Forward Industries backs OnRe's ₱307.77 million ($5 million) Series A on Solana

Forward Industries and RockawayX co-led a ₱307.77 million ($5 million) Series A round for OnRe, which is building reinsurance infrastructure on Solana blockchain.

The Nasdaq-traded company announced the investment Tuesday alongside plans to deploy $25 million into OnRe's yield-bearing token on Solana. Forward Industries holds 7.01 million SOL on its balance sheet, making it the largest corporate holder of the token. The company's shares gained 5.8% in Tuesday's regular session following the announcement.

OnRe is targeting the global reinsurance market, which handles $2 trillion in premiums and is valued at roughly $600 billion. The startup aims to bring traditional reinsurance operations onchain, where smart contracts can automate claims processing and capital deployment. Solana traded at $86.61 at the time of the announcement, up 2.7%.

Aon Financial Services Division CEO Tim Fletcher said tokenized assets are likely to become increasingly integrated into traditional financial systems. Insurance broker Aon is testing stablecoins for premium payments, while Dubai Insurance launched a crypto wallet for premium payments and claims.

Forward Industries has pivoted aggressively into Solana after years as a design services provider for medical and technology firms. The company announced plans in April to raise $1.65 billion for a Solana-focused treasury program. Analyst firm B. Riley Securities initiated coverage with a Buy rating and $7.00 price target on April 23. Forward Industries is scheduled to hold its fiscal second quarter 2026 earnings call on May 14 at 5:00 p.m. ET.