Launching—insurance built on Web3 for Web3


Launching—insurance built on Web3 for Web3

Words Founders Factory

July 7th 2023 / 3 min read

The problem

Mainstream adoption of crypto and web3 is threatened by a lack of trust, confidence, and safety. With nearly $5 billion lost in hacks, scams, and exploits, the Web3 ecosystem needs resilience now more than ever.

One area seriously lagging is insurance. Millions of people are managing trillions of dollars of assets in an adversarial environment without scalable risk management. Traditional insurance models are ill-equipped to address the unique challenges posed by the rapidly growing digital asset and crypto space, leaving owners exposed to risks without comprehensive coverage.

Decentralised finance can’t scale without the stabilisation effect of insurance. NFTs cannot become a mainstream asset class when end-users are still expected to self-custody and self-insure. 

On the other side, mainstream insurance stands to benefit from decentralised technology. Globally, insurers are short of diversified capacity in an increasingly volatile environment. There is a large-scale underbanked, underinsured problem in developing markets which could be addressable via crypto.

In short—web3 needs insurance, insurance needs web3.

Interested in receiving more insights like this ? Subscribe to our newsletter and join 17k founders, investors & innovators.

Subscribe here
The solution is building a decentralised insurance ecosystem, aiming to build and scale insurance for web3 users and products, and beyond. 

Their core proposition offers insurance to owners of high-value NFTs and portfolios. Leveraging a decentralised architecture, incorporates tokenized incentives and a DAO (Decentralised Autonomous Organization) to provide innovative insurance solutions. 

Their technology uses smart contracts to build collaborative and inclusive financial services which, as opposed to traditional, formal, legally binding contractual agreements, can execute agreements based on their underlying programming. Not only this, but when these contracts are on a public blockchain or other public distributed ledger, their behaviour is independently verifiable and auditable.

This approach is bringing much needed transparency, security, and participation from the community. 

Read the whitepaper here for more information

The team

Viroshan Naicker (CEO & co-founder)

A mathematician by background, Viroshan has extensive experience in web3 and the digital asset space. He has spent the last several years designing token economies and incentive mechanisms in web3. 

Gavin Marshall (CTO)

Gavin is a vastly experienced coding autodidact. He has held various senior positions in the African tech sector, including VP of Innovation at Mxit, an early mobile chat app which had a sixty million strong user base before it was acquired. He has been lecturing and speaking about Bitcoin, and writing smart contracts since 2015.

Mathew Haswell (COO)

Mathew has been building products in the Web2 space for over 10 years. He was most recently the Chief Product Officer at the Ignition Group, and has twice been a startup founder at Teachfolk and Yreeka. He is an expert in product management and behavioural design.

Why we’re excited to invest

Olly Betts, Founders Factory fintech sector director, says: “The shift to Decentralised Finance continues to gather momentum but DeFi protocols are the number one target for Cyber Attacks preventing mass market adoption. To fully unlock the potential of Web3 a strong insurance ecosystem is needed to underwrite smart contract-linked risk.

Plural is a member-based insurance market where retail and institutional clients can transfer crypto-related risk to yield-seeking investors. Plural combines the benefits of peer-to-peer community led risk pooling, embedded insurance, and automated parametric claims to protect risks for the next billion Web3 users.

“I’m hugely excited and confident in the’s team to deliver their vision of making web3 safe, resilient, and attractive for investors.”

What wants to get out of the programme

  • Building in Founders Factory’s Venture Studio, our core focus was research and development of a complex protocol offering for digital asset insurance. Our next step is to get our protocol into the Web3 market, while in parallel building a Web3 community and presence. 

  • In addition, being in the Accelerator gives us access to the Founders Factory network of investors which will help us to get the best partners on board to scale the project once we go live.

Are you interested in co-founding a startup with us?

Submit an idea for our Venture Studio

Apply here
Words by
Share article

News from the Factory Floor

factory news

Launching Martee’s—data-powered, distributed access to fresh food

Learn more about Martee’s, the latest business to spin out of our Nesta Mission Studio

practical advice

Learnings from Calm founder Michael Acton Smith on building a mental health unicorn

Michael Acton Smith, the British entrepreneur behind Calm and Moshi Monsters, shares the most valuable lessons he’s learned as a founder


What does defensibility look like in AI?

With new AI businesses and products being released on an almost daily basis, our Head of Data Science Bianca Furtuna asks—how can AI startups set themselves apart?