Bitcoin mining startup Giga Energy has announced that it secured USD 10 million in a Series A funding round.
Giga Energy is a mining infrastructure for BTC and it concentrates its efforts on using natural gas residue as energy for its operations. The new funds will enable the US, Texas-based company to grow its business in the US and worldwide, as stated in a company pitch deck. Previously, the company has managed to raise USD 3.6 million worth of total funds, as stated by the same pitch deck.
A source familiar with the matter said that the company is indeed securing USD 10 million in the newly announced funding and previously it raised USD 1.1 million in a pre-seed round (August 2021) and USD 2.5 million in March 2022. Among the investors of the previous funding rounds, we mention Ten31 and Magic Internet Money.
Right now, Giga Energy has a pre-money valuation of USD 30 million, at the time of the seed funding round, the same source stated.
Founded in 2019, the company was the creation of Matt Lohstroh and high school classmate and friend Brent Whitehead. When both of them were 20 years old, they discovered that surplus natural gas can be used as an energy source for Bitcoin mining. Later on, the pair focused on the infrastructure industry, producing their own generators for natural gas. Giga’s business model ensures that the revenue is based on Bitcoin mining and exchanging generators, electricity, and rack space.
Giga Energy’s total revenue in 2022 was USD 4.6 million, the pitch deck states. In 2021, the startup company’s revenue was ‘only’ USD 800k. At the time, its sole activity was Bitcoin mining.
