Singapore-based bug bounty and web3 security services startup Immunefi has raised $24M in a Series A funding round led by Framework Ventures. 

The round also saw participation from Electric Capital, Polygon Ventures, Samsung Next, P2P Capital, North Island Ventures, Third Prime Ventures, Lattice Capital, and Stratos DeFi.

According to the company's statement, the latest cash injection will be used to hire the team further to meet its massive demand. 

Roy Learner, Principal at Framework Ventures said, “Our participation in Immunefi’s Series A represents the single largest check our firm has ever publicly written. As it stands, Immunefi is by far and away the most widely adopted solution in the crypto security and bug bounties space. We’re excited to see the company scale and amass talent as more key projects are onboard into their ecosystem.”

The startup was founded in 2020 by Mitchell Amador and has clients like Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, MakerDAO, Compound, Alchemix and Nexus Mutual.

Mitchell Amador, Founder, and CEO of Immunefi said, “Open code and directly monetizable exploits have made web3 the most adversarial software development space in the world. By shifting incentives towards whitehats, Immunefi has already saved billions of users’ funds. Projects across crypto rapidly realize that it’s better to use Immunefi than publicly begging hackers to return funds or pay the ransom. We’re using this raise to scale our team to meet this massive demand.”