KnCMiner has announced it has raised $14m as part of a Series A funding round.
The Sweden-based bitcoin mining company said in a statement that GP Bullhound, a technology-focused investment bank, acted as the advisor for the funding effort.
, a venture capital fund based in Stockholm that has invested in companies such as popular streaming music service Spotify and mobile payments firm iZettle, led the round.
In a statement, co-founder Sam Cole said that the new funding will allow KnCMiner to build out its existing services such as its cloud mining offering and consumer-facing mobile tools.
In recent weeks the company has unveiled some of its future plans, which include data center operations in the Arctic Circle and a broader push to grow in what is becoming an increasingly competitive sector of the bitcoin economy.
The company that led the funding round has a broad portfolio of technology companies. Founded in 2003, Creandum's focus on the digital economy has led to stakes in payments and media firms.
According to its website, the firm seeks to "help build market leaders within consumer, software and hardware."
Technology bank's role
GP Bullhound, the investment bank that managed the KnCMiner funding round, has a long history facilitating tech company mergers and acquisitions.
The bank has done business with a number of high-profile companies in the technology and digital sectors, including Spotify and mobile money service Monitise.
In a statement, Per Roman, managing partner for GP Bullhound, said that the deal reflects its belief that bitcoin holds significant promise for the world economy.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.