Maven 11 participates in £1.5m seed round Nayms

08 February 2021

Maven 11 Capital is happy to announce our participation in the seed round of Nayms. Nayms is an insurance protocol built on Ethereum which allows for the insurance against the risks in the crypto space including code exploits and theft of funds. Among our co-investors in this round, which was led by XBTO Ventures, are Coinbase Ventures, Insurtech Gateway and the founders of Synthetix.

When founded in 2019, while being incubated by Insurtech Gateway, Nayms identified a crucial mismatch in our industry. At that time, the total crypto market capitalization was equal to USD 300B and only USD 6B of those assets had insurance cover. Consequently, this situation prevented capital from entering the market, Nayms saw the opportunity and set out to fix this multi billion dollar problem.

“Nayms is on a mission with our ecosystem of investors, partners, advisors and our growing team to provide brokers with a tradable, transparent, traceable and trusted insurance contract for this emerging risk category of digital assets. We look forward to seeing how the world’s brokers start interacting with this technology in the months and years to come.”

– Dan Roberts, founder & CEO Nayms

Almost two years later, their platform is doing their first pilot on mainnet and has provided the first insurance. This insurance entails coverage for Coinlist. Nayms has partnered with leading industry players, both in the digital asset industry and the traditional insurance markets and is positioning itself at the intersection of those industries. This is a proposition that Maven 11 is keen to support as we believe that traditional insurance providers are eager to get exposure to this growing ecosystem.

The value proposition of tokenized insurance policies is convincing for us because it solves liquidity issues and allows for asset backed underwriting. Furthermore, decentralized finance requires robust insurance in order to go through the next growth phase. All in all a strong proposition with a strong team behind it.

“We view insurance as the required next step for maturing our industry. It is mandatory for institutional parties entering this space. This could allow parties to get exposure to the potential of digital assets and the yields of DeFi while maintaining proper risk management.”

– Balder Bomans, Managing Partner Maven 11

During our investment process we have seen the Nayms team as the right mix between experienced technical builders and young, brass, energetic entrepreneurs. The team has already ramped up hiring and is ready to fix the insurance problems in our industry.

“We are proud to now be working alongside Maven 11 having met a huge number of investors throughout our fundraising process. They are clearly very well placed in the ecosystem to support Nayms, as the industry collaborates in building the financial systems of tomorrow.”

– Dan Roberts, founder & CEO Nayms

We are excited what the future holds for Nayms as they will onboard more capital providers and insurance policies onto their platform in the coming year. We look forward to supporting the Nayms team on their mission to capture the trillion dollar insurance market.