Cryptocurrency custody service provider Finoa completes $15 million financing, led by Maven 11 Capital and others

ChainCatcher news, crypto custody and staking service provider Finoa has completed a $15 million financing round, led by Maven 11 Capital and Balderton Capital, with participation from Blue Bay Ventures, Signature Ventures, Coparion, and Venture Stars.

Christopher May, co-founder and co-CEO of Finoa, stated that this equity financing round started in June last year and concluded in December.

Finoa initially aimed to raise $5 to $6 million in this round from existing investors, but due to external investors' interest in the company's recent return to profitability, it ultimately raised more funds.

This strategic financing comes nearly three years after Finoa raised $22 million in its Series A round in April 2021. Given the challenging market conditions last year, Finoa did not pursue a large Series B round but opted for a smaller strategic financing to achieve growth. A source familiar with the matter indicated that this round of financing maintained a valuation of $100 million, consistent with Finoa's Series A valuation in 2021.