• Series A Funding Success: Andalusia Labs, formerly RiskHarbor, secures an impressive $48 million in Series A funding, marking a significant milestone for the company and pushing its equity valuation beyond $1 billion.
• Leading Venture Capital Backing: The funding round is led by Lightspeed Venture Partners, a prominent Silicon Valley venture capital firm, with participation from Mubadala Capital, the asset management subsidiary of Mubadala Investment Company, along with support from existing investors such as Pantera Capital, Framework Ventures, Bain Capital Ventures, and Digital Currency Group.
• Strategic Global Expansion and Recognition: With Abu Dhabi as its chosen hub, Andalusia Labs aims to expand its global presence. The funding highlights the Emirate as a leading financial hub for digital assets, emphasizing its progressive regulatory framework and unique connectivity to both eastern and western markets.

Andalusia Labs, formerly known as RiskHarbor, specializes in risk management infrastructure for digital assets, has raised $48 million in a Series A funding round, positioning the company’s equity valuation north of $1 billion, according to a statement.

Prominent Silicon Valley venture capital firm Lightspeed Venture Partners led the round with participation from Mubadala Capital, the asset management subsidiary of Mubadala Investment Company, a $280 billion global sovereign investor headquartered in Abu Dhabi, and existing investors Pantera Capital, Framework Ventures, Bain Capital Ventures, and Digital Currency Group. 

Other existing investors include industry giant Coinbase, Proof Group, Nima Capital, Naval Ravikant, and founders, general partners, and executives from leading global organizations.

For the company, this strategic move underscores the company’s commitment to expanding its global footprint and highlights Abu Dhabi as a leading financial hub for digital assets that nurtures growth and fosters innovation through its progressive regulatory structure, and unique connectivity to eastern and western markets.

In response to the escalating security concerns and financial risks within the blockchain industry, Andalusia Labs is dedicated to providing secure environments for institutions, developers, and consumers. 

“Andalusia Labs is addressing one of the most significant challenges in the blockchain industry today,” said Ravi Mhatre, Partner at Lightspeed Venture Partners. 

“Financial institutions and blockchain companies grapple with the absence of robust risk management technologies to safeguard their assets. Raouf, Drew, and their team are the first to fill this gap by delivering mission-critical risk management infrastructure that not only paves the way for wider institutional adoption by an order of magnitude but also empowers developers to create novel applications that are inherently safe and secure from day one. Lightspeed is excited to partner with them as they aim to bring their infrastructure to every institution, developer, and consumer in the industry.”

The company is a collection of technology solutions addressing the security challenges prevalent in the blockchain industry including Karak, a revolutionary risk management infrastructure for digital assets; Subsea, a pioneering risk management marketplace for digital assets; and Watchtower, an institutional security platform for digital assets.

“Blockchain is still in the very early innings, and we’re thrilled to have partners like Lightspeed and Mubadala who share our commitment and vision for building the premier risk management infrastructure for the world,” said Raouf Ben-Har and Drew Patel, founders of Andalusia Labs. 

“This funding will enable us to continue developing the best-in-class products for our users that will unlock the potential of digital assets and drive innovation in global financial services around the globe.”

“We’re honored to build our partnership with Raouf, Drew, and the Andalusia Labs team. The opening of their global headquarters in Abu Dhabi will catalyze their global scaling efforts and strategically position the company for unparalleled growth. We look forward to supporting them on the next chapter of their journey in shaping the future of blockchain and Web3 parametric risk management,” said Shaun Lee, partner at Mubadala Capital. 

In conjunction with the round, Andalusia Labs announced the establishment of its global headquarters in Abu Dhabi’s Financial Center, Abu Dhabi Global Markets.