Insurtech Nayms closes new private token sale

Nayms, a Bermuda insurtech that has created a fully-regulated marketplace for on-chain insurance, has closed a private token sale, which brings the amount it has raised in total to $12 million.

The funding round was led by UDHC, a DeFi investor headed up by the previous senior team at the Maker Foundation, which developed and deployed the MakerDAO protocol. UDHC is aiming to bring DeFi to the mainstream by funding and guiding projects that are building on established DeFi protocols. Other investors included New Form, Tokentus and Keyrock.

Nayms will use new funds to expand its global team and accelerate the development of its marketplace for crypto-native insurance. The startup is reaching final stages of development before launching a number of insurance programs with the likes of Aon, Breach and Evertas.

"As a fully-regulated marketplace for on-chain insurance, Nayms represents the next major step in risk transfer. Using blockchain technology, Nayms extends traditional risk markets using decentralized tools and features that take risk pricing and management to a new level," said UDHC CEO Steven Becker. "Bringing on-chain capability to traditional markets creating a new, efficient, and transparent financial future is the primary focus of UDHC, and we believe the team at Nayms has the potential to shape that future."

Nayms was the first in the space to hold both the full Digital Asset Business Act license and Innovative Insurer General Business license out of Bermuda, allowing its insurance partners to conduct regulated insurance business on-chain for the first time.

Dan Roberts, CEO of Nayms, stated: "It is very exciting for us to work more deeply with one of our very first investors and board members. The real experience that the UDHC team has continues to drive us forward as we navigate building and launching our proposition to the market. This round of funding has set us up for an extremely strong 2023, with all the right players behind us."