Insurtech startup Breach, based in Boston, has secured an undisclosed amount of funding in a round led by RW3 and LightShed Ventures, with participation from several other investors.

The company plans to use the funds to launch a new Bermuda insurance carrier and expand its licensed MGA in the US. Breach, which focuses exclusively on crypto risks, has been approved by the Bermuda Monetary Authority to launch a new class IIGB insurer, allowing it to underwrite emerging crypto risks and develop bespoke embedded products for crypto native technologies.

CEO Eyhab Aejaz leads the company, which is also expanding its proprietary insurtech platform.