Verne Global secures $98m in Series D funding led by Stefnir
Major funding round will finance London-based company’s growth plans for its Icelandic data centre campus
London-based energy efficient data centre developer Verne Global has closed a major $98m (c. £65m) Series D equity-funding round, led by Icelandic asset management and private equity firm Stefnir.
Existing investors the Wellcome Trust, Novator Partners and General Catalyst also participated.
Launched in 2012 by American entrepreneurs Jeff Monroe and Isaac Kato, Verