Las Vegas-based CoinSeed, a Bitcoin focused investment fund, recently raised over $7.5m in funding.
Undisclosed private investors provided the capital.
The company used the proceeds to purchase a total $5m worth of BitFury’s 55nm ASIC based Bitcoin mining hardware (from MegaBigPower), which is believed to be the largest private single sale of specialized Bitcoin mining hardware in existence.
Led by Harvard Business School graduate Merlin Kauffman, CoinSeed is investing in hardware to secure a position as a leader in commercial Bitcoin mining and is pursuing additional cryptocurrency service related investment opportunities. As part of infrastructure development efforts, the company hired Zach Dailey, founder of LabRatMining, to lead their technical deployment.
CoinSeed plans to raise an additional $15m of venture capital throughout the following 8 months to bring total funding to $22.5m in 2014.