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Bitfury has closed $80 million funding round

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Wrote by: simon186, 1 week ago
● Bitfury has closed $80 million funding round.
● Korelya Capital, backed by the Korean giant, led the deal.
● Bitfury's total funding amount reached $170 million.
Valery Vavilov‏, CEO of Bitfury, European Bitcoin Unicorn tweeted that company has closed its $80 million private placement. The private placement is a non-public offering which in that deal was led by Korelya Capital, the European growth capital firm backed by Korean digital giant Naver Group. The placement was joined by investors such as Macquarie Capital, Asian financial institution Dentsu Inc., European investment company Armat Group, European fund managers Jabre and Lian Group, special situations investment firm Argenthal Capital Partners, insurance group MACSF and Galaxy Digital.

“This private placement will take our corporate governance to the next level, broaden our financial strategic options, and ideally position us for our next phase of growth as the market matures,” executive vice chairman George Kikvadze commented.

According to Crunchbase data Bitfury's total funding amount stands at $170 million. Maker of crypto-mining products that was founded in 2011, posted revenue of about $450 million for the 12 months through March.

While the year 2018 has created a lot of turmoil in the markets and having a long bear market followed by a stagnant market, the crypto world has seen a rise in the fundings towards crypto business with this funding being the latest of them. It is becoming apparent that VC firms are seeing the upside in the space and wants to become a part of the Bitcoin world by funding the next big crypto company.
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