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Web3 Security Firm Halborn Raises $90M Series A Led by Summit Partners



August 23rd, 2022

On July 19, 2022, Halborn announced via an exclusive in Bloomberg the completion of a $90 million Series A funding round, the first external funding in our firm’s history. 

Global growth investor Summit Partners led the Series A round, with participation from Castle Island, Digital Currency Group, Brevan Howard, Third Prime, Sky Vision Capital, and Fenwick. 

In addition to the Bloomberg exclusive, the funding announcement was featured in Fortune, TechCrunch, WSJ PRO Venture Capital, SiliconANGLE and Miami Inno. 

Profitable since inception, co-founders Steven Walbroehl and Rob Behnke bootstrapped Halborn into a world-class Web3 security firm. Today, Halborn is growing rapidly, serving over 250 clients focusing on Layer 1 blockchains, infrastructure providers, financial institutions, and application and game developers. Some of Halborn’s most notable clients include Solana Foundation, Avalanche, and Figment.

In a press release about the funding announcement, co-founder Walbroehl stated: “With security vulnerabilities dominating the crypto news headlines, and over $1.5 billion in financial losses from DeFi hacks in 2022 to date, the demand for Web3 security is only growing. Funding from this Series A will be used to expand our global team of offensive security engineers and build our Halborn Labs division, accelerating our robust pipeline of SaaS security products.” 

Today, over 100 of the best and brightest security engineers from around the world are part of Halborn’s elite security advisory. 

Quotes from some of our investors: 

Summit Partners

Summit has a long history of partnering with innovative cybersecurity leaders focused on protecting against both monetary and data breaches in a constantly evolving and ever-expanding threat landscape. We believe the stakes and costs are even higher in Web3, given the decentralized development of and the dollars controlled by Web3 applications.

In a very short time, Halborn has established itself as a globally recognized brand in blockchain security working across Web3 and Web2 environments. The Halborn team has earned a reputation for tackling complex projects and has an impressive record of identifying high-profile vulnerabilities and breaches. 

Matt Hamilton, Managing Director @ Summit Partners

SkyVision Capital

As the cryptocurrency industry continues to evolve with innovative protocols being built in the Gamefi and DeFi sectors, there needs to be an emphasis of Cybersecurity to protect all stakeholders and most importantly community members. 

SkyVision Capital (SVC) is excited to support Halborn, an experienced cybersecurity company that focuses on smart contract auditing to mitigate potential exploits and hacks. 

We look forward to seeing the growth of Halborn as the blockchain sector continues to grow in the bear and bull market.

Patrick Wu, Partner @ SkyVision Capital

Castle Island Ventures

Cybersecurity is a critical infrastructure category that will unlock greater participation in the public blockchain industry. We are thrilled to invest behind the team at Halborn as they make this market more accessible.

Halborn has established a leadership position working with the leading centralized and decentralized groups in the blockchain industry. We are thrilled to be partnering for their next phase of growth.

Cybersecurity risk has historically been a great reason to avoid launching products in the blockchain industry. Halborn is changing this risk/reward equation and in doing so expanding the addressable market for public blockchain technology. We are thrilled to partner with Halborn as they expand their product offering.

Matthew Walsh, Founding Partner @ Castle Island

Third Prime

Third Prime is focused on investing in market leaders in the most important areas of crypto. With Halborn, we’ve clearly hit the mark. The team, track record and technology are unparalleled and we’re excited to partner with them as they secure the most important companies in this space.

Wes Barton, Managing Partner @ Third Prime