Re, a decentralized reinsurance protocol, raised USD 14 million in a seed funding round that saw participation from institutional investors such as Tribe Capital, Defy, and Exor, along with a number of angel investors. 

Re expects to use the funds to build the company’s reinsurance underwriting pipeline.

Built on the Avalanche blockchain, Re is a fully-collateralized reinsurer that connects retail investors and cryptocurrency holders to the reinsurance market through tokenization. This allows them to financially back baskets of insurance policies to earn insurance premiums and yield. As of September 2022, Re backs thousands of drivers in Texas and California with plans to back small businesses across the US. The company has assessed more than USD 300 million in potential premiums from insurance programs.