Korelya Capital et al. invest $80m in Bitfury Group

Also participating in the round were Europe-based fund managers Jabre, Lian Group, Argenthal and Armat Group; Australian asset manager Macquarie Capital; corporate investors Naver Group and Dentsu; insurance groups Foyer and MACSF; and US-based bank Galaxy Digital.

Riga-based ITech Capital, a Europe-focused venture capital firm and historical investor in Bitfury, also took part in the placement. The company remains controlled by its management team.

Unquote sister publication Mergermarket reported earlier in April that Bryan Garnier & Co was advising Bitfury in a pre-IPO financing round expected to value it at more than $1bn, making it the first European startup in the blockchain space to achieve this valuation.

The company will use the round of capital to build on its technological expertise and expand into adjacent market segments such as AI.

Company
Since 2011, Bitfury has provided computing technology and processing capacity for software used by governments and corporations to deploy real life blockchain business services.

Headquartered in Amsterdam, the business employs 700 people in 15 countries across North America, EMEA and Asia, and operates five data centres located in Iceland, Canada, Georgia and Norway. The business said it reported triple-digit revenue growth, resulting in sales of more than $500m.

People
Bitfury – Valery Vavilov (founder, CEO).

Advisers
Company – Bryan Garnier & Co (commercial due diligence).

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