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
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.