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This fundraising round marks a second time for the Dallas-based company’s Bitcoin mining operations to be oversubscribed
Blockmetrix, a fast-growing US Bitcoin mining startup, announces that it has raised a fresh $43M in Series B equity, bringing the total venture funding to $50M. The new round included investors from the US, Australia, and several countries in Asia and was significantly oversubscribed. This funding will be used to expand Blockmetrix’s hyper-growth strategy, primarily through securing digital asset mining rigs.
Since the startup was incorporated in June 2021, Blockmetrix has grown significantly. The $7M Series A funding went directly into deploying over 1000 rigs, while the newly raised $43M Series B funds will allow Blockmetrix to secure an additional 5,000+ rigs over the span of five larger, medium-term orders.
Blockmetrix is receiving significant funding in the midst of Texas’ crypto mining gold rush, as Bitcoin experts have declared Texas to be the next Bitcon mining capital. Local legislation encourages continued investment in digital asset mining operations in the state with the hopes of revitalizing economic growth and bringing jobs to the area.
Blockmetrix has forged relationships with investors based in the US, Australia, and Asian countries, many of which focus on crypto, tech, and mining companies.
“Acquiring this additional funding is a significant milestone and testament to our team’s effort to build this company at breakneck speed,” said Blockmetrix Co-Founder and CEO, Nevin Bannister. “Scaling our company as quickly as possible has been our main prerogative since day one. We are striving to keep up this momentum and meet industry demand as we enter our interim round and eventual third round of funding. We thank all our investors for believing in our mission.”
In 2015, Co-Founder and CEO Nevin Bannister had the foresight to begin focusing on crypto and has become an investor in a number of blockchain technologies, exchanges, and currencies. Together with trusted long-term partners and business colleagues, Blockmetrix was founded in mid-2021 with a mission to be the fastest growing asset-lite digital asset mining company in the world. The Blockmetrix executive team holds industry professionals that have founded many companies, exiting to the tune of $5B from various sectors including venture capital, legal, energy, logistics, and blockchain. With a seasoned leadership team maintaining strong track records in starting, managing, and scaling companies and taking them to exit, Blockmetrix is poised to be the next leader in the crypto mining industry through its experienced leadership and by developing highly coveted business relationships.
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