Coinmine raises $2.5 million in investment in its seed funding round
Category: #business  By Akshay Kedari  Date: 2019-08-16
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Coinmine raises $2.5 million in investment in its seed funding round
  • Republic Labs, M13 Ventures, Gumi Crypto & early Uber financer Shervin Pishevar contributed to this funding.
     
  • Almost 10% of customers purchase from Coinmine again and less than 4% Coinmine one devices are returned.

Coinmine, the maker of crypto mining software and hardware, reportedly announced that it raised about $2.5 million from seed round of investment.

The funding round was led by Republic Labs, LA-based M13 Ventures, Gumi Crypto with early Uber financer Shervin Pishevar also contributing to this funding.

Reports cite, the investment comes at a time where the company is experiencing 50% growth month over month; ever since April. Moreover, internal metrics stated that almost 10% of customers purchase from Coinmine again and less than 4% Coinmine One crypto mining devices are returned.

A Coinmine representative added that the company can be more cash positive if it wanted to, but the company aims to reinvest the earnings and further employ the seed investment to develop its business.

The company intends to hire some more engineers through the capital. This group of engineers would create new features and extend the option of mining more cryptocurrencies for the keen cryptocurrency miners.

Coinmine CEO, Farbood Nivi stated that seed round of investment would help the company to speed up its mission of letting greater number of people experience how easily they can earn Bitcoin and cryptocurrencies. Farbood added that the product is a gateway to crypto.

The machine can be managed by iOS and Android mobile applications and automatically updated over-the-air, similar to a Tesla.

Reports cite, machine’s energy consumption dropped by 30%. Besides Bitcoin, this machine also mines coins like zcash, ethereum, monero and grin.

Recently, Coinmine announced a collaboration with Blockfi, Cred, and Compound Finance to enable users to get a return on mined crypto.

Latif Peracha at M13 Ventures stated that M13 is aimed towards investing into latest customer behavior models and Coinmine’s machine helps customers find newer methods to generate more assets and participate in this thrilling market.  

About Author

Akshay Kedari    

Akshay Kedari

Akshay holds a Bachelor’s degree in computer engineering. Despite having a penchant for software development and the like, Akshay took to writing as a career owing to his passion for the field. Presently, Akshay writes articles for itresearchbrief.com and a few oth...

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