GC FUND

Georgian Co-Investment Fund (“GCF”) announces its investment in BitFury to support development of the world’s largest bitcoin mining data center in Georgia

02 June, 2014
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GCF, a US$6bn Georgia based private equity fund, backed by the prominent members of international investment community, such as: Dhabi Group and Ras Al-Khaimah Investment Authority from United Arab Emirates, State Oil Fund of Republic of Azerbaijan, Çalık Holding A.Ş from Turkey, Batumi Industrial Holdings Limited – subsidiary of KazTransOil of Kazakhstan, Mr. Bidzina Ivanishvili and others, subscribed for the US$10m convertible note issued by BitFury, at a US$250m pre-money valuation.

The proceeds from the financing will enable BitFury to roll out its next generation proprietary semi-conductors, ASICs (Application Specific Integrated Circuits) and custom servers, supporting the world’s largest bitcoin mining data center development in Georgia.

Commenting on the investment, Mr. George Bachiashvili, CEO of GCF, said: “We are pleased to announce the first stage of our investment in BitFury, the world’s leading bitcoin tech and mining company. This cooperation will allow us to undertake the world’s largest bitcoin mining operations in Georgia and meet the growing consumer demand for cutting-edge bitcoin products. GCF is proud to be bringing the revolutionary technology to Georgia.”

Mr. Valery Vavilov, CEO of BitFury, said: “We are excited to partner with and attract institutional capital from the Georgian Co-Investment Fund. This financing round will help BitFury increase its leadership position and bring the company closer to its aspirations of becoming the world’s first publicly-listed bitcoin business. The decision to develop the world’s largest bitcoin data center in Georgia was driven by the country’s business friendly environment and favorable investment climate.”

About BitFury

BitFury was founded in 2011 and is based in San Francisco and Amsterdam. It is the world’s leading provider of semiconductors, servers and data center solutions to the bitcoin and crypto currency industry, and one of the largest miners of bitcoin, with data centers located in Finland, Iceland and Georgia.

ENDS

For further information please contact:

Tinatin Odilavadze
Head of Public Relations, Georgian Co-Investment Fund
Tel.:  +995 32 2470004 (151)
Email:  pr@gcfund.ge