German blockchain startup Finoa has today announced closing a multi-million seed funding round, co-led by Venture Stars and coparion, and with additional participation from Signature Ventures and Serial-Entrepreneur Frank Geßner.
With these top-notch venture investors, Finoa states that it has found “passionate, leading and committed partners” to fulfill its mission of transforming and professionalizing the world of Digital Assets. Moreover, the investors’ venture experience, network and specialized support will be key to help in growing the team, scaling the product portfolio and exploring new business revenue lines.
Finoa, founded in 2018, has developed the world’s first fully digital (warm-storage) 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 launching their product in summer 2019, Finoa already serves +60 professional investors such as the Hedgefund INVAO Group, and 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 1 2020, Finoa has been 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
“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.