Chicago is the next destination for Fresno-based Bitwise as part of its expansion across the U.S. Cropped Chicago skyline photo by Jesse Collins on wikipedia under Creative Commons license, https://creativecommons.org/licenses/by/3.0/deed.en

Bitwise Industries announced Tuesday an $80 million infusion from several key investors that will help the Fresno-based tech company expand into the Chicago market.

The investment was led by the Oakland-based Kapor Center and Virginia-based Motley Fool, as well as growth equity business within Goldman Sachs Asset Management and Citibank. It will not only fund expansion into Chicago, but also provide support for all Bitwise locations, including Fresno.

“This latest raise, led by a group of distinguished investors, acknowledges the role technology plays in driving economic impact in previously underserved communities, validates our model and makes it possible for us to roll out our proven approach into other parts of the country,” stated Bitwise Industries co-CEO and co-founder Jake Soberal. “Bitwise has been an agent of transformation for cities and people alike, delivering unmatched results for the tech industry, businesses and the communities we serve.”

Since its founding in 2012, Bitwise has worked to revitalize the Downtown Fresno area, opening three centers, helping create more than 15,000 jobs and working to spread education and utilization of technology in underserved communities.

Last year, Bitwise announced expansion plans into five new states, and last month announced the launch of the Digital Empowerment Center, providing small businesses tools necessary to thrive in the digital age.

Bitwise currently has centers in Merced, Bakersfield, Oakland and Toledo, Ohio.

“The concept that we’ve been able to raise $80 million shows the trust that our investors have in us,” said Bitwise Fresno Vice President Thilani Grubel. “We’re having really big name investors investing in Bitwise, which just proves the validity of our model.”

Bitwise will temporarily use a 6,000 square-foot building on Chicago’s South Side as its home while a permanent space is finalized. The building, located in Chicago’s Greater Grand Crossing community, will operate in partnership with nearby Comer Education Campus, which consists of the Gary Comer Youth Center, a college prep high school and middle school, an urban farm, and an active affordable housing initiative.

“Bitwise has a track record of removing barriers that have prevented talented individuals from securing quality jobs in one of the fastest growing industries in the world,” said Greg Mooney, president of the Comer Science and Education Foundation in Chicago, which is partnering with Bitwise. “These are high-growth, high-wage jobs that enable companies, schools, and local residents to succeed in the digital economy.”

Bitwise credits the investment of groups such as Kapor Center, Motley Fool and more with its continued success. It aims to continue working toward creating community workspaces as well as expanding opportunity for economic growth in underserved communities.

“As a company, we really try to think of ourselves as a technological force,” Grubel said. “We go into these underestimated cities and we build tech economies.”