Finoa, a Germany-based company specializing in staking services and cryptocurrency custodianship with a focus on institutional clients, has successfully secured $15 million in a strategic fundraising round. The funding round was co-led by Balderton Capital and Maven 11 Capital. Other notable investors include Blue Bay Ventures, Signature Ventures, Coparion, and Venture Stars.
The equity round, which began in June of the previous year and concluded in December, exceeded Finoa’s initial fundraising target of $5 to $6 million. Christopher May, co-founder and co-CEO of Finoa, mentioned that the company’s recent return to profitability contributed to the strong investor interest, leading to the higher funding amount. Finoa had previously raised $22 million in a Series A funding round in April 2021.
Despite the initial plan to raise a larger Series B round, Finoa opted for a smaller strategic round for expansion due to challenging market conditions. The latest funding round reportedly maintained a flat valuation of $100 million, replicating the Series A valuation from 2021.
Finoa has positioned itself as a key player in the crypto custodianship and staking services sector, particularly catering to institutional clients. The successful fundraising reflects investor confidence in Finoa’s business model and its ability to navigate the evolving landscape of digital asset management. The capital infusion will likely support Finoa in expanding its offerings and further solidifying its presence in the market.
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