Compute North Raises $385M in Series C Funding

Compute North Raises $385M in Series C Funding

Investment
February 10, 2022 by Editor's Desk
1240
$85 million in an equity round and $300 million in debt financing Compute North, provider of sustainable infrastructure for cryptocurrency mining, has closed a $385 million round that includes a Series C fundraise and debt financing.  The hype around Bitcoin and other cryptocurrencies has led to large investments in mining operations. This text comes from
Compute North Raises $385M in Series C Funding

$85 million in an equity round and $300 million in debt financing

Compute North, provider of sustainable infrastructure for cryptocurrency mining, has closed a $385 million round that includes a Series C fundraise and debt financing. 

The hype around Bitcoin and other cryptocurrencies has led to large investments in mining operations. This text comes from a company that is also based in Eden Prairie. The firm has closed $385 million of funding after announcing the details of the funding round on Wednesday. $85 million of the total is comprised of a Series C venture capital raise led by Geneva, Switzerland-based Mercuria, and San Francisco-based Generate Capital. The remaining $300 million is made up of debt financing from Generate to fund new projects.”

Today, Compute North operates data centers in Nebraska, North Carolina & Texas. The company has partnered with energy companies to leverage wind, solar & carbon-free energy sources for their data centers.

“Compute North is well-positioned to collaborate alongside some of the leading energy companies in the world and develop new solutions to meet the unprecedented demand for computing infrastructure with a focus on sustainability,” said Dave Perrill, CEO of Compute North. “We want to be on the forefront of leading this transition, fast-tracking development of new data center sites to provide capacity. This new round of funding will enable us to execute on that plan and innovate through 2022 and beyond.”

Sustainable infrastructure company Generate Capital builds, owns, operates, and finances solutions for clean energy, water, waste, transportation, and digital infrastructure. At the same time, National Grid Partners is a venture investment and innovation arm of National Grid plc, one of the largest investor-owned energy companies in the world. Mercuria is an independent energy and commodity group.

“Data centers are a growing part of energy demand, and we’re excited to invest with Compute North to build a digital infrastructure that can operate sustainably and efficiently while complementing a more resilient grid,” said Andrew Marino, senior managing director, and head of corporate, private equity at Generate. “

The Compute North team is at the leading edge of sustainable innovation in flexible data centers, and we’re excited to be partnering with them on projects that use less energy, create economic benefits and work in tandem with renewables.”

Investment management firm Galaxy Digital advised Compute North on equity financing.

The company is headed by experienced executives who have previously raised two startups.

  • The round has just seen an investment of $85 million from Mercuria and Generate Capital. Generate are the ones who are addressing the need for new U.S.-based data centers by providing $300 million in debt financing for this.
  • Minneapolis company, Compute North, delivers Tier 0 data centers that are both sustainable and cost-effective. They service clients who are in the blockchain or cryptocurrency mining space.
  • Compute North has expanded its business rapidly, opening offices in Nebraska, North Carolina, and Texas.
  • Compute North is excited to partner with us to create a digital infrastructure that will help grow your energy balance. The digital infrastructure technology at Compute North also helps create a more sustainable power grid for the future.“We’re excited about what this acquisition will mean for shareholders, clients, and the team,” said Andrew Marino, senior managing director