Penningtons Manches Cooper has advised Cardiff-based Coincover on its Series A fundraising round of $9.2 million, led by Element Ventures, with participation from DRW Venture Capital, CMT Digital, Avon Ventures, Valor Equity Partners, FinTech Collective, Susquehanna Private Equity Investments and Volt Capital. Founding investors Insurtech Gateway Fund and Development Bank of Wales also took part.
Recognising the significant threat posed by hackers and the potential for user error or business failure, Coincover was founded in 2018 with the aim of bringing safety and confidence to those looking to use and hold cryptocurrency. Coincover has sought to establish an industry standard for crypto safety and through a unique combination of military-grade technology and insurance-backed theft cover underwritten by Lloyd’s of London, provides protection from loss of access to and theft of cryptocurrency funds.
The funding will enable Coincover to accelerate development to quickly deliver to market more cryptocurrency safety products; support its partners to activate and maximise the adoption of crypto safety products amongst their customers through new tools and resources; and raise consumer awareness of the options now available to safely hold and trade cryptocurrency.
Coincover was advised by corporate partners Adam McGiveron and Emma Bryant who joined the Birmingham office earlier this year. Speaking about the investment, Adam said: “Penningtons Manches Cooper is known for its work with tech firms throughout their life cycle and we are delighted that one of our first deals since joining the firm is supporting such an exciting tech start-up.”