We are excited to announce Plug and Plays’ recent investment in Avata, a technical gateway that brings customized insurance solutions to digital asset owners in a fast, secure, and cost-effective way. With this funding, Plug and Play joins other leading investors in the new digital economy space, including The Aventures, Funfair Ventures, and Square Enix.

As a bridge between Web2 and Web 3.0 ecosystems, Avata brings trust to digital citizens when they become owners of digital assets on the blockchain. The need for insurance solutions develops fast as use cases for NFTs emerge in various industries, such as digital art, music, digital collectibles, gaming, as well as luxury goods in the form of digital twins of physical assets. By providing an extra layer of security and peace of mind, Avata protects individuals who want to engage in the ownership of many forms of digital assets.

Meet the team behind Avata

The founding team of Avata is special due to their diverse and complementary backgrounds, which bring a unique blend of expertise to address the challenges of insuring digital assets. Sung Feng Wu, a seasoned executive with nearly two decades of experience in Fintech, has held senior roles in prominent companies, showcasing his extensive knowledge of the financial technology industry. His transition to the world of Insurtech reflects a deep understanding of disruption and innovation.

On the other hand, Joachim Rittfeldt Hofvenschiöld, a former professional gamer and coach with over 15 years of experience in gaming, esports, entrepreneurship, and investment, adds a distinct perspective to the team. His ability to translate gaming experience into the realm of Web 3.0 and identify opportunities for enhancement and innovation positions Avata at the forefront of digital asset protection.

Together, Sung Feng Wu and Joachim co-founded Avata with the shared goal of making Web 3.0 a safer place by pioneering embedded insurance to protect digital goods. Their combined expertise in Fintech, Insurtech, gaming, and entrepreneurship enables Avata to revolutionize the concept of digital asset ownership and risk mitigation in the digital age, ultimately providing peace of mind for individuals investing in their digital lives and assets. The team's agility, adaptability, and commitment to making Web 3.0 safer highlight their dedication to this innovative venture.

Why we’re excited to invest

Digital assets, including NFTs and tokens, represent an emerging asset class with substantial risks, as evidenced by over $45bn in losses within the Web 3.0 space to date. Avata's approach to seamlessly embedding insurance coverage from traditional insurers at the point of sale addresses a critical need for users and promises to revolutionize digital asset protection. With a strong business model, significant traction, partnerships with key players in the industry, and the potential for eight-figure revenues by 2027, Avata is well-positioned for growth. Moreover, the oversubscribed seed round, featuring prominent investors and strategic partners, underscores the market's confidence in Avata's vision and potential, making it a compelling investment opportunity with considerable upside potential.

Maximillian Jungreis, the Head of Crypto and Digital Assets at Plug and Play, is confident that this breakthrough will bring about a revolution in the industry. He emphasizes that “throughout the evolution of the internet, there are moments that shape generations of innovation, and Web 3.0 is no different. One such significant step is the bridging of traditional insurance paradigms with the digital asset ecosystem. This convergence represents more than a passing trend; it signifies the frontier in building a strong digital infrastructure. We are excited to support Avata in their journey to enable the distribution of many insurance solutions in the Web 3.0 and digital asset space.”