Meanwhile Raises $40M, Doubles Valuation to $190M in Series A Funding

Meanwhile, a pioneering life insurance startup that exclusively uses Bitcoin for premiums and claims, has successfully closed a $40 million Series A funding round. This significant investment was co-led by Framework Ventures and Fulgur Ventures, with additional participation from Wences Casares, the founder of crypto bank Xapo. The funding round values Meanwhile at $190 million, nearly doubling its valuation from the previous funding round in 2022.

The company's unique model targets crypto enthusiasts who seek to protect their families while capitalizing on Bitcoin’s long-term value growth. Zac Townsend, co-founder and CEO of Meanwhile, highlights that despite concerns about Bitcoin’s volatility, it has historically yielded strong long-term returns. This aligns with strategies to combat inflation linked to fiat currencies, making Bitcoin an attractive option for financial planning.

Meanwhile offers a "BTC Whole Life" insurance product, which is a "whole life" insurance plan based in bitcoin. A whole life insurance policy covers an individual's entire life until death and builds cash value over time as long as the policy's premiums are continually paid. BTC Whole life offers tax-advantaged growth and a guaranteed payout for the insured individual's chosen beneficiaries. Bitcoin undergirds the BTC Whole Life insurance product's premiums, payout and loans.

The increasing interest in cryptocurrency has driven companies like Meanwhile to adapt their financial services to cater to crypto enthusiasts. The recent funding round reflects the growing demand for crypto-based financial options, such as allowing individuals to invest in Bitcoin through retirement accounts and offering life insurance policies in Bitcoin. As the crypto market evolves, companies like Meanwhile are poised to significantly influence the future of financial planning for crypto investors.

Meanwhile generates revenue by lending clients’ Bitcoin to large financial institutions for one to two years, anticipating a 3% return to cover payouts and operational expenses. With the new funding, the company plans to expand globally while ensuring regulatory compliance and responding to the increasing demand for crypto-based financial services. This strategic move positions Meanwhile at the forefront of the evolving financial landscape, where traditional financial services are being reimagined through the lens of cryptocurrency.

Meanwhile is regulated by the Bermuda Monetary Authority. In June 2023, it raised $19 million across two rounds, with participation from OpenAI CEO Sam Altman, to help it gain the necessary licensure to get Bermuda Monetary Authority regulation. Meanwhile also sought to raise $100 million to create the Meanwhile BTC Private Credit Fund, a bitcoin private credit fund that would give the firm's institutional investors exposure to bitcoin as well as a 5% bitcoin-denominated yield, which Meanwhile would procure from lending BTC to borrowers.