- Companies
- Zama
Last Zama valuation
$1B
Series B · Jun 2025
Last Zama funding round
$57M
Series B · Jun 2025
Cumulative funding Zama raised
$138M
across 4 funding rounds
Key investors in Zama
Lunar Ventures
Plug and Play
Pantera Capital
GSR
Multicoin Capital
Protocol Labs
About Zama
Zama is a cryptography firm developing open-source fully homomorphic encryption solutions. Based in France, its Zama Protocol supports confidential smart contracts on layer-1 and layer-2 blockchains for applications in payments, tokenization, finance, and decentralized networks.
Founded
2020
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Licensing, Subscription
Valuation
$1B (Jun 2025)
Zama Valuation
Zama is currently valued at $1B, based on its Series B in June 2025.
The $57M round was led by Blockchange Ventures and Pantera Capital, with participation from GSR and Julien Bouteloup.
Zama's valuation has grown 2.5x from $400M at its Series A in March 2024 to $1B in June 2025, across 2 priced rounds.
Zama valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2025 | Series B | $1B |
| Mar 2024 | Series A | $400M |
Zama Funding History
Zama has raised a total of $138M across 4 funding rounds.
Zama's first fundraising round was a $1M pre-seed round in April 2020. The most recent completed round was a $57M Series B in June 2025.
Zama funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2025 | Series B | Blockchange Ventures (lead); Pantera Capital (lead); GSR; Julien Bouteloup | $57M | $1B | Zama is an open-source cryptography company specializing in fully homomorphic encryption (FHE) solutions for blockchain and AI applications, enabling data processing while remaining encrypted. Its flagship Zama Protocol and Confidential Blockchain Protocol support privacy-preserving applications on Layer 1 and Layer 2 blockchains, including Ethereum, EVM chains, and Solana, targeting use cases in payments, DeFi, tokenization, on-chain governance, and enterprise blockchain. On June 25, 2025, Zama raised $57 million in a Series B funding round co-led by Blockchange Ventures and Pantera Capital, with participation from GSR and Julien Bouteloup among others, bringing total funding to over $150 million. This round propelled Zama to unicorn status with a post-money valuation exceeding $1 billion, marking it as the world's first FHE unicorn and reflecting strong market confidence in its technology. The funding will support the mainnet launch, public testnet rollout starting July 2025, ecosystem adoption, research to scale FHE to thousands of transactions per second using GPUs and future dedicated hardware, and expansion of confidential financial applications. Previously, Zama raised $73 million in a Series A in March 2024 led by Multicoin Capital and others. Headquartered in Paris, France, with operations in Zug, Switzerland, Zama was founded in 2020 by Rand Hindi and Pascal Paillier. The company addresses blockchain's privacy limitations by enabling end-to-end encryption (HTTPZ), overcoming prior FHE scalability and usability challenges after five years of development. |
| Mar 2024 | Series A | Multicoin Capital (lead); Protocol Labs (lead) | $72M | $400M | Zama, a Paris-based open-source cryptography company, develops fully homomorphic encryption (FHE) solutions enabling encrypted data processing without decryption, targeting blockchain and AI applications. Its offerings include open-source libraries for developers to build end-to-end encrypted applications without cryptography expertise, with a focus on performance improvements (20x speed increase since inception, targeting 100x). The machine learning solution adds privacy to workflows, while the blockchain solution supports confidential smart contracts. On March 7, 2024, Zama raised $73 million in a Series A round co-led by Multicoin Capital and Protocol Labs, with participation from Metaplanet, Blockchange, VSquared, Stake Capital, Portal Ventures, and angels. This marks the largest funding round for a homomorphic encryption company, one of France's largest venture rounds, bringing total funding to $81 million after prior $8 million in pre-seed and seed. The valuation reached the high end of $300-400 million, approaching $400 million post-money, though the CEO declined to disclose precisely. Proceeds will fund R&D and hiring more engineers to expand from a team of 75, focusing on blockchain and AI opportunities. Zama began commercializing six months prior, signing over $50 million in contract value, primarily from blockchain customers, charged in tokens or per transaction where applicable. The round highlights sustained deep tech investment in Europe amid a global funding crunch, following Multiverse Computing's $27 million raise. Zama positions FHE for broader applications beyond current blockchain and AI focus. |
| Jun 2021 | Seed | Vsquared Ventures; Lunar Ventures; Metaplanet | $8M | - | Zama raised funding in a seed round around May 30, 2021, listed as Seed VC - III, with investors including Vsquared Ventures and Metaplanet, though amount and valuation details are not specified. This was one of several early seed rounds, including Seed VC - II on April 24, 2020, and Seed VC - IV on January 1, 2022. Lunar Ventures' participation aligns with the specified investors but lacks confirmation in sourced details for the exact June 15, 2021 date. Zama develops Fully Homomorphic Encryption (FHE) solutions for blockchain applications, focusing on confidential smart contracts. The company, headquartered in Paris, France, later progressed to a $73M Series A in March 2024 led by Multicoin Capital and Protocol Labs, with participation from Metaplanet, Vsquared Ventures, and others, at a $400M valuation, followed by a $57M Series B in June 2025 reaching over $1B valuation. |
| Apr 2020 | Pre-seed | Plug and Play; Lunar Ventures | $1M | - | - |
Who has invested in Zama?
