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

Cryptocurrency custody and staking service provider Finoa has completed a $15 million funding round, with Maven 11 Capital and Balderton Capital leading the round, and participation from Blue Bay Ventures, Signature Ventures, Coparion, and Venture Stars.Finoa co-founder and co-CEO Christopher May stated that the equity funding round began in June of last year and ended in December.Initially, Finoa hoped to raise $5-6 million from existing investors in this funding round, but ultimately raised more funds due to external investors' interest in the company's recent return to profitability.This strategic funding round comes three years after Finoa raised $22 million in Series A funding in April 2021. Considering the challenging market conditions last year, Finoa did not pursue a large Series B funding round, but instead opted for a smaller strategic funding round to achieve growth. A source stated that the valuation of this funding round remains unchanged at $100 million, consistent with Finoa's Series A valuation in 2021.