The fountain was built in 1628 by Provveditor General Francesco Morosini. By means of a system of pipes that was complex and innovative in its time, he succeeded in supplying the parched city of Candia with water from the springs at Archanes, in the area known as Karydaki, where the monumental aqueduct still stands.

To mark the inauguration of the fountain, Morosini saw to the minting of a commemorative medallion with his head on the obverse and the fountain on the reverse. He also had special legal ordinances passed relating to the correct function and maintenance of the fountain.