Funding round
NYDIG Growth
Reported as "Growth Equity"
NYDIG, which works in power and bitcoin mining operations in New York, raised $1.00B in a Growth round announced on 14 Dec 2021, led by WestCap, at a $7.00B post-money valuation. 9 firms took part, 2 of them already investors. It is NYDIG's fourth venture round on record; the one before was a Growth in Apr 2021.
$1.00B
Amount raised
$7.00B
Post-money valuation
9
Investors
1 lead
1.0x
Step-up from the Growth
$7.00B in Apr 2021
14%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced NYDIG at $7.00B after the new money, 1.0 times the $7.00B of its Growth (Apr 2021). The $1.00B bought investors about 14% of the company. It came 8 months after NYDIG's Growth. It is 74% of the $1.35B NYDIG has raised in the venture rounds on record. No later venture round is on record for NYDIG.
NYDIG's funding rounds
NYDIG has 4 venture rounds on record and 1 other deal. This one is highlighted.
- Growth 13 Oct 2020, led by FinTech Collective $50M
- Other not a venture round 10 Dec 2020, led by Massachusetts Mutual Life Insurance Company $5.0M
- Growth 8 Mar 2021, led by Stone Ridge Holdings Group, Morgan Stanley and New York Life $200M
- Growth 8 Apr 2021 $100M$7.00B post-money
- Growth this round 14 Dec 2021, led by WestCap $1.00B$7.00B post-money
Investors
Who put money in
WestCap led the round with 8 other firms. Bessemer Venture Partners and Morgan Stanley had backed NYDIG before.
Lead investor
- WestCap backs 36 venture-backed companies new investor
Also in the round
- Bessemer Venture Partners backs 412 venture-backed companies existing investor
- backs 47 venture-backed companies new investor
- Affirm new investor
- FIS new investor
- Fiserv new investor
- backs 79 venture-backed companies new investor
- Morgan Stanley backs 120 venture-backed companies existing investor
- New York Life new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
10 Growth rounds in Cryptocurrency within a year either side disclosed an amount; the median was $46M, and this round was 22 times the median. The closest in time, other companies' Growth rounds in Cryptocurrency:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Polygon Cryptocurrency | 7 Feb 2022 | $450M | $20.00B | Sequoia Capital India |
| Cryptocurrency | 3 Feb 2022 | $150M | not disclosed | not named |
| Cryptocurrency | 21 Sep 2021 | $431M | not disclosed | Paradigm |
| Cryptocurrency | 1 Apr 2022 | $41M | not disclosed | Liberty City Ventures and Morgan Creek Digital |
| Cryptocurrency | 5 May 2022 | $50M | $600M | Haun Ventures |
| Euler Finance Cryptocurrency | 7 Jun 2022 | $32M | $375M | Haun Ventures |
| Cryptocurrency | 15 Aug 2022 | $350M | $1.00B | Andreessen Horowitz |
| Cryptocurrency | 10 Aug 2022 | $40M | not disclosed | Jump Crypto |
Sources
Where this comes from
Reported by 7 sources.
Questions
Frequently asked
How much did NYDIG raise in its Growth round?
NYDIG raised $1.00B in its Growth round, announced in Dec 2021.
Who led NYDIG's Growth round?
WestCap led it, with Bessemer Venture Partners, FinTech Collective, Affirm, FIS and Fiserv and 3 more.
What was NYDIG's valuation at the Growth round?
$7.00B post-money.
How does it compare with other Growth rounds in Cryptocurrency?
10 Growth rounds in Cryptocurrency within a year either side disclosed an amount; the median was $46M, and this round was 22 times the median.