Gridless, a Kenyan bitcoin mining company looking to bring new energy generation to rural East African communities, has received US$2 million in seed funding to support the expansion of bitcoin mines throughout Africa.
Established by veterans of the availability, foundation and programming space in East Africa, Gridless plans, constructs, and works bitcoin mining locales close by limited scope sustainable power makers in provincial Africa where overabundance of energy isn’t used.
The startup’s aim is to serve the needs of energy producers in Africa as they seek to electrify the continent. It uses bitcoin mining as a tool to accelerate growth in the sector and to further geographically distribute and secure the bitcoin network.
This expansion will be funded by a US$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.
“Africa needs affordable electricity,” said Erik Hersman, CEO of Gridless. “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.”
Alyse Killeen, managing partner at Stillmark, said her firm was focused on investing in companies that are helping to advance the bitcoin ecosystem in ways that offer sustainable value and solutions to many.
“Gridless does this by bringing a socially and environmentally conscious approach to bitcoin mining, one that provides tangible benefits by way of access to electricity for communities in rural parts of East Africa,” she said.
“The Gridless leadership team comprises of veteran entrepreneurs in the technology space with substantial roots in the region. They are well-respected amongst their colleagues and peers, and we are excited about the opportunity to further support their efforts.”
