Andalusia Labs secures $48 million in Series A funding at $1 billion valuation

Company opens global HQ in Abu Dhabi

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Somshankar Bandyopadhyay

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Published: Thu 14 Dec 2023, 7:26 PM

Andalusia Labs, formerly known as RiskHarbor, the global leader in risk management infrastructure for digital assets, has successfully raised $48 million in Series A funding round, positioning the company’s equity valuation north of $1 billion.

Prominent Silicon Valley venture capital firm Lightspeed Venture Partners led the round with participation from Mubadala Capital, the asset management subsidiary of Mubadala Investment Company, a $280 billion global sovereign investor headquartered in Abu Dhabi, and existing investors Pantera Capital, Framework Ventures, Bain Capital Ventures, and Digital Currency Group. Other existing investors include industry giant Coinbase, Proof Group, Nima Capital, Naval Ravikant, and founders, general partners, and executives from leading global organisations.

In conjunction with the round, Andalusia Labs announced the establishment of its global headquarters at the Abu Dhabi Global Market. For Andalusia Labs, this move underscores the company’s commitment to expanding its global footprint and highlights Abu Dhabi as a leading financial hub for digital assets.

“Andalusia Labs is addressing one of the most significant challenges in the blockchain industry today,” said Ravi Mhatre, Partner at Lightspeed Venture Partners. “Financial institutions and blockchain companies grapple with the absence of robust risk management technologies to safeguard their assets. Lightspeed is excited to partner with them as they aim to bring their infrastructure to every institution, developer, and consumer in the industry.”

Andalusia Labs is a collection of leading technology solutions addressing the security challenges prevalent in the blockchain industry including Karak, a risk management infrastructure for digital assets; Subsea, a pioneering risk management marketplace for digital assets; and Watchtower, an institutional security platform for digital assets.

Andalusia Labs intends to utilise the funds to accelerate product development, enhance institutional partnerships, and continue global expansion. The team is rapidly expanding, and hiring across finance, business development, AI, cryptography, distributed systems, and security engineering, among many other roles.

“Blockchain is still in the very early innings, and we’re thrilled to have partners like Lightspeed and Mubadala who share our commitment and vision for building the premier risk management infrastructure for the world,” said Raouf Ben-Har and Drew Patel, founders of Andalusia Labs. “This funding will enable us to continue developing the best-in-class products for our users that will unlock the potential of digital assets and drive innovation in global financial services around the globe.”

“We’re honoured to build our partnership with the Andalusia Labs team. The opening of their global headquarters in Abu Dhabi will catalyse their global scaling efforts and strategically position the company for unparalleled growth. We look forward to supporting them on the next chapter of their journey in shaping the future of blockchain and Web3 parametric risk management,” said Shaun Lee, partner at Mubadala Capital.


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