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Finance

DeFi Risk Assessor Sherlock Raises $1.5M in Pre-Seed Funding

The fundraising was led by IDEO CoLab Ventures, with participation from A.Capital Ventures, Scalar Capital and DeFi Alliance.

By Ian Allison
AccessTimeIconJun 3, 2021 at 12:00 p.m. UTC
Updated May 9, 2023 at 3:20 a.m. UTC
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Sherlock, a risk-analysis system for decentralized finance (DeFi), raised $1.5 million in a pre-seed funding round.

Announced Thursday, the fundraising was led by IDEO CoLab Ventures, with participation from A.Capital Ventures, Scalar Capital and DeFi Alliance. 

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    • Insurance in crypto is rare, and providing peace of mind within the experimental DeFi space is limited to a handful of solutions, such as Nexus Mutual’s decentralized risk pool approach. 

    Sherlock uses smart-contract security experts to assess the fundamental risk attached to DeFi platforms. It already has a long list of angel investors, including executives and developers from firms including Aave, Synthetix and Quantstamp.

    “Fundamental risk analysis and covering protocols directly is a heavy lift,” Gavin McDermott, partner at IDEO CoLab Ventures in a statement. “But if Sherlock’s model can scale to a meaningful percentage of TVL in DeFi, their network will significantly improve safety for the entire industry.”

    CORRECTION (JUNE 3 12:18 UTC): Corrects spelling of investor's name to Synthetix.

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