Mina Funding, Investors & Competitors

Mina has raised $45M across 3 funding rounds, most recently a $19M ico round in May 2021.

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Last Mina funding round

$19M

ICO · May 2021

Cumulative funding Mina raised

$45M

across 3 funding rounds

Key investors in Mina

  • General Catalyst
  • Coinbase Ventures
  • Accomplice
  • Paradigm
  • Three Arrows Capital
  • Bixin Ventures
  • Redline DAO

Mina Overview

About Mina

Mina is the team behind the Mina Protocol, a lightweight blockchain using recursive zero-knowledge proofs to enable verifiable computations without expanding chain size. San Francisco-headquartered, Mina facilitates decentralized applications in privacy-focused DeFi, identity, and payments. The protocol supports Snapps, zk-powered smart contracts executed off-chain. Mina operates nodes worldwide and integrates with wallets like Coinbase Wallet for seamless user access to its ecosystem.


Founded

2017

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2C & B2B

Revenue model

Subscription

Mina Funding History

Mina has raised a total of $45M across 3 funding rounds.

Mina's first fundraising round was a $15M Series A in April 2019. The most recent completed round was a $19M ico round in May 2021.

Mina funding rounds

Mina funding rounds
DateStageInvestorsRaisedDeal Summary
May 2021ICO-$19M-
Oct 2020Series ABixin Ventures (lead); Three Arrows Capital (lead)$11MMina Protocol, developed by O(1) Labs (formerly Coda Protocol), is a lightweight blockchain project focused on zero-knowledge proofs to enable a succinct blockchain that remains constant size regardless of transaction volume. On October 21, 2020, it raised $10.9 million in a funding round co-led by Bixin Ventures and Three Arrows Capital, with participation from NGC Ventures, Fenbushi Capital, and others. This strategic round supported the development of Mina's privacy-focused public chain, emphasizing decentralization through reduced node computing requirements. The funding contributed to Mina's total raised exceeding $100 million across rounds, including a later $92 million ecosystem raise on March 17, 2022, led by FTX Ventures and Three Arrows Capital with additional investors like Alan Howard, Amber Group, and Pantera. Mina positions itself as a security layer for Web3, leveraging zero-knowledge smart contracts for user privacy and end-to-end security.
Apr 2019Series AGeneral Catalyst; Accomplice; Coinbase Ventures; Redline DAO; Paradigm$15MMina Protocol (formerly Coda Protocol) is a blockchain project described as the world's lightest blockchain, creating a private gateway between the real world and crypto. In April 2019, Mina raised $15 million in a Series A funding round from prominent investors including Accomplice, Coinbase Ventures, General Catalyst, Paradigm, and Redline DAO. Subsequent funding rounds occurred in October 2020 ($10.9M strategic), April 2021 ($18.75M public sale), and March 2022 ($92M strategic), bringing total disclosed fundraising to approximately $140.15M across multiple rounds.

Who has invested in Mina?

7 investors have backed Mina across its funding rounds, including General Catalyst, Coinbase Ventures, Accomplice, Paradigm, Three Arrows Capital and Bixin Ventures.

Lead investors include Bixin Ventures and Three Arrows Capital.


Mina Investors

Investors in Mina by funding rounds participated
InvestorHQRoundsRoleFirst check
General CatalystUnited StatesCambridge, MA1ParticipantApr 2019
AccompliceUnited StatesBoston, MA1ParticipantApr 2019
Coinbase VenturesUnited StatesSan Francisco, CA1ParticipantApr 2019
Redline DAOSeychellesVictoria1ParticipantApr 2019
Three Arrows CapitalSingaporeSingapore1LeadOct 2020

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Mina Competitors

Mina competitors include listed companies like SAP and Snowflake, and private ones like Socure, Anthropic, OpenAI and Databricks.

Public and private companies comparable to Mina
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
SocureUnited StatesLake Tahoe, NVPrivate$315M-$5.2B-
AnthropicUnited StatesSan Francisco, CAPrivate$47B-$965B20.5x
OpenAIUnited StatesSan Francisco, CAPrivate$25B-$852B34.1x
SAPGermanyGermanyPublicly listed$41B$13B$273B6.1x
DatabricksUnited StatesSan Francisco, CAPrivate$7B-$190B27.1x
SnowflakeUnited StatesUnited StatesPublicly listed$4.7B($1.3B)$97B16.4x

Mina Public Comps

Mina is still privately-owned, but its public comps include SAP, IBM, CrowdStrike, Salesforce, ServiceNow, Snowflake, Adobe, Moody's, Datadog and Strategy.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
SAP$41B$13B6.6x6.1x20.9x19.0x
IBM$68B$17B4.3x4.1x17.3x14.5x
CrowdStrike$4.8B($12M)45.3x38.0x(17454.4x)127.1x
Salesforce$42B$13B5.0x4.6x15.9x10.8x
ServiceNow$13B$2.6B8.3x6.9x42.6x17.8x
Snowflake$4.7B($1.3B)20.9x16.4x(76.7x)93.1x
Adobe$24B$9.3B4.0x3.6x10.2x7.4x
Moody's$7.7B$3.8B12.1x11.4x24.4x21.8x

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Common questions about Mina

When was Mina founded?Mina was founded in 2017.
Where is Mina headquartered?Mina is headquartered in San Francisco, CA, United States.
Is Mina publicly listed?No, Mina is a private, VC-backed company.
How much funding has Mina raised?Mina has raised $45M across 3 funding rounds.
What was Mina's last funding round?Mina's last funding round was a $19M ico round in May 2021.
Who are Mina's investors?Mina's investors include General Catalyst, Accomplice, Coinbase Ventures, Redline DAO, Three Arrows Capital, Bixin Ventures and Paradigm.
Which companies are comparable to Mina?Companies comparable to Mina include Socure, Anthropic, OpenAI, SAP, Databricks and Snowflake.

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