Kenyan Bitcoin Mining Startup, Gridless Raises $2 Million In Seed Funding

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Gridless, a Kenyan bitcoin mining startup that provides new energy generation to rural areas in East Africa has received a $2 million funding for expansion.

Gridless’ core aim is to serve the needs of energy producers in Africa by electrifying various parts of the continent and creating more affordable power for people in rural communities. Gridless uses bitcoin mining as a tool to facilitate growth in the sector and to further geographically distribute and secure the bitcoin network

In collaboration with small-scale producers of renewable energy, Gridless designs, constructs, and manages bitcoin mining operations in rural parts of Africa where surplus energy is not being used.

Gridless in its first year has contracted five project pilots in some rural parts of Kenya with HydroBox, an African hydroelectric energy company, three of which are currently operational. The company plans to expand to other geographies in East Africa in the near future.

This expansion will be funded by the $2 million seed round of funding, led by Stillmark and Block, Inc., in addition to pre-seed round led by Factor[e], which is also participating in this round.

CEO of Gridless, Erik Hersman, summarized the role of the firm in ensuring that several rural communities in Africa had access to affordable energy.

“Africa needs affordable electricity. Our work in supporting renewable energy mini grid developers fills a gap, helping developers expand faster, be more sustainable, and serve thousands of households. This investment, and the high calibre of partners that are coming alongside us, means that we can accelerate our rollout knowing that we have both the capital and strategic support required.”

With this funding, Gridless can successfully achieve its plan of expansion to new parts of East Africa.

Source: technovagh.com