AAA Crusoe cruises to $128m series B

Crusoe cruises to $128m series B

US-based gas management technology provider Crusoe Energy Systems completed a $128m series B round yesterday featuring diversified holding group Exor, crypto exchange operator Coinbase and principal trading firm DRW.

Investment firm Valor Equity Partners led the round, which included Bain Capital Ventures, the venture capital arm of private equity firm Bain Capital, Lowercarbon Capital, Founders Fund, Polychain Capital, KCK Group, Upper90, Winklevoss Capital, Zigg Capital and private investor JB Straubel.

The equity funding was raised alongside a $40m project financing facility from growth financing provider Upper90. Coinbase and DRW participated through their Coinbase Ventures and DRW Venture Capital subsidiaries respectively.

Crusoe manages a network of 40 data centres which are powered by flared gas that would otherwise be wasted. They utilise its Digital Flare Mitigation technology, and the company intends to expand its holdings to 100 units over the course of the next year.

The company had secured a total of $5.1m in funding as of a $4.5m seed round in May 2019 that was co-led by Bain Capital Ventures and Founders Fund Pathfinder and which also featured Wicklow Capital, Winklevoss Capital and Dragonfly Capital Partners.

Bain Capital Ventures and KCK Group co-led Crusoe’s $30m series A round in December 2019, investing with Founders Fund, Winklevoss Capital and Polychain Capital, while Upper 90 supplied $40m in project financing.

By Robert Lavine

Robert Lavine is special features editor for Global Venturing.