The Bermuda-regulated startup Meanwhile, which operates as a life insurer using Bitcoin, has secured $37.5 million in a new funding round. The investment was led by Bain Capital Crypto, with contributions from Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures, and Morgan Creek Digital. This latest injection of capital brings the company's total funding to over $180 million.
The insurer, which counts Sam Altman among its backers, plans to use the funds to meet growing demand for its policies outside the United States. The company reports increased interest from high-net-worth clients in Asia, Europe, and the Middle East. Meanwhile currently works with 15 brokers in regions including Singapore, Hong Kong, the UAE, and Switzerland, such as Lioner and Apeiron Group.
The company offers products like BTC Life 1-Pay, a single-premium policy that allows clients to pay premiums and receive death benefits in Bitcoin. Policyholders can borrow up to 90% of the policy's value after the first year without margin calls. The firm holds a Class IILT license from the Bermuda Monetary Authority, granted in July 2024, and maintains its financial statements and reserves in Bitcoin.
Meanwhile reports that its net long-term underwriting income has already exceeded the total for the previous year and is projected to more than double in 2026. The company operates as a regulated life insurer while utilizing an AI-enabled infrastructure. All client assets are held by regulated institutional custodians.
