In two seed funding rounds, a life insurance company embracing bitcoin has successfully raised a total of $19 million. The initial round saw prominent leaders like Sam Altman, CEO of OpenAI, and Lachy Groom, former executive at Stripe, taking the lead. The second round, on the other hand, was overseen by Gradient Ventures, a subsidiary of Google. Through these funding efforts, the insurance company has managed to accumulate an impressive sum of $19 million.
Crypto Startup Secures $19 Million Funding for Bitcoin Life Insurance Project
Meanwhile, a life insurance startup registered in Bermuda and focused on bitcoin, has announced its successful procurement of $19 million through two seed rounds. The company’s primary objective is to offer an insurance policy centered around artificial intelligence (AI) and denominated in bitcoin (BTC), a prominent cryptocurrency. Interested individuals can sign up for the waitlist on Meanwhile’s website, with the company providing updates on their position in the queue.
As a licensed entity under the Bermuda Monetary Authority, Meanwhile initially targets residents of the United States who hold bitcoin. The newly acquired funds will be used to establish a development team. Zac Townsend, the co-founder and CEO of Meanwhile, believes that bitcoin is poised to become a global store of value and a functional currency.
The two funding rounds were led by Lachy Groom, a former executive at Stripe, and supported by notable investors such as Sam Altman, the CEO of OpenAI, Gradient Ventures, Muoro Capital (Santander), MS&AD, and Hudson Structured Capital Management. Several angel investors, including Sam Blond from Founders Fund, Lauren Kolodny from Acrew, Marc Bhavaga from General Catalyst, Parker Conrad, Dylan Field, and Nick Schrock, also participated in the rounds.
Meanwhile, the announcement revealed that 6th Man Ventures has made an investment in the company. Anna Patterson, the managing partner at Gradient Ventures, expressed her belief in Meanwhile’s potential to revolutionize the use of digital currencies and establish new standards for technology-driven life insurance providers. She described Meanwhile as sitting at the intersection of AI and digital asset transformation.
Townsend argues that it is logical for long-term bitcoin holders to show interest in a bitcoin-denominated insurance policy. He envisions Meanwhile evolving into a comprehensive life insurance firm with aspirations of reaching over one billion people worldwide. According to Townsend, bitcoin represents one of the most significant innovations in the realm of money in the past century.
With the increasing prominence of traditional investments associated with bitcoin, a life insurance policy denominated in BTC aligns with endeavors such as BTC retirement plans and the ability to utilize bitcoin for mortgages. Meanwhile aims to facilitate the transfer of wealth to future generations without imposing a tax burden, presenting its approach as a thoughtful method of generational wealth transfer.