Digital asset insurance provider Soter Insure has completed the first close of its Series B funding round, led by Galaxy Digital, which also led its Series A round.
Coinbase Ventures and Franklin Templeton joined the round as new investors, while Brevan Howard Digital and other existing investors also continued their support.
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The company said a second close is expected in the coming weeks as it confirms participation from additional strategic investors.
When completed, the Series B round will bring Soter Insure’s total funding to Dh86.3m, alongside more than 500 Bitcoin and 2,000 Ethereum.
According to Soter Insure, the capital raised will support its growth plans including the development of its underwriting and technology capabilities and the expansion of operations in core markets.
Soter Insure founder and CEO Henson Orser said: “With this capital we will accelerate our product road map, expand capacity and extend our global footprint, and we look forward to welcoming further partners at our second close.”
Soter Insure is headquartered in Abu Dhabi, United Arab Emirates, and operates from Bermuda, with additional offices in London, New York and Dubai.
The business was incubated by Further Ventures and WebN Group.
Soter Insure provides insurance products for financial institutions active in the digital asset sector.
Its cover includes crime, directors and officers, professional indemnity, slashing, smart contract failure and specie with policies available in both fiat currency and native digital assets.
Galaxy president and CIO Chris Ferraro added: “We are proud to lead this round again, and our continued investment reflects the strength of the team and the growing importance of specialised risk solutions for this asset class.”
In May, the company received full authorisation from the Dubai Financial Services Authority under a category 4 licence for insurance intermediation.
The licence allows Soter Insure’s Dubai International Financial Centre (DIFC)-registered entity to conduct insurance intermediation activities from within the DIFC, giving the company a regulated physical presence in one of the world’s leading financial hubs and centres of institutional digital asset activity.
The authorisation also allowed Soter Insure to work directly with institutional clients across the Middle East and North Africa region, placing coverage and reinsurance of regional risk through Soter’s Bermuda-regulated carrier paper.
