Bitwise Industries Revenue, Valuation, Funding & Investors
Bitwise Industries is valued at $600M as of February 2023, a 15.0x revenue multiple. Bitwise Industries revenue was $40M, as disclosed with its latest round.
Last Bitwise Industries valuation
$600M
Series C · Feb 2023
Last Bitwise Industries funding round
$80M
Series C · Feb 2023
Bitwise Industries revenue
$40M
Series C · Feb 2023
Key investors in Bitwise Industries
Kapor Capital
Goldman Sachs Asset Management
Motley Fool Ventures
Citi Impact Fund
New Voices Fund
Kapor Center
About Bitwise Industries
Bitwise Industries is a technology workforce developer transforming underserved cities through education, software development, and urban revitalization. Geekwise Academy provides coding bootcamps in web development and cybersecurity for diverse learners. Shift3 Technologies delivers custom software projects for enterprise clients. Apprenticeship programs place graduates into roles at companies like Google and Salesforce. Operating from Fresno, California, Bitwise Industries has expanded to Los Angeles and other Midwestern cities since 2013.
Founded
2013
HQ
Fresno, CAWebsite
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Services
Revenue
$40M (Feb 2023)
Valuation
$600M (Feb 2023)
Bitwise Industries Valuation
Bitwise Industries is currently valued at $600M, based on its Series C in February 2023.
The $80M round was led by Kapor Center and Motley Fool Ventures, with participation from Citi Impact Fund and Goldman Sachs Asset Management.
Bitwise Industries valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2023 | Series C | $600M | 15.0x |
Bitwise Industries Revenue
Bitwise Industries' latest recorded revenue is $40M, as of its Series C in February 2023. At a $600M valuation, that implies a 15.0x revenue multiple.
Bitwise Industries revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2023 | $40M | $600M | 15.0x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Bitwise Industries Funding History
Bitwise Industries has raised a total of $157M across 3 funding rounds.
Bitwise Industries' first fundraising round was a $27M Series A in June 2019. The most recent completed round was a $80M Series C in February 2023.
Bitwise Industries funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2023 | Series C | Kapor Center (lead); Motley Fool Ventures (lead); Citi Impact Fund; Goldman Sachs Asset Management | $80M | $600M | Bitwise Industries, founded in 2013 in Fresno, California by Irma Olguin Jr. and Jake Soberal, operates a multifaceted business model combining software development services, workforce training apprenticeships for underrepresented communities, and commercial real estate development in underserved urban areas. The company provides tech services to governments and businesses, renovates blighted properties into coworking spaces and community hubs, and runs training programs that have skilled over 10,000 individuals, with 80% securing technical jobs—half female and 20% Black. On February 28, 2023, Bitwise raised $80 million in a growth equity round led by Kapor Center and Motley Fool Ventures, with participation from Goldman Sachs Asset Management's Growth Equity (part of its One Million Black Women initiative) and Citi Impact Fund (Citibank), bringing total funding to over $200 million from $180 million previously. This round valued the company at over $600 million, up from $200 million in early 2021. Funds will support expansion to Chicago's South Side, starting with a 6,000 sq ft space in partnership with Comer Education Campus, and growth in existing 10 locations like Bakersfield, CA, and Toledo, OH, aiming for 40 cities nationwide. It employs over 500 people—triple from three years prior—claims to have created 15,000 jobs in one operating city, and supported initiatives like the Digital New Deal with California governments. Positioned as a value-added consulting firm like Accenture with an in-house talent pipeline, Bitwise focuses on digital transformation and economic impact in underestimated communities. Bitwise ceased operations on June 14, 2023, per Forge Global. |
| Feb 2021 | Series B | Kapor Capital (lead) | $50M | - | Bitwise Industries, founded in 2013 by Irma Olguin Jr. and Jake Soberal in Fresno, California, operated as a tech apprenticeship provider offering paid internships and training programs targeted at underrepresented minorities and underprivileged youth to bridge the wealth gap in the technology sector. The company expanded through campuses in multiple U.S. cities, focusing on computer programming instruction, technology sales, and real estate operations. On February 24, 2021, Bitwise Industries raised $50 million in a Series B funding round led by Kapor Capital, with participation from Motley Fool Ventures, ProMedica, JPMorgan Chase, Candide Group, GingerBread Capital, Hunt Capital Investments, Impact Assets, Libra Foundation, Plum Alley, and Western Technology Investment. This round brought the company's total funding past $100 million, following a $27 million Series A in June 2019 co-led by Kapor Capital and New Voices Fund. The funds were intended to scale its apprenticeship model nationally and support workforce development in an inclusive manner. Bitwise continued raising capital, including an $80 million Series C in February 2023 with Kapor Capital and others, but faced challenges leading to workforce furloughs and CEO terminations in June 2023. In November 2023, founders Olguin and Soberal were charged with wire fraud for over $100 million in fraudulent funds; they pled guilty in July 2024, agreeing to $115 million restitution, and received prison sentences of 9 and 11 years in December 2024. |
| Jun 2019 | Series A | Kapor Capital (lead); New Voices Fund (lead) | $27M | - | Bitwise Industries, a Fresno-based EdTech company focused on technology services and workforce training, raised $27 million in investment financing around June 19, 2019, with involvement from investors including Kapor Capital and New Voices Fund as leads. The company operated in the education technology sector, aiming to scale operations with hundreds of employees and apprentices across multiple locations. Total funding across all rounds reached $158 million. The company faced challenges in generating sufficient revenue to match expenses despite investments. Subsequently, Bitwise Industries encountered severe financial distress, leading to SEC charges in 2023 against former co-CEOs Jake Soberal and Irma Olguin Jr. for fraud in a $70 million fundraising scheme in 2022, involving falsified documents like bank statements and audit reports to inflate cash positions and revenues. The company collapsed in May 2023 after failing to meet payroll and furloughing its workforce. |
Who has invested in Bitwise Industries?
