Osborne Clarke advises Element Ventures on Coincover investment

Funding | Legal | South West | Technology | Wales

19-01-Simon Jones (003)

Bristol-based lawyers at Osborne Clarke have advised Element Ventures, a global venture capital fund, as the lead investor in Coincover’s £6.7m Series A round.

Coincover provides protection and insurance-backed guarantees for cryptocurrency investors. The funding will be used to drive awareness of the product offering and grow the team so that Coincover can support more of the crypto market.

Element Ventures led the round with participation from DRW Venture Capital, CMT Digital, Avon Ventures, Valor Equity Partners, FinTech Collective, Susquehanna Private Equity Investments, LLLP, Volt Capital and the founding investors, Insurtech Gateway Fund and The Development Bank of Wales.

Founded in 2018, Cardiff-based Coincover is building the world’s safety standard for cryptocurrency. The company’s services ensure that users and businesses never lose access to cryptocurrency funds due to user error, business or infrastructure failure. By combining advanced technology and insurance-backed guarantees, Coincover provides disaster recovery and business continuity options for cryptocurrency businesses and enables consumers to enter this exciting market safely.

The Osborne Clarke team consisted of partner Simon Jones, associate Andrew Massey trainee solicitor Liz Foley from the corporate team. Associate director Ian McKenzie and associate Jennifer Tur from the commercial team, and senior associate Lara Flynn from the employment team also advised.

Osborne Clarke’s fintech practice advises major financial institutions and investors, and established and emerging fintech companies. These include lending and intermediary platforms, digital banks, insurtechs, and firms specialising in payments, consumer finance, alternative finance, software and cryptocurrency. The fintech team operates across all major European and South East Asian markets along with offices in Silicon Valley and New York.

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