Vasco Núñez de Balboa was primarily sponsored by the Spanish crown, with significant support coming from King Ferdinand II of Aragon and Queen Isabella I of Castile. His exploration efforts were also backed by wealthy individuals and noble patrons who were interested in the potential riches and territory that could be claimed in the New World.
Initially, Balboa settled on the island of Hispaniola, and his journey later took him to the mainland of Central America. As he sought to explore new territories and find the rumored riches of the South Sea (the Pacific Ocean), he gained further support from Francisco Pizarro and other conquistadors who were eager to profit from the conquests. This combination of royal backing and private sponsorship played a crucial role in facilitating his expeditions and achievements in exploration.