Forward Industries, RockawayX Co-Lead $5 Million OnRe Round for Solana-Based On-Chain Reinsurance

Suehyeon Lee

Summary

Forward Industries and RockawayX said they co-led the $5 million Series A round for OnRe, a reinsurance infrastructure startup built on Solana (SOL).
Forward Industries said it plans to allocate up to $25 million more to Solana-based yield-bearing tokens.
Forward Industries shares rose about 5.8%% in regular Nasdaq trading, while Solana traded around $86, up about 2.7%%.

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Forward Industries and RockawayX have made a strategic investment in OnRe, a startup building reinsurance infrastructure on Solana.

The two firms co-led OnRe's $5 million Series A round, according to industry sources on May 5. Forward Industries also plans to allocate up to $25 million more to yield-bearing tokens built on Solana.

OnRe aims to bring the reinsurance market, where insurers transfer risk to external parties, onto blockchain infrastructure. The model uses tokenization and smart contracts to process underwriting reviews and capital flows on-chain.

The investment reflects a broader push to combine insurance and reinsurance, core parts of traditional finance, with decentralized finance, or DeFi. Still, the on-chain reinsurance market remains in its early stages, and expanding institutional participation remains a key challenge.

Forward Industries is known as one of the largest corporate investors in Solana, with about 7.01 million SOL. Its Nasdaq-listed shares rose about 5.8% in regular trading on the day, before surrendering part of those gains after hours. Solana traded around $86, up about 2.7%.

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