US-based clean computing technology provider Crusoe Energy Systems has secured $350m in series C equity funding from investors including conglomerate and principal trading firm DRW alongside $155m in debt financing.
G2 Venture Partners led the equity portion, which included Exor Seeds, a subsidiary of diversified holding company Exor, and Bain Capital Ventures, the venture capital arm of private equity firm Bain Capital, while DRW invested through its DRW Venture Capital vehicle.
Lowercarbon Capital, Polychain Capital, Valor Equity Partners, Founders Fund, MCJ Collective, Winklevoss Capital, Atreides Management, Engine No 1, Tao Capital, Castle Island Ventures, Upper90, Inclusive Capital Partners, FootPrint Coalition, Felicis Ventures and Zigg Capital filled out the equity investors with unnamed others.
The equity funding was closed together with up to $155m in credit facilities from SVB Capital, Sparkfund and Generate Capital, while G2 Venture Partners will get a seat on Crusoe’s board of directors in conjunction with its investment.
Founded in 2018, Crusoe uses waste gas, which would otherwise be burned at the well site, to power a network of data centres and minimise the use of new energy. It will use the funding to develop large-scale Bitcoin mining and cloud computing infrastructure while growing its team.
Valor Equity Partners led Crusoe’s $128m series B round in April 2021, investing with cryptocurrency exchange Coinbase’s corporate venturing subsidiary, Coinbase Ventures, as well as DRW Venture Capital, Exor, Lowercarbon Capital, Bain Capital, Founders Fund, Upper90, Zigg Capital, Winklevoss Capital, KCK Group, Winklevoss Capital and JB Straubel.
The company had previously received approximately $75m in equity and debt financing from Bain Capital Ventures, Founders Fund, KCK Group, Winklevoss Capital, Polychain Capital, Dragonfly Capital Partners and Wicklow Capital.
Chase Lochmiller, Crusoe’s chief executive, said: “The capital provided in this series C financing unlocks Crusoe’s ability to execute on key elements of our vision. Specifically, it enables us to expand and diversify our energy sources, computing workloads and vertical integration.”
Image courtesy of Crusoe Energy Systems Inc.
