element Ventures. The Wales Angel Co-investment Fund has retained part of its shareholding, while the Development Bank has invested a further £390,000 equity finance through its Wales Flexible Investment Fund.