Immunefi Raises $24m for Series A to Secure Web3
Today, we’re announcing that we’ve raised $24m for our Series A round, led by Framework Ventures and joined by other investors like Samsung Next, Electric Capital, and Polygon Ventures.
This is a momentous occasion for Immunefi and security in web3. We’d like to take some time to review our progress and discuss plans for the future.
In December 2020, we launched Immunefi with the thesis that bug bounties would completely transform web3 security and lead to the biggest bounties and payouts in the software industry, far surpassing the bounties offered by tech giants like Facebook, Apple, Google, Microsoft, and more.
In September 2022, less than two years later, we achieved that goal. Immunefi has become the leading bug bounty platform for web3 in the world.
Some fast facts:
- Before Immunefi, bug bounties virtually didn’t exist in web3. There was no last line of defense for smart contracts on mainnet and no incentive to responsibly disclose bugs. We changed all of that.
- We pioneered the scaling bug bounty standard, which led to web3 projects launching on Immunefi with $1 million, $6 million, and $10 million dollar bounties. In comparison, the largest web2 bounty that we’ve been able to find is Apple’s bug bounty–at $2 million dollars.
- We’ve saved more than $25 billion in user funds from being hacked by blackhats and nefarious state-backed hacking groups.
- We’ve onboarded more than 300 projects to our platform, including the biggest and most trusted names in the space like Chainlink, Wormhole, MakerDAO, Compound, Synthetix, and more.
- We’ve paid out more than $60 million to whitehat hackers. Some whitehats have made $10m and more, making web3 bug bounty hunting now a lucrative, full-time career.
- We’ve grown to 50 employees.
- Led by Immunefi, an army of whitehat hackers, including developers, CTOs, academic researchers, web2 hackers, has coalesced into a fighting force ready to review code across all timezones, make the space safer, and get paid.
Our basic mission remains the same: we want to solve the problem of security and trust, so that web3 can onboard the next billion users. We achieve this mission through connecting an army of whitehats with projects that need their smart contract and blockchain code secured, and it all takes place on Immunefi’s secure platform.
“Open code and directly monetizable exploits have made web3 the most adversarial software development space in the world”, said Mitchell Amador, Founder and CEO of Immunefi. “By shifting incentives towards whitehats, Immunefi has already saved billions of dollars of users’ funds. Projects across crypto are rapidly realizing that it’s better to use Immunefi than end up publicly begging hackers to return funds or pay ransom. We’re using this raise to scale our team to meet this massive demand”.
With this new raise, we’re going to scale to the next level by expanding our team to meet the huge demand for security, increasing accountability and transparency throughout the entire process of bug report to payout, and releasing new, upgraded versions of our platform.
The future of bug bounties and security in web3 is bright.
Immunefi is the leading bug bounty and security services platform for web3, which features the world’s largest bounties. Immunefi guards over $60 billion in users’ funds across projects like Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, MakerDAO, Compound, Alchemix, Nexus Mutual, and others. The company has paid out the most significant bug bounties in the software industry, amounting to over $60 million, and has pioneered the scaling web3 bug bounties standard. For more information, please visit https://immunefi.com/.