Berlin Blockchain-Startup Finoa closes multi-million Seed Funding round. The round was co-led by Venture Stars and coparion, with additional participation from Signature Ventures and Serial-Entrepreneur Frank Geßner.
With the consortia of top-notch venture investors, Finoa was able to win passionate, leading and committed partners to fulfill the mission to transform and professionalize the world of Digital Assets.
For Finoa it’s a key step in their path to consolidate Finoa’s market leading positioning in the European Digital Assets space. Moreover, the investors’ venture experience, network and specialized support will be key to help to grow the team, scale the product portfolio and explore new business revenue lines.
Finoa provides banking-grade custody and asset-servicing solutions for Digital Assets, customized to institutional investors (Asset Managers, VCs, Family Offices), HNWI and corporations. The custody platform enables its users to securely store and manage their cryptographic tokens, while providing a directly accessible, highly intuitive and unique user-experience. The custody infrastructure serves as the base to a growing product portfolio, such as Prime Brokerage, Tokenization Services, Lending, Staking or Investment Services/Wealth Management.
Since product launch in Summer 2019, Finoa already serves >60 professional investors, such as the Hedgefund INVAO Group or Venture Capital firms like Atlantic Labs or Inflection. With the regulation of Crypto Assets and Crypto Custody Providers by the German Federal Financial Supervisory Authority (BaFin) starting January 1st 2020, Finoa is currently granted a preliminary license approval, expected to be confirmed until November 2020.
“We are incredibly proud to receive funding from highly experienced Venture Capital firms such as Venture Stars and Coparion! The additional participation from a Blockchain-focused fund like Signature Ventures underlines that Finoa is recognized as a leading player in the Digital Asset space,” says Co-Founder Christopher May
The entire Finoa team is excited about the next chapter and is proud to partner with such a fantastic group of investors, who will add key pillars of knowledge to the company with their experience across FinTech, Blockchain, Crypto Economy and overall Entrepreneurship,” says Co-Founder Henrik Gebbing.
“The Finoa team demonstrated a superior level of knowledge, determination and professionalism around the product conceptualization and approach to business, but what really convinced us was the team: just a great blend between tech and business, open communication and customer centricity. We not just want to be investors in Finoa, but partners at all levels,” adds Florian Calmbach, Founding Partner at Venture Stars.
“While many startups in the emerging Digital Asset Custody space are scratching the surface technologically or are outsourcing risks to third-parties, Finoa offers a holistic e2e TechStack without compromising security or asset availability. In our opinion, Finoa is currently the most technically mature solution in the European market, which led to our investment decision,” outlines Christian Schulte, Investment Professional at Coparion.
“We know the Finoa team since more than a year now and have been very impressed by their in-depth market knowledge and their excellence in execution. Finoa is on its way to become the leading custody solution for digital assets in Europe,” emphasized Florian Huber, Partner at Signature Ventures.
“As a co-founder of INVAO, I was looking for a secure custodian for the Digital Assets we manage. The high volatility of the crypto markets requires active risk management and fast trading of the Digital Assets. The smooth cooperation as a customer of Finoa, together with the technology and the team, convinced me. I am certain that Finoa is offering one of the best Digital Asset custody services in the fast growing Blockchain market at the very right time and I would like to support its further growth,” says Frank Geßner, Chairman INVAO Group.
Source Finoa GmbH