July 18, 2019

Naver-backed Korelya leads US$80m investment in Bitfury

PUBLISHED : November 08, 2018 - 14:41

UPDATED : November 08, 2018 - 14:42

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[THE INVESTOR] Blockchain technology firm and cryptocurrency miner Bitfury said on Nov. 8 it has raised US$80 million in private placement from global investors. 

Korelya Capital, a Paris-based venture capital firm that is backed by Korea’s internet giant Naver, led the latest round, with other participants including billionaire ex-Goldman Sachs Group partner Mike Novogratz’s Galaxy Digital, Macquarie Capital, Europen firms -- Jabre, Lian Group, Armat Group -- and Japanese financial institution Dentsu, among others.
Bitfury’s valuation is now said to top US$1 billion after the latest deal, according to sources. 

“This private placement will take our corporate governance to the next level, broaden our financial strategic options, and ideally position us for our next phase of growth as the market matures,” said Bitfury Executive Vice Chairman George Kikvadze.

“Bitfury has grown from a small startup to the largest western blockchain unicorn, equipped with world-class leadership and expertise, consistently delivering innovative solutions across the entire blockchain ecosystem,” said Antoine Dresch, co-founder and managing partner of Korelya Capital. 

The funding arrives as Bitfury is mulling an initial public offering, following Beijing-based Bitcoin miner Bitmain which filed for listing in Hong Kong last month. 

Bitfury was established in 2011 by founder and CEO Valery Vavilov, a seasoned entrepreneur from Latvia with over 15 years of experience in IT and business management. It started as a bitcoin mining operation and has expanded to offer other blockchain-related software and hardware services for companies, governments and individual. Headquartered in Amsterdam, Bitfury has offices in Dubai, San Francisco, London, Hong Kong, Tokyo and Washington D.C.

By Ahn Sung-mi (

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