6 investors have backed Bitwise Industries across its funding rounds, including Kapor Capital, Goldman Sachs Asset Management, Motley Fool Ventures, Citi Impact Fund, New Voices Fund and Kapor Center.
Lead investors include Kapor Center, Motley Fool Ventures, Kapor Capital and New Voices Fund.
Bitwise Industries Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 2 | Lead | Jun 2019 | |
| United States | 1 | Participant | Feb 2023 | |
| San Francisco, CA | 1 | Lead | Feb 2023 | |
| Washington, DC | 1 | Lead | Feb 2023 | |
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Start Free TrialAcquisitions by Bitwise Industries
Bitwise Industries has acquired 2 companies to date.
Last acquisition by Bitwise Industries was on March 23rd 2022. Bitwise Industries acquired Esor Consulting Group for undisclosed valuation.
Latest Acquisitions by Bitwise Industries
| Description | Esor Consulting Group is a US-based Salesforce implementation partner targeting nonprofits, education, and community organizations. The firm deploys Sales Cloud, Nonprofit Success Pack, and Education Cloud for donor management and student engagement. Esor serves clients like universities in California and NGOs such as Feeding America, completing 200 migrations since 2015. Its certified architects customize workflows with MuleSoft integrations, headquartered in San Francisco with remote delivery across North America. | Techtonic Group is a Boulder-headquartered software development firm offering custom applications, mobile apps, and cloud migrations alongside a U.S. Department of Labor-approved apprenticeship program. The company builds solutions for healthcare, finance, and education clients using React, .NET, and AWS. Techtonic staffs on-site teams and trains junior developers through paid programs. Founded in 2002, it maintains a portfolio of enterprise platforms deployed nationwide. |
| HQ Country | | |
| HQ City | Pompton Lakes, NJ | Boulder, CO |
| Deal Date | 23 Mar 2022 | 27 Jan 2022 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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Bitwise Industries Competitors
Bitwise Industries competitors include listed companies like Baudroie and Grid Dynamics, and private ones like Bespin Global, Brightwheel, Kaishu Jianggushi and Meishubao.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Seoul | Private | - | - | $600M | - | |
| San Francisco, CA | Private | - | - | $600M | - | |
 Beijing | Private | - | - | $600M | - | |
| Beijing | Private | $170M | - | $600M | 3.5x | |
 Japan | Publicly listed | $111M | $23M | $591M | 4.3x | |
| United States | Publicly listed | $412M | $23M | $615M | 0.8x |
Bitwise Industries Public Comps
Bitwise Industries is still privately-owned, but its public comps include Baudroie, Grid Dynamics, Meeza QSTP, AvenuesAI, Atos, ExaWizards, Xinjiang Sailing Inf, Argo Graphics, Plus Alpha Consulting and Daou Data.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $111M | $23M | 5.2x | 4.3x | 24.6x | 21.0x | |||
| $412M | $23M | 0.8x | 0.8x | 14.5x | 5.6x | |||
| $111M | $33M | 6.3x | 5.5x | 20.9x | 17.4x | |||
| $847M | $39M | 0.6x | - | 13.2x | - | |||
| $9.2B | ($497M) | 0.3x | 0.3x | (5.7x) | 3.3x | |||
| $77M | $13M | 7.0x | 6.0x | 41.3x | - | |||
| $34M | ($2M) | 18.1x | - | (268.1x) | - | |||
| $457M | $176M | 0.9x | 0.9x | 2.3x | - | |||
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Common questions about Bitwise Industries
| When was Bitwise Industries founded? | Bitwise Industries was founded in 2013. |
| Where is Bitwise Industries headquartered? | Bitwise Industries is headquartered in Fresno, CA, United States. |
| Is Bitwise Industries publicly listed? | No, Bitwise Industries is a private, VC-backed company. |
| What is Bitwise Industries' valuation? | Bitwise Industries was last valued at $600M in its Series C in February 2023. |
| How much funding has Bitwise Industries raised? | Bitwise Industries has raised $157M across 3 funding rounds. |
| What was Bitwise Industries' last funding round? | Bitwise Industries' last funding round was a $80M Series C in February 2023, led by Kapor Center and Motley Fool Ventures. |
| Who are Bitwise Industries' investors? | Bitwise Industries' investors include Kapor Capital, Citi Impact Fund, Kapor Center, Motley Fool Ventures, Goldman Sachs Asset Management and New Voices Fund. |
| What is Bitwise Industries' revenue? | Bitwise Industries' latest recorded revenue is $40M (February 2023). |
| What is Bitwise Industries' revenue multiple? | Bitwise Industries' latest valuation implies a 15.0x revenue multiple ($600M valuation on $40M of revenue). |
| Which companies are comparable to Bitwise Industries? | Companies comparable to Bitwise Industries include Bespin Global, Brightwheel, Kaishu Jianggushi, Meishubao, Baudroie and Grid Dynamics. |
| How many companies has Bitwise Industries acquired? | Bitwise Industries has acquired 2 companies, including Esor Consulting Group and Techtonic. |
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