Apr 30, 2021
Finoa Closes $22 Million Series A to Accelerate Its Growth
Europe’s leading gateway for institutional financial services for digital assets
We are thrilled to announce that we continue to back our portfolio company Finoa as part of their Series A round. Finoa raised $22M from Balderton Capital and existing investors Signature Ventures, Coparion, Venture Stars and others. As our first investment at Signature, Finoa has been special to us. Being their first professional investor in the middle of a crypto bear market in 2019, we had great conviction in the team early on. Still, the short time in which the co-founders Christopher May and Henrik Gebbing have built Finoa into such an exceptional business is remarkable. They have demonstrated tremendous foresight and strong execution which allowed them to grow the company into a leading European digital asset custody and financial services platform for institutional investors and corporations.
Thanks to their prescient move-fast approach, Finoa has become the custodian of choice for multi-billion dollar blockchain protocols such as Flow, Mina or NEAR. Finoa’s regulated gateway enables their customers to securely store and manage their cryptoassets, while providing a directly accessible and intuitive user-experience, enabling seamless access to custody and staking. Within less than a year, Finoa’s monthly revenue has grown more than 50X which uniquely positions the company as the European leader for institutional interaction with the fast-developing crypto ecosystem.
Finoa’s impressive growth has naturally caught the attention of large non-blockchain investors such as Balderton Capital which led Finoa’s Series A round. Going forward, we believe that the presence of an experienced technology fund alongside Signature’s blockchain expertise is the ideal support for Finoa to build an industry leader in the crypto ecosystem. Finoa now has over 250 customers, including T-Systems, CoinList, NEAR, Bankhaus Scheich and Dapper Labs.
Finoa will use the proceeds to build out its products and services, scale up the team, meet the rapidly growing institutional interest for digital assets, and enable participation in innovative financial services beyond custody and staking. With this funding round, Finoa is one step closer to delivering on its aspiration of becoming a regulated one-stop-shop for institutional investors and corporations to manage all their digital asset needs.
We look forward to continuing to back the Finoa team in building out their industry-leading cryptoasset platform.
About Finoa
Finoa is a regulated custodian, serving as the gateway for institutional investors and corporations to the world of digital assets. The platform enables its users to securely store and manage their crypto-assets, while providing a directly accessible and intuitive user experience, enabling seamless access to custody and staking. Finoa was founded in Berlin in 2018, has received a preliminary crypto custody license (§64y Para. 1 KWG) and is supervised by the German Federal Financial Supervisory Authority (BaFin). Finoa’s wide customer base includes corporates like T-Systems, DeFi-natives like CoinList and financial institutions like Bankhaus Scheich.
About Signature Ventures
Signature Ventures is an early-stage venture capital fund with a focus on equity investments in the technologies of digital decentralization such as Blockchain/Distributed Ledger Technology (DLT). Signature is the first to invest in outstanding founding teams that build the backbone of the decentralized future. Based in Munich and Berlin, the fund invests in Pre-Seed to Series A, globally with a focus on Europe.
