Crypto hosting service provider Finoa completed US$15 million in financing, led by Maven 11 Capital and others

Cryptocurrency custody and staking service provider Finoa completed a $15 million financing round, led by Maven 11 Capital and Balderton Capital. Other participating investors include Blue Bay Ventures, Signature Ventures, Coparion, and Venture Stars.

Finoa Co-founder and Co-CEO Christopher May stated that the equity financing round began in June of last year and ended in December. Initially, Finoa hoped to raise $5-6 million from existing investors in this financing round, but due to external investors' interest in the company's recent return to profitability, more funds were raised.

This strategic financing round comes nearly three years after Finoa raised $22 million in Series A financing in April 2021. Considering the challenging market conditions last year, Finoa did not conduct a large Series B financing round but instead opted for a smaller strategic financing round to achieve growth.

An insider stated that the valuation for this financing round remains unchanged at $100 million, consistent with Finoa's Series A valuation in 2021.