Spearbit, an innovative startup dedicated to enhancing security within the cryptocurrency landscape, has successfully secured $7 million in a funding round led by Framework Ventures. Notable participants in this funding round include Nascent, 1kx, Volt Capital, Breed VC, and Robot Ventures, as confirmed exclusively to TechCrunch. The newly acquired funds will be allocated to the advancement of Cantina, Spearbit’s revolutionary open marketplace tailored for web3 security auditors. Additionally, the capital injection will support the expansion of its software engineering team, further facilitating the streamlining of automation across its services and product marketplace workflow. This strategic direction was shared by Spencer Macdonald, co-founder of Spearbit.
Building upon its earlier accomplishment of raising a pre-seed round totaling $1.5 million in late 2021, Spearbit’s cumulative capital now reaches $8.5 million. While the company’s valuation remains undisclosed, PitchBook data suggests a post-money valuation of approximately $48 million.
Spearbit was founded in November 2021 with a vision to bridge the gap between freelance researchers and crypto protocols and enterprises seeking comprehensive security audits. Leveraging the expertise of three co-founders who were previously associated with the Ethereum Foundation, Spearbit has curated a formidable roster of over 100 researchers available for engagement on its specialized marketplace.
The startup’s recent collaborations with major industry players, including OpenSea, Nouns DAO, and Polygon, underline its growing influence within the crypto security domain. The company’s commitment to addressing the increasingly pressing need for robust security solutions aligns well with the current environment, where escalating security incidents underscore the urgency of enhancing defensive measures.
Spearbit’s immediate objectives include the introduction of two noteworthy products: the Cantina Managed Service and Cantina Guilds. The Cantina Managed Service is designed to empower solo auditors, facilitating their access to deal flow and enabling smart contract audits. In contrast, Cantina Guilds envisions a platform catering to small-to-medium audit entities that specialise in distinct sectors, consolidating their services within a collective “guild” framework.
Spearbit’s endeavor to establish a marketplace for security auditors embodies the aspiration to instill transparency within the web3 security arena. Presently, the lack of pricing transparency poses challenges for clients seeking security services, rendering it intricate to ascertain optimal solutions for their unique requirements. Through the Cantina platform, Spearbit aims to cultivate a more equitable and transparent ecosystem, bolstering security auditors while elevating the overall security posture of the crypto industry.
Disclaimer: This article is intended for informational purposes only and does not constitute financial or investment advice. The content is based on information available as of the stated date, and subsequent developments may influence the provided context or details.
