Zama Valuation, Funding & Investors

Zama is valued at $1B as of June 2025.

See full Zama profile

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

Zama Overview

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

SwitzerlandZug

Website

zama.ai

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

Zama valuation by funding round
DateStageValuation
Jun 2025Series B$1B
Mar 2024Series 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

Zama funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2025Series BBlockchange Ventures (lead); Pantera Capital (lead); GSR; Julien Bouteloup$57M$1BZama 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 2024Series AMulticoin Capital (lead); Protocol Labs (lead)$72M$400MZama, 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 2021SeedVsquared 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 2020Pre-seedPlug 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

Investors in Zama by funding rounds participated
InvestorHQRoundsRoleFirst check
Lunar VenturesGermanyBerlin2ParticipantApr 2020
Vsquared VenturesGermanyMunich1ParticipantJun 2021
Plug and PlayUnited StatesSan Francisco, CA1ParticipantApr 2020
Pantera CapitalUnited StatesSan Francisco, CA1LeadJun 2025
GSRUnited KingdomLondon1ParticipantJun 2025
Multicoin CapitalUnited StatesAustin, TX1LeadMar 2024
Julien BouteloupUnited KingdomLondon1ParticipantJun 2025
Protocol LabsUnited StatesSan Francisco, CA1LeadMar 2024

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Acquisitions 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

TokenOps
Kakarot Labs
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 CountryUnited KingdomFrance
HQ City
London
Paris
Deal Date19 May 20265 Nov 2025
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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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

Zaiffer
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 CountryGermany
HQ City
Berlin
Deal Date13 Nov 2025
RoundPre-seed
Raised$2M
InvestorsPyratzlabs
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Zama Competitors

Zama competitors include listed companies like Mitek Systems and NSFOCUS, and private ones like Polyhedra Network, Taiko Labs, Hyperchain Technologies and Madhive.

Public and private companies comparable to Zama
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Polyhedra NetworkSingaporeSingaporePrivate--$1B-
Taiko LabsHong KongHong KongPrivate--$1B-
Hyperchain TechnologiesChinaHangzhouPrivate--$978M-
MadhiveUnited StatesNew York City, NYPrivate$125M-$900M7.2x
Mitek SystemsUnited StatesUnited StatesPublicly listed$180M$37M$781M3.7x
NSFOCUSChinaChinaPublicly listed$379M$37M$955M2.4x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
NSFOCUS$379M$37M2.6x2.4x26.1x25.6x
BeiJing Certificate$125M($12M)6.7x-(70.9x)-
HashKey Holdings$92M($109M)6.4x-(5.4x)-
Yubico$226M$19M3.3x3.2x39.7x25.6x
Rapid7$860M$63M1.3x1.3x17.4x6.8x
Riskified$345M($31M)1.8x1.6x(20.3x)19.0x
BitGo Holdings$16B($9M)0.1x5.5x(125.1x)125.4x
OSL Group$62M($48M)16.6x11.3x(21.7x)(23.2x)

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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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