Vela Technologies invests £200k to acquire minority equity stake in Argo Blockchain

Vela Technologies plc has invested £200k to acquire a minority equity stake in Argo Blockchain plc.

The London-based technology investment company has subscribed for 2,500,000 shares in Argo Blockchain, at a price of 8 pence per share.

The Investment has been funded from Vela’s existing cash resources.

Vela also noted that the investment is also part of a larger fundraise, which was completed by Argo Blockchain on 2 February, raising £2.5m on a pre-money valuation of £8m.

Following completion of the Fundraise, Vela is interested in approximately 1.9% of Argo Blockchain’s share capital.

Argo Blockchain is a recently incorporated private company whose business activities will be focused on Mining as a Service (MaaS) which enables its users to access blockchain mining rigs and carry out cryptocurrency mining without the need to acquire, configure and maintain mining hardware.