🏆 Deal of the Week · CW 26/2025
Zama raised USD 57 million in a Series B round at a post-money valuation of USD 1.1 billion, establishing it as a unicorn in the applied cryptography space. The round was backed by Blockchange Ventures, GSR, Julien Bouteloup, and Pantera Capital.
Zama — key deal facts
| Company | Zama |
| Founded | 2020 |
| Headquarters | Paris, France |
| Amount raised | USD 57m |
| Valuation | USD 1.1b |
| Round | Series B |
| Investors | Blockchange Ventures, GSR, Julien Bouteloup, Pantera Capital |
| Sectors | Blockchain |
Who invested in Zama?
The Series B was funded by Blockchange Ventures, GSR, Julien Bouteloup, and Pantera Capital. The investor mix is notable for its strong alignment with the blockchain and Web3 ecosystem: Pantera Capital is one of the most prominent dedicated crypto asset investors globally, while GSR and Blockchange Ventures bring deep on-chain infrastructure expertise. Their participation signals institutional conviction that privacy-preserving computation is a foundational layer for public blockchain adoption.
What does Zama do?
Zama is an open-source cryptography company founded in 2020 by CEO Rand Hindi and Chief Scientist Pascal Paillier. The company specialises in Fully Homomorphic Encryption (FHE), a technique that allows computation to be performed directly on encrypted data without ever decrypting it. Its core products include the Zama Confidential Blockchain Protocol — live on mainnet — TFHE encryption libraries, the Concrete Framework, and Concrete ML for building machine-learning models on encrypted data. Zama is headquartered in Paris, France, with additional operations in Zug, Switzerland.
Zama valuation & multiples
Explore the benchmarks: Series B Blockchain.
Frequently asked questions
How much did Zama raise in its Series B?
Zama raised USD 57 million in its Series B round.
What is Zama's valuation?
Zama's post-money valuation following the Series B is USD 1.1 billion.
Who invested in Zama?
The Series B investors are Blockchange Ventures, GSR, Julien Bouteloup, and Pantera Capital.
When was Zama founded and where is it based?
Zama was founded in 2020 and is headquartered in Paris, France.
Source: original announcement — read the full report.