Meanwhile, a pioneering life insurance startup that operates exclusively in Bitcoin (BTC), has reportedly reached a valuation of nearly $200 million following a successful Series A funding round. The company raised $40 million in its latest fundraising effort, as reported by Fortune, bolstering its valuation to $190 million.
Prominent investors in the round included Xapo, a Bitcoin-focused bank, and Silicon Valley entrepreneur WENCES CASARES. Meanwhile’s unique business model allows policyholders to pay premiums in Bitcoin, with beneficiaries also receiving payouts in the cryptocurrency.
ZACH TOWNSEND, CEO and co-founder of Meanwhile, highlighted the company’s growth, stating that its valuation has doubled since its 2022 funding round. In an interview with Fortune, Townsend explained that Meanwhile’s decision to operate in Bitcoin rather than fiat currency stems from Bitcoin’s ability to mitigate long-term inflation risks.
“It may feel like the dollar is not as sure a store of value as it might have been in the past. So the idea of storing some value for your kids… in this global, censorship-resistant, decentralized, uncontrollable currency in Bitcoin is very attractive,” Townsend remarked.
Meanwhile generates its profits by investing the Bitcoin collected from policyholders to fulfill death benefit obligations. The company’s innovative approach positions it at the forefront of the intersection between traditional insurance and the rapidly evolving cryptocurrency market.
This latest funding round underscores the growing interest in Bitcoin-based financial solutions and Meanwhile’s potential to reshape the life insurance industry.