Founders Everywhere: Aidan Larkin
Aidan Larkin is the co-founder and CEO of Asset Reality, the world's first end-to-end platform to securely recover, custody and manage seized assets.
Welcome to Founders Everywhere, where we highlight the incredible people behind the companies we’ve backed at Everywhere Ventures, a global pre-seed fund supported by a community of 500 founders and operators.
Asset Reality is the seized asset management platform. They lay the groundwork for successful asset forfeiture and recovery and help clients seize, manage and liquidate physical and digital assets. We live in a world where traditional crime meets digital innovation and cybercrime runs rampant. At any given time, there is approximately a trillion dollars worth of illicit assets circulating in society. However, less than 1% of that amount is successfully recovered. This means that a significant portion of funds that could be reinvested into essential services such as schools and hospitals remains untapped. By improving asset recovery processes, more resources can be directed towards funding law enforcement and supporting civil society.
Co-founder and CEO Aidan Larkin has worked in asset seizures for decades, including stints as a civil and criminal investigator, where he delved into cases ranging from murder investigations to negotiating criminal tax settlements with individuals (Al Capone style). These roles provided him with valuable experience and helped him establish a network that’s been instrumental in founding the company. He met his co-founder, now board advisor, Nick Furneaux, one of the world's most respected digital investigators, while collaborating on one of the earliest bitcoin seizures in the UK and Europe. He also brought on co-founder Hugo Elliot, whose background includes experience in Wall Street and at Deutsche Bank, and a history of launching startup ventures. Some of the early hires included the biggest names in global asset forfeiture, including those managing the infamous Silk Road crypto cases. The team at Asset Reality is committed to transforming the realm of asset recovery, leveraging their expertise to develop innovative solutions for asset seizure and management.
Why Asset Reality and why now?
I had observed systemic issues plaguing the asset recovery sector for years, with widespread acceptance that it was fundamentally broken. Despite skepticism, I felt compelled to try and fix it. I became more involved with like-minded people who were working around the world as consultants and the benefit of their experience made us realize that while Rome wasn’t built in a day, small changes could lead to significant progress.
The timing with COVID was actually beneficial for us in a strange way because it brought heightened focus to the ever expanding crypto market, plus it forced agencies to embrace remote working and innovative approaches. Governments sought solutions to revive the economy amidst furloughs, economic losses, and associated costs, so we were fortunate that we were in an underperforming sector that needed improvement.
What is Asset Reality’s North Star?
Our North Star is to improve the asset recovery sector to benefit society; we do that by making it easier to seize assets more effectively. Practically, we’re doing this by building a comprehensive asset management system, tailored to the requirements of our sector, which has never been done before by a private sector company. Most agencies still rely on spreadsheets to manage billions of dollars worth of physical and digital assets, with virtually no solutions whatsoever to deal with the unique problems and opportunities associated with crypto. Whether it be tangible assets like cars and boats or digital assets like cryptocurrencies, by making it easier to seize and manage these assets effectively, we hope to establish a virtuous cycle where transparency and accountability lead to faster sales, reinvestment, and continuous improvement. This sector needs its own Salesforce style modular platform and that’s exactly what we’re building.
Tell us about some recent milestones that Asset Realty crushed.
We managed over $500M of seized asset transactions in the last 6 months alone and have been involved in significant national security projects to combat global money laundering.
We raised an oversubscribed Series A, including support from some of the most respected investors in our field joining our funding round and board.
We secured contracts with Federal Agencies to use our platform and signed some amazing tech talent.
We obtained our registration in the EU as a VASP, which will fuel our growth in the region.
We launched the world’s first dedicated asset recovery podcast “Seize & Desist.”
What has been one of the biggest challenges you’ve faced as a founder of Asset Reality?
One of the most challenging decisions we’ve made was to pivot and close a segment of our business focused on assisting victims of crypto crime. It was an incredibly emotionally charged situation as we were dealing with tragic cases but we realized that by working with government agencies directly to help them seize criminals' assets, it would lead to better potential outcomes for victims globally. Adding to the challenges, it was also incredibly hard to scale. It was one of the most difficult things I’ve had to navigate as a founder, but it was the right decision. We had to change our approach and focus on fixing the infrastructure of asset recovery. If we play the longer game, there is the potential that victims of those crimes can go to the authorities and say, “I've lost my assets” and we’re all hoping for the day to come that they can reply, "Great, we have all the tools and training to investigate that and help seize and recover your funds.” Our products and services can truly enable that. That’s what we’re working towards and that’s what drives us.
Do you have any advice for other founders?
Embrace humility. It’s not all sunshine and roses. As founders, we’re steering the ship, but we are not in control of the tide or the weather. You have to accept that a lot of this is creating multiple opportunities for luck. And it's being able to make informed and calculated spread bets of sorts and use your resources wisely, as opposed to just nosediving and thinking you have it all figured out. In the startup world, success often hinges on adaptability and the willingness to navigate choppy waters.
How has your background influenced you as a founder?
I grew up in The Troubles in Northern Ireland and when I was 11 I got sent off to America twice and got to see this other world. It was through Project Children, and while it was funded by philanthropy, these are the types of programs that seized assets proceeds can help support. I witnessed firsthand the impact of this initiative aimed at breaking the cycle of violence and poverty in my community. Reflecting on my primary school class, I observed stark differences in the outcomes between those who participated in the program and those who didn't. I hated this dystopian, Hunger Games-esque reality. As a criminal investigator I got interested in my own backstory because there was no money to fund similar projects. As I later became involved in the asset recovery sector, I realized that the lack of funding was a significant barrier to addressing social issues. This realization fueled my passion for improving the asset recovery process and ensuring that funds seized from criminals are effectively reinvested for the betterment of society.
Fun fact: My claim to fame is that I can (allegedly) always find a karaoke bar after midnight in any country in the world.
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