Germany-based licensed staking and custodial service provider Finoa, focusing on institutional clients, has concluded a strategic funding round, raising $15 million. The startup’s valuation remains at $100 million, according to The Block.
The funding round was led by Maven 11 and Balderton, with participation from Blue Bay Ventures, Signature Ventures, Coparion, and Venture Stars.
The process began in June and concluded in December.
Initially, the firm aimed to raise $5-6 million from existing investors.
The amount increased due to interest from external players, attributed to the company’s return to profitability in the fourth quarter of 2023, according to Finoa CEO Christopher May.
Since its founding in 2018 until 2021, the firm was profitable. However, it faced losses during the crypto winter.
According to the company, its staking division, Finoa Consensus Services, has attracted assets exceeding €500 million (~$547 million) since its launch in May 2022. It accounts for nearly 60% of the startup’s total revenue, according to May.
Finoa supports more than ten blockchains and is the third-largest validator of the modular blockchain Celestia, according to Nodes.Guru.
The custodial service accounts for 30% of revenue, with the remaining 10% generated by brokerage and other services.
In April 2021, Finoa raised $22 million in a Series A funding round.
In September 2023, crypto custodial service provider Fireblocks acquired control of the tokenization platform BlockFold for $10 million, according to media reports.