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Spearbit, a security auditing company, closed a $7 million funding round led by Framework Ventures with participation from Nascent, 1kx, Volt Capital, Breed VC and Robot Ventures. The funds raised will be used to build Cantina, an open marketplace for Web3 security auditors, and scale the team to automate service and product marketplace workflows.
The startup previously raised a $1.5 million Pre-Seed round in late 2021, and has now raised a total of $8.5 million. The company did not disclose a valuation, but PitchBook data puts the company's post-investment valuation at around $48 million.
Spearbit was founded in November 2021, with three of its five founders coming from the Ethereum Foundation, to bridge the gap between freelance researchers and crypto protocols and companies in need of security audits. In the past few months, the company has partnered with protocols such as OpenSea, Nouns DAO, and Polygon.
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