Soter Insure has closed its Series A funding round, led by Galaxy, with participation from Brevan Howard Digital, Karatage, Token Bay, Pharsalus, and others.
The company provides specialized insurance products for the digital asset sector, including coverage for asset loss, directors and officers (D&O) liability, and smart contract failures. Soter’s policies are available in both fiat currency and native digital assets.
Headquartered in Abu Dhabi and operating out of Bermuda, Soter Insure also has offices in London, New York, and Dubai. The company was incubated by Further Ventures and WebN Group and focuses on addressing insurance capacity challenges within the Web3 sector.
Soter said that a lack of sufficient insurance products has been identified as a barrier to broader adoption of decentralized technologies. The company said that it aims to provide coverage tailored to the risks associated with digital assets, targeting financial institutions and other market participants.
The investment from the Series A round will be used to expand operations and strengthen the company’s underwriting and technology teams.
“With this funding, we'll continue to expand our offerings and grow our footprint globally, providing clients with trusted and transparent risk management solutions," said Henson Orser (pictured above), founder and CEO of Soter Insure.
Investment in protection solutions for digital assets has remained strong in recent years, with several leading names also bolstering their efforts. Last year, global brokerage WTW introduced a fintech and digital assets taskforce designed to support clients in managing the intricate risks associated with the digital asset ecosystem.
Broking giant Marsh also made moves in the digital assets space, unveiling a new solution designed for custodians of digital assets, including financial institutions.
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