Crypto Startup Meanwhile Raises $40M, Doubles Valuation to $190M

Crypto startup Meanwhile has successfully closed a $40 million Series A funding round to expand its Bitcoin (BTC)-denominated life insurance product. The round was led by Framework Ventures and Fulgur Ventures, with notable participation from Wences Casares, the founder of crypto bank Xapo. The company plans to use the new capital for global geographical expansion and the development of new product lines.

Co-founder and CEO Zac Townsend emphasized that the funds will also be used to ensure compliance with regulations in each jurisdiction as the company expands its operations. This funding round values Meanwhile at $190 million, nearly double the value following the funding round in 2022. Previously, the company had raised $20.5 million in a seed round from investors including OpenAI CEO Sam Altman, Parker Conrad, Hunter Horsley, Michael Sidgmore, Laura Spiekerman, Lauren Kolodny, and Sam Blond.

Meanwhile is based in Bermuda and regulated by the Bermuda Monetary Authority. The company's mission is to bring financial security to a billion people worldwide. Townsend highlighted that while BTC can be unpredictable in the short term, it has historically provided long-term returns. This perspective aligns with the company's strategy of offering life insurance products denominated in BTC, which aims to minimize the risk of inflation and maximize returns for policyholders.

The company's life insurance product operates similarly to traditional life insurance, with policyholders paying monthly premiums in BTC from their crypto wallets. Upon the policyholder's passing, the family receives the Bitcoin. Meanwhile generates revenue by lending out clients’ BTC to large financial institutions, including crypto exchanges and market makers, for up to two years, expecting a 3% return on these loans to pay out clients and fund expenses.

Townsend argued that life insurance is integral to any functioning society, providing financial protection for the policyholder’s family. He noted that the idea of storing value in Bitcoin, a global, censorship-resistant, decentralized, and uncontrollable currency, is very attractive, especially in light of the perceived uncertainty in the value of the dollar.