10 investors have backed Zama across its funding rounds, including Lunar Ventures, Plug and Play, Pantera Capital, GSR, Multicoin Capital and Protocol Labs.
Lead investors include Blockchange Ventures, Pantera Capital, Multicoin Capital and Protocol Labs.
Zama Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Apr 2020 | ||
| 1 | Participant | Jun 2021 | ||
| 1 | Participant | Apr 2020 | ||
| 1 | Lead | Jun 2025 | ||
| 1 | Participant | Jun 2025 | ||
| 1 | Lead | Mar 2024 | ||
| 1 | Participant | Jun 2025 | ||
| 1 | Lead | Mar 2024 | ||
This data is available for Pro users. Sign up to see all 10 Zama investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Zama
Zama has acquired 2 companies to date.
Last acquisition by Zama was on May 19th 2026. Zama acquired TokenOps for undisclosed valuation.
Latest Acquisitions by Zama
| Description | TokenOps is a platform that tracks vesting schedules, claims, and token movements for projects. TokenOps supplies real-time alerts and secure distribution. | Kakarot Labs develops Kakarot, a zero-knowledge Ethereum Virtual Machine implemented in Cairo for Starknet. This zkEVM enables Ethereum-compatible smart contracts on validity rollups, preserving EVM bytecode execution while leveraging STARK proofs for scalability. Deployed on Starknet mainnet since 2023, it supports DeFi protocols and NFTs with sub-second finality and low gas fees. The open-source project attracts developers building layer-2 applications across 50 chains. |
| HQ Country | ||
| HQ City | London | Paris |
| Deal Date | 19 May 2026 | 5 Nov 2025 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Zama acquisitions and their M&A valuation multiples. Start Free Trial | ||
Investments by Zama
Zama has invested in 1 company to date.
Latest investment by Zama was on November 13th 2025. Zama invested in Zaiffer in their $2M Pre-seed round.
Latest Investments by Zama
| Description | Zaiffer is a privacy protocol providing on-chain financial shielding through zero-knowledge mixer contracts on Ethereum layer-2s like zkSync. It anonymizes transaction histories for DeFi users by batching deposits and withdrawals while preserving compliance via optional regulatory reporting. The service integrates with DEXs like Uniswap and supports privacy for stablecoin swaps and lending positions. |
| HQ Country | |
| HQ City | Berlin |
| Deal Date | 13 Nov 2025 |
| Round | Pre-seed |
| Raised | $2M |
| Investors | Pyratzlabs |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Zama investments and their VC round multiples. Start Free Trial | |
Zama Competitors
Zama competitors include listed companies like Mitek Systems and NSFOCUS, and private ones like Polyhedra Network, Taiko Labs, Hyperchain Technologies and Madhive.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $978M | - | ||
| Private | $125M | - | $900M | 7.2x | ||
| Publicly listed | $180M | $37M | $781M | 3.7x | ||
| Publicly listed | $379M | $37M | $955M | 2.4x |
Zama Public Comps
Zama is still privately-owned, but its public comps include NSFOCUS, BeiJing Certificate, HashKey Holdings, Yubico, Rapid7, Riskified, BitGo Holdings, OSL Group, Asiainfo Security and Eastcompeace Tech.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $379M | $37M | 2.6x | 2.4x | 26.1x | 25.6x | |||
| $125M | ($12M) | 6.7x | - | (70.9x) | - | |||
| $92M | ($109M) | 6.4x | - | (5.4x) | - | |||
| $226M | $19M | 3.3x | 3.2x | 39.7x | 25.6x | |||
| $860M | $63M | 1.3x | 1.3x | 17.4x | 6.8x | |||
| $345M | ($31M) | 1.8x | 1.6x | (20.3x) | 19.0x | |||
| $16B | ($9M) | 0.1x | 5.5x | (125.1x) | 125.4x | |||
| $62M | ($48M) | 16.6x | 11.3x | (21.7x) | (23.2x) | |||
This data is available for Pro users. Sign up to see all Zama competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Zama
| When was Zama founded? | Zama was founded in 2020. |
| Where is Zama headquartered? | Zama is headquartered in Zug, Switzerland. |
| Is Zama publicly listed? | No, Zama is a private, VC-backed company. |
| What is Zama's valuation? | Zama was last valued at $1B in its Series B in June 2025. |
| How much funding has Zama raised? | Zama has raised $138M across 4 funding rounds. |
| What was Zama's last funding round? | Zama's last funding round was a $57M Series B in June 2025, led by Blockchange Ventures and Pantera Capital. |
| Who are Zama's investors? | Zama's investors include Lunar Ventures, Vsquared Ventures, Plug and Play, Pantera Capital, GSR, Multicoin Capital, Julien Bouteloup, Protocol Labs, Metaplanet and Blockchange Ventures. |
| Which companies are comparable to Zama? | Companies comparable to Zama include Polyhedra Network, Taiko Labs, Hyperchain Technologies, Madhive, Mitek Systems and NSFOCUS. |
| How many companies has Zama acquired? | Zama has acquired 2 companies, including TokenOps and Kakarot Labs. |
| How many companies has Zama invested in? | Zama has invested in 1 company, including Zaiffer. |
| What was Zama's last investment? | In November 2025, Zama invested in Zaiffer's $2M pre-seed round alongside Pyratzlabs. |
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