Unclaimed asset startup Eisen raises $10M in Series A funding

Eisen, a startup specializing in escheatment—the process of unclaimed assets reverting to state control—has raised $10 million in a Series A round, bringing its total funding to $18.5 million, Fortune reported. Alan Osgood, CEO of Eisen and a former Coinbase executive, explained that all platforms holding user funds, including those in crypto, securities, and fintech, are effectively having their funds seized by state governments, which rarely return them. He stated that Eisen processes millions of client accounts for financial institutions in compliance with state-by-state regulations, locating users to return their funds before they are transferred to the state. Osgood added that with many investor accounts from the 2021 bull market now dormant, an estimated $700 million in cryptocurrency is expected to be escheated this year alone. He noted that governments typically liquidate escheated crypto and stocks immediately, preventing investors from profiting from any subsequent appreciation. Eisen protects client assets through its proprietary dormant account management process.