Gridless, a bitcoin mining company that is bringing new energy generation to remote areas in East Africa, has received a $2 million seed funding.
Stillmark and Block, Inc. led the round, while Factor[e], which also participated in the pre-seed round, is a participant in the seed round.
Erik Hersman, CEO of Gridless, stated that “Africa needs inexpensive electricity.” “Our effort fills a void by assisting renewable energy mini-grid developers to grow more quickly, sustainably, and to serve thousands of people. We can speed up our rollout because of this investment and the excellent partners that are joining forces with us because we have the necessary financial and strategic backing.
In rural areas of Africa where excess energy is not being used, Gridless develops, constructs, and manages bitcoin mining facilities in collaboration with small-scale renewable energy providers.
The data centers are located in remote areas without access to traditional industrial or commercial customers, and Gridless acts as the anchor tenant, funding their development and overseeing their management.
In its first year, Gridless signed with HydroBox, an African hydroelectric energy firm, for five project pilots, three of which are now in operation, in rural Kenya.
The funding will help the company expand its bitcoin mining operations throughout African markets.
The business intends to grow soon by entering further regions of East Africa.
Read more on Tech Gist Africa:
Kapu, a social commerce startup in Kenya, has received $8 million in funding
Uncover, a Kenyan skincare startup, raises $1 million and plans to grow throughout Africa
Badili, a Kenyan smartphone reselling startup, has secured $2.1 million in pre-seed funding