£25m equity boost as Coincover looks to grow
CARDIFF-BASED digital asset protection technology venture Coincover has secured a £25m equity investment boost to support its expansion plans.
In one of the biggest ever investment rounds into a Welsh start-up, the latest injection of growth capital into Coincover has been led by Silicon Valley-based investor Foundation Capital. The fresh capital will accelerate recruitment, product updates, and partnerships to safeguard the crypto ecosystem. Each year around $3bn of crypto is hacked and stolen.
Coincover provides businesses, infrastructure providers and consumers products that protect them from both hackers and human error.
It is already working with more than 300 businesses, from exchanges and wallets to hedge funds, family offices and banks. The firm also works directly with a number of digital asset custodians to keep their clients safe. Current customers include Fireblocks, Bitso, and many more.
The new funding will accelerate customer adoption, ensuring Coincover can aid any digital asset business or individual that needs protection. Over the next year, in line with customer demand forecasts, its headcount is expected to double from the current level of 60.
Coincover was set up in 2018 by David Janczewski and Adam Smith and launched a year later.
Chief executive Mr Janczewski said: “We’re delighted to partner with Foundation Capital, a firm with an unparalleled reputation for helping businesses scale to support customer growth. At Coincover, we’re proud to prevent users from losing access to their cryptocurrency, whether that be through a mistake or the misfortune of being targeted by malicious online hackers. In the wake of a challenging year for the crypto market, Coincover is in high demand, as businesses and consumers scramble to safeguard their digital assets. Through this new funding, we can supercharge our service for all existing and future customers – building a better and more mature digital asset ecosystem in the process.”
Charles Moldow, general partner at Foundation Capital, said: “After a tumultuous year for digital assets, investing in Coincover was a nobrainer. The brand offers assurance in a fast-paced market. This new funding will accelerate recruitment, product updates, and partnerships to safeguard the crypto ecosystem. With $3bn stolen in hacks last year and 2023 set to see the arrival of crypto regulation, the opportunity is vast.”
Capital has not disclosed what equity stake is now has in Coincover.