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Bitcoin startup BitFury secures $20m

2 Jun 2014

bitcoin bitfuryBitcoin infrastructure provider BitFury Group has raised a $20m funding round from venture and angel investors.

Binary Financial, Crypto Currency Partners, Georgian Co-Investment Fund (GCF), Queensbridge Venture Partners and ZAD Investment Company participated in the round alongside angel investors Bill Tai and Jonathan Teo and the company’s seed investors.

The company said it will use the funds to build out its facilities in international locations and accelerate its production application specific integrated circuits (ASICs) and servers, which it sells to cryptocurrency mining companies.

BitFury also operates a Bitcoin mining operation with data centres in Finland, Iceland and in Georgia.

BitFury CEO Valery Vavilov said, “The success of this funding round validates our strategy and brings us closer to our aspiration of becoming the world’s first publicly listed Bitcoin company.

“This investment will further accelerate our growth, and we are excited to strengthen our industry leadership with next-generation hardware and services.”

Last month BitFury’s fellow Bitcoin company BitPay raised $30m in a round backed by Index Ventures and billionaire Richard Branson.

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