Stelo Labs bags $6m from Andreessen Horwitz-backed funding round


Stelo Labs, a startup seeking to protect wallets from scams and phishing and securely navigate Web3, has raised $6m.

The round was led by Andreessen Horowitz via a16z crypto. There was also participation from First Round Capital, Opensea Ventures, Chainforest, BoxGroup, Pear, Mischief, Homebrew, Louis Beryl, Sabrina Hahn, Dylan Field, Dan Romero, Gokul Rajaram, Lenny Rachitsky, and a range of other angels.

Stelo Labs’ mission is to make web3 more secure and usable. The firm claims its extension interprets and enriches transactions to keep users safe from crypto phishing, fraud and scams.

According to FinSME, the company intends to use the new funding to expand its company operations as well as its development efforts.

The firm also announced three new products, including Stelo v2, which has redesigned the Stelo extension from scratch to make it simpler, faster and easier to use.

The company has also introduced Stelo for developers, which is a developer API to aid every dApp and wallet to use the Stelo Transaction Engine, which powers the Stelo extension. The firm also launched, a token approvals experience to understand a wallet health and keep it safe.

Chaos Labs, an automated economic security system for crypto protocols, has raised $20m in a seed funding round.

The company is the first automated risk management platform for crypto, operating best-in-class security practices including robust agent- and scenario-based simulations.

Working with Chaos Labs, the firm claims teams can optimise user capital efficiency and more quickly adapt to ever-changing crypto markets – helping them stay competitive without compromising on the security of their protocol.

Keep up with all the latest FinTech news here.

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