Cryptocurrency / Funding / Startups

Money Moves: In a public offering, Easton’s TeraWulf raised nearly $28M

Plus, fashion recycling company Circ raised $25 million and Ryse Health nabbed $6.5 million.

Graphic rendering of the cryptocurrency Bitcoin. (Photo by Flickr user QuoteInspector, used via a Creative Commons license)

Money Moves is a column where we chart the funding raises of tech companies across the region. Have a tip? Email us at

TeraWulf makes $28 million in public offering

Easton, Maryland bitcoin mining company TeraWulf has some full (virtual) pockets after a successful public offering this month.

The company, which operates facilities largely powered by zero-carbon energy, completed its underwritten public offering on March 1. The company sold 40,764,706 shares of common stock at $0.68 per share, raising $27.7 million.

The company didn’t offer any further statement on the news but said it would use the proceeds for “general corporate purposes,” which could include working capital or capital expenditures.

Circ raises $25 million

Danville, Virginia-based Circ, a fabric recycling company, closed a $25 million funding round led by Zalando and Avery Dennison. Youngone, a Korean manufacturer, also took part in the round.

Circ operates a fiber-to-fiber recycling model, through which old clothes are turned into fabric to make new ones. This latest round follows a $30 million Series B from last July; Breakthrough Energy Ventures, Miliken & Company and Zara’s parent company Inditex took part in that round.

“We share a common view that a clean future for the fashion industry is not only possible but also essential for humanity, said CEO Peter Majeranowski in a statement. “With each funding round and expansion in our partner base, we become more capable of ending the costly and preventable cycle of garment waste.”

Ryse Health nabbed $6.5 million

Arlington, Virginia-based health tech startup Ryse Health just closed a $6.5 million Series A round.

Route 66 Ventures led the round, with participation from W Health and BlueCross BlueShield’s Healthworx. With the funds, the company will be expanding its team, seeking partnerships and moving into new markets.

The startup, which was founded in 2021, developed a physician-led care model that features in-person visits and tech-based virtual care. It currently operates clinics in Arlington and Baltimore, Maryland. The current methods of treating Type 2 Diabetes, Ryse Health cofounder and CEO Richard Gurley said, aren’t working — leading to an expensive and difficult experience for patients.

“This funding is a big vote of confidence for our new and better way of caring for patients,” Gurley told “This funding will allow us to continue to grow our team, strengthen our business operations, partner with like-minded organizations, and expand into new markets beyond our existing presence in metropolitan Washington DC and Baltimore.”

Here’s who else is making money moves in March:

  • Reston, Virginia’s Science Applications International Corp, a tech contractor, invested $5 million in Morpheus Data, a cloud management platform from Colorado.
  • DC-based Bright Software, which develops immersive learning tech, raised $2.7 million in an oversubscribed seed round. Ringbolt Capital and Triple Impact Capital co-led the round.
  • Lusby, Maryland-based Hop Flyte, a startup that’s designing electrical vertical takeoff and landing aircraft, raised $1.5 million in a Series A. The company previously received backing from TEDCO.
  • El Camino Travel, a DC startup that helps solo women travelers, raised $1.1 million in pre-seed funds led by Slauson & Co. Trip Ventures, Joe Zadeh, Kinjil Mathur and Rafat Ali also participated in the round.
  • DC venture firm New Markets Venture Partners raised over $160 million for its New Markets Education Partners III fund, which will target companies in the early and growth stages of developing products for students and education employees.
  • New York cloud security developer Wiz raised $300 million led by Lightspeed Venture Partners and plans to open a new office in DC that will target federal tech.
  • Rockville, Maryland-based Maspanadas, a food startup, closed a seed round led by Union Kitchen and Angeles Investors.
  • In the largest-ever gift to the department, Autodesk Inc donated $1 million to Howard University’s Department of Mechanical Engineering.
  • Reston-based Trackd, a cyber company, emerged from stealth with a $3.35 million seed round raise. Flybridge led the round, with additional participation from Lerer Hippeau, SaaS Ventures and Expa.
Companies: Ryse Health
Series: Money Moves

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