OpenCover Raises USD4.6M in Funding


OpenCover, a San Francisco, CA- and London, UK-based blockchain insurance and cover data startup, announced it raised $4.6m in total funding.

Backers included the Base Ecosystem Fund, and existing investors such as NFX, Jump, Alliance, Village Global and Orange DAO. The startup is also backed by Coinbase Ventures and a dozen Web3 angels.

Founded by Y Combinator Alumni Jeremiah Smith and Yury Oparin, OpenCover works with underwriters to help individuals and institutions protect themselves against onchain risks such as protocol exploits and governance attacks.

The company also announced the launch of the first Ethereum Layer 2 cover (insurance alternative) aggregator. The aggregator makes over $200m of underwriting capital, initially from underwriter Nexus Mutual, accessible on Ethereum Layer 2 blockchains, bringing down transaction costs to purchase cover. OpenCover is launching with support for 12 protocols, including Curve, Aave, Safe and with plans to expand to over 40 protocols by year-end.

The startup is also working on a B2B version of its new product to enable onchain safety at Enterprise scale.