Abu Dhabi's Soter Insure Adds SC Ventures and SBI Group to Galaxy-Led Series B

The round is led by Galaxy. Coinbase Ventures, Franklin Templeton and Brevan Howard Digital joined at the first close, announced in July 2026, and Token Bay Capital, a Soter backer since its Series A, made a follow-on investment in this second close. When it announced the first close, the company said the completed Series B was expected to raise about $23.5 million, plus more than 500 bitcoin and 2,000 ether.

Soter is betting that banks and asset managers will not commit serious money to digital assets until they can insure them as they insure everything else. The new investors are a British bank's venture unit and a Japanese financial group with banking, insurance and crypto businesses, which gives the company backers on the traditional finance side as well as crypto investors such as Galaxy and Coinbase Ventures.

"Banks can't scale in digital assets without the risk protection they rely on everywhere else, and today that protection is still scarce," said Henson Orser, Soter's founder and chief executive. He said the company's strategic investors "now span most of the jurisdictions and networks at the forefront of digital asset adoption."

Herve Francois, a principal in SC Ventures' digital assets fund, called insurance "a critical but often overlooked part of the digital assets ecosystem." Yangte Kim, SBI Group's representative in the UAE, said robust insurance would become an increasingly important part of the market as digital assets gain broader adoption.

Soter covers risks including cyber-related losses, crime, professional liability and smart contract failures. Earlier announcements also listed directors and officers cover, validator slashing and asset loss. The company was incubated by Further Ventures and WebN Group. It runs its insurance operations from Bermuda and has offices in London, New York and Dubai, and it holds a Category 4 insurance intermediation licence from the Dubai Financial Services Authority, according to coverage of its first close.

The company said the new capital will increase its insurance capacity, strengthen its underwriting and technology, and fund expansion into Asia-Pacific through its Hong Kong presence, as well as Europe and the US.

The round closes at a lean time for regional startup finance. MENA startups raised just $40 million in October, down 96%, with no megadeals or later-stage rounds recorded in the month. The company has not said whether further investors will join or when the Series B will formally close.