YAS MicroInsurance, a blockchain-powered insurtech company in Hong Kong with operations in Vietnam and Malaysia, has completed its US$4.5-million pre-Series A funding round.
Noria Capital, ZEMU VC, and JKL Capital co-led the round, which also saw participation from Beyond Ventures and 500 Global.
The new capital will be used to expand YAS’s services to the Web3 insurance industry.
A multitude of technological advances across the fields of Artificial Intelligence, Web3, DeFi and the IoT is shaping the future of society. These innovative technologies create risks while presenting opportunities for insurance innovators like YAS.
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YAS sees enormous opportunities here.
It provides insurance for hiking, cycling, and transport, besides NFT insurance. It is now aggressively expanding to Web3 insurance; out of a total of US$1 trillion in Web3 assets, only US$6 billion are insured today.
“We are on track with our goal to achieve our vision of how future insurance works – autonomous insurance on-chain, as we transition from the old Web2 world into a more interconnected Web3 world,” said William Lee, Co-founder of YAS.
Noria Capital specialises in bringing innovation to the insurance industry in the Middle East. It will provide expertise in the region and support YAS in obtaining a digital asset insurance license in the Middle East. It is one of the world’s leading hubs for blockchain adoption and represents an excellent opportunity for YAS.
JKL Group is a diversified digital asset and blockchain-focused firm providing institutions and direct clients with end-to-end expertise in asset management, quantitative investment solutions, lending, OTC services and Bitcoin mining.
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Beyond Ventures aims to revitalise Hong Kong’s innovation ecosystem by bringing together local venture capitalists and entrepreneurs to invest in new ideas and startups.
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