Abu Dhabi-based digital asset insurer Soter Insure has completed the first close of its Series B funding round, led by Galaxy Digital. The investment firm also led the company’s Series A round.
Coinbase Ventures and Franklin Templeton joined as new investors, while Brevan Howard Digital and other existing backers continued their support. Soter Insure said a second close is expected in the coming weeks, with additional strategic investors expected to participate.
The company has not disclosed the amount raised in the first close. Once completed, the round is expected to bring in about $23.5M, alongside more than 500 Bitcoin and 2,000 Ethereum, according to the announcement.
Soter Insure said the funding will support the development of its underwriting and technology capabilities, as well as the expansion of its operations in core markets.
Founded in 2024 with support from Further Ventures and WebN Group, the company provides insurance products for financial institutions operating in digital assets. Its coverage includes crime, directors and officers, professional indemnity, smart contract failure, validator slashing and asset loss.
Soter Insure is headquartered in Abu Dhabi and operates from Bermuda, with additional offices in London, New York and Dubai. It also holds a Category 4 insurance intermediation licence from the Dubai Financial Services Authority.
Source: Jawlah
