Mina Funding, Investors & Competitors

Mina has raised $137M across 4 funding rounds, most recently a $92M ico round in March 2022.

See full Mina profile

Last Mina funding round

$92M

ICO · Mar 2022

Cumulative funding Mina raised

$137M

across 4 funding rounds

Key investors in Mina

  • Three Arrows Capital
  • General Catalyst
  • Coinbase Ventures
  • Accomplice
  • Pantera Capital
  • Paradigm
  • Amber Group
  • Circle Ventures

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 $137M across 4 funding rounds.

Mina's first fundraising round was a $15M Series A in April 2019. The most recent completed round was a $92M ico round in March 2022.

Mina funding rounds

Mina funding rounds
DateStageInvestorsRaisedDeal Summary
Mar 2022ICOFTX Ventures (lead); Three Arrows Capital (lead); To Kenz Capital; Pantera Capital; Brevan Howard Asset Management; Blockchain.com; Finality Capital Partners; Crowd Venture Capital; Amber Group; Circle Ventures; Alan Howard$92M-
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?

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

Lead investors include FTX Ventures, Three Arrows Capital and Bixin Ventures.


Mina Investors

Investors in Mina by funding rounds participated
InvestorHQRoundsRoleFirst check
Three Arrows CapitalSingaporeSingapore2LeadOct 2020
To Kenz CapitalUnited StatesNew York City, NY1ParticipantMar 2022
General CatalystUnited StatesSan Francisco, CA1ParticipantApr 2019
AccompliceUnited StatesBoston, MA1ParticipantApr 2019
Pantera CapitalUnited StatesSan Francisco, CA1ParticipantMar 2022
Brevan Howard Asset ManagementUnited KingdomLondon1ParticipantMar 2022
Blockchain.comUnited KingdomUnited Kingdom1ParticipantMar 2022
Coinbase VenturesUnited StatesSan Francisco, CA1ParticipantApr 2019
Finality Capital PartnersUnited StatesLos Angeles, CA1ParticipantMar 2022
Crowd Venture CapitalUnited StatesNew York City, NY1ParticipantMar 2022
FTX VenturesUnited StatesSanta Barbara, CA1LeadMar 2022
Amber GroupHong KongHong Kong1ParticipantMar 2022
Circle VenturesUnited StatesUnited States1ParticipantMar 2022

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Mina Competitors

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

Public and private companies comparable to Mina
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
AnthropicUnited StatesSan Francisco, CAPrivate$47B-$965B20.5x
OpenAIUnited StatesSan Francisco, CAPrivate$25B-$852B34.1x
SAPGermanyGermanyPublicly listed$42B$13B$248B5.4x
DatabricksUnited StatesSan Francisco, CAPrivate$7B-$190B27.1x
SnowflakeUnited StatesUnited StatesPublicly listed$4.7B($1.3B)$119B21.0x
Nebius GroupNetherlandsNetherlandsPublicly listed$530M$512M$59B24.2x

Mina Public Comps

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

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
CrowdStrike$4.8B($12M)51.4x44.5x(19816.2x)151.0x
SAP$42B$13B5.8x5.4x18.4x17.1x
Salesforce$42B$13B5.5x5.2x17.8x12.2x
ServiceNow$13B$2.6B11.1x9.6x57.2x25.0x
Snowflake$4.7B($1.3B)25.6x21.0x(94.1x)121.7x
Adobe$24B$9.3B4.3x3.9x10.9x8.2x
Datadog$3.4B($588K)23.6x19.4x(137813.0x)77.6x
Moody's$7.7B$3.8B11.2x10.6x22.5x20.1x

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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 $137M across 4 funding rounds.
What was Mina's last funding round?Mina's last funding round was a $92M ico round in March 2022, led by FTX Ventures and Three Arrows Capital.
Who are Mina's investors?Mina's investors include Three Arrows Capital, To Kenz Capital, General Catalyst, Accomplice, Pantera Capital, Brevan Howard Asset Management, Blockchain.com, Coinbase Ventures, Finality Capital Partners, Crowd Venture Capital and 7 others.
Which companies are comparable to Mina?Companies comparable to Mina include Anthropic, OpenAI, SAP, Databricks, Snowflake and Nebius Group.

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