YAS MicroInsurance bags $4.5m in pre-Series A funding round

The insutech firm plans to use the funds to expand and insure the Web3 economy.

Hong Kong-based insurtech firm YAS MicroInsurance raised $4.5m in its pre-Series A funding round led by Noria Capital, ZEMU VC and JKL Capital.

YAS said it plans to use the funds to expand and insure the Web3 economy. The Web3 industry is one of the fastest growing sectors of the world’s economy. Out of a total of $130b in Web3 assets, only $760m  are insured today. 

ALSO READ: What an on-demand insurance product looks like

YAS aims to offer cross-dimensional insurance opportunities. Insuring the Web3 economy and at the same time reinventing the traditional insurance value chain, using Web3 technologies. A business model that’s highly focused on the actual customers’ needs, rather than completely speculative and outside of the regulatory framework.

The funding will also help YAS in its bid to expand to more markets. A target for the insurtech firm is The Middle East as it is one of the world’s leading hubs for blockchain adoption, presenting an opportunity for YAS’ products.

“YAS has accomplished remarkable results since 2019. Over the past three years, we are grateful to all of our investment partners for supporting YAS. In particular, we are honoured to receive the capital injection from our strategic investor, Noria Capital, in this round of funding, whose Vision, Mission and Values (VMV) matches with YAS. We are also extremely pleased to receive the ongoing trust from 500Startups, JKL Capital and Beyond Venture,“ said Andy Ann, Co-founder of YAS.