Web3 Security Company Stelo Labs Closes $6 Million Seed Round Led by a16z

Web3 security company Stelo Labs raised $6 million in a seed round led by a16z. The funds raised will be used to expand the team and its product beyond a Google Chrome extension and meet users' needs.

The company was co-founded by Ben Scharfstein, CEO, and Aman Dhesi, CTO. Both have backgrounds in product management — Scharfstein worked at Google, and Dhesi held roles at Facebook, DoorDash and Square.

The startup launched its Stelo extension in September to help users protect their wallets from scams and phishing attacks. Since September, it has protected thousands of wallets with a collective amount worth over $100 million, Scharfstein said.

While the service is Ethereum-focused right now, Stelo wants to bring it to more Ethereum Virtual Machine (EVM)-compatible chains on board in the future.