As the demand for high-density computing (HDC) and the crypto industry continues to soar, crypto miner Pow.re takes a significant step forward with its recent $9.2 million Series A funding round and strategic partnership. The infusion of capital and expertise will play a crucial role in Pow.re’s expansion of its HDC capabilities and positioning as a leader in the crypto mining and FinTech space.
- Pow.re has raised $9.2 million in a Series A funding round at a post-money valuation of $150 million.
- The round was led by Haru United Pte Ltd, with participation from Trinito Corporation, RFD Capital Pte Ltd, and others. Haru has also invested $18 million in Pow.re as part of a strategic partnership.
- The funds will be used to execute Pow.re’s counter-cyclical ASIC purchasing and infrastructure growth strategy, which includes maximizing the use of existing Canadian facilities and building new HDC facilities.
- The company’s new facilities in Paraguay will be powered by agreements with the national power distributor, Administración Nacional de Electricidad Ande. Paraguay’s grid is mostly powered by hydropower, with ample sustainable energy production.
- Pow.re aims to operate over 500 petahash per second of hashing power by the end of Q1 2023 and is pursuing growth opportunities.
- Two crypto mining veterans, Anthony Levesque, former VP of Operations at Bitfarms, and Carson Smith, CEO of SBI Crypto, have joined Pow.re’s advisory board. Their experience in digital assets will contribute to the company’s continued growth.
Overall, Pow.re has closed a $9.2 million Series A funding round and received a $18 million strategic investment from Haru. The funds will be used to expand its HDC facilities and ASIC purchasing strategy. The company is on track to operate over 500 petahash per second by the end of Q1 2023 and has added two crypto mining veterans to its advisory board.
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