Finoa, a Germany-based supplier of staking services and crypto custodians with an emphasis on institutional clients, secured $15 million in a strategic fundraising round that was co-led by Balderton Capital and Maven 11 Capital.
According to Finoa on Tuesday, Blue Bay Ventures, Signature Ventures, Coparion, and Venture Stars were among the other investors in the round.
In an interview, Christopher May, co-founder and co-CEO of Finoa, stated that the
equity round started in June of last year and ended in December.
May stated that although Finoa had planned to raise $5 to $6 million from its current investors, it ultimately raised more due to the enthusiasm shown by other investors in light of the company’s recent return to profitability.
Finoa raised $22 million in Series A fundraising in April 2021; this funding round is almost three years later. May stated that Fiona chose a smaller strategic round for expansion rather than a larger Series B round because of the difficult market conditions of the previous year.
According to a person with knowledge of the situation, Finoa’s Series A value from 2021 was replicated in the round, which kept a $100 million flat valuation.
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