Web3 Builders Inc., a crypto startup focused on user security, made a quick entry into the market with $7 million in seed funding and the launch of its first product, TrustCheck.
About Investment
According to the company’s statement, the investment round was led by Road Capital, a crypto-focused investment firm. Among the investors participating in the round were OpenSea Ventures, Sparkle Ventures and Global Founders Capital. Web3 Builders’ seed investment round was expected to raise $5M. However, the number of investors participating in the round was higher than expected.
Founded earlier this year by Riccardo Pellegrini, the former product manager of Amazon Web Services, Web3 Builders set out with the goal of making web3 more secure for everyone.
“We’ve spoken at this point with hundreds of scam victims, and what has become clear to us in doing so is that most folks are getting scammed, not as part of these massive hacks, but as a result of micro scams. For example, this could be a phishing link that leads them to a wallet drainer site or a dangerous signature request that they accidentally sign.” Riccardo Pellegrini,Co-Founder of Web3 Builders
To prevent users from falling into the trap of such scam techniques, Web3 Builders has released TrustCheck, a free Chrome browser extension that runs in the background to detect scams and notify users in advance so that they can cancel risky transactions.
“TrustCheck automatically warns users when they attempt to go to known phishing sites, or it detects the presence of wallet drainer code. It does so by using machine-learning technology and a variety of on-chain and off-chain data sources to search for suspicious wallets, URLs or activity, including static analysis of code website.” Riccardo Pellegrini, Co-Founder of Web3 Builders
Web3 Builders announced that it plans to expand its existing 9-person team by finding new teammates in the engineering and data science departments with the funds raised.
About Web3 Builders
Web3 Builders was co-founded by Pellegrini, Nicholas Horelik, former co-founder and CTO of emergency response data platform RapidSOS, and Henry Katz, former CTO of weather technology company Tomorrow.io. (RapidSOS raised $206M and Tomorrow.io $184M in investment rounds).
Pellegrini started raising funds for Web3 Builders in April and closed the seed round a few months later. Pellegrini said that this is a round of equality in which token rights will be determined – this means that Web3 Builders will be able to launch its native token in the future.
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