The company Meanwhile has completed a Series A funding round, successfully raising $40 million. The startup’s valuation has increased to $190 million, nearly double what it was in 2022. The funds will be used for global expansion and adapting products to regulatory requirements.
This is reported by Finway
Meanwhile offers life insurance services with payouts in Bitcoin, and the funding round was led by venture capital firms Framework Ventures and Fulgur Ventures. The company’s CEO, Zach Townsend, noted that the new valuation of the startup is $190 million, highlighting significant progress in business development, as the project only received $20.5 million in 2022.
The Meanwhile product operates on the principle of traditional life insurance: clients pay regular premiums, and in the event of their death, the payout goes to their family. The key difference is that all transactions are conducted in Bitcoin. Clients can make payments from cryptocurrency wallets, and recipients also receive Bitcoin.
“It seems that the dollar is no longer as reliable a store of value as it once was. The idea of preserving some value for your children in Bitcoin is very appealing,” added Townsend.
Some experts consider Bitcoin insurance too risky due to the asset’s volatility; however, Townsend assures that despite short-term fluctuations, Bitcoin has historically shown long-term value growth.
Additionally, it is worth noting that the blockchain startup Wunder.Social recently raised $50 million in investments to create a bot-free social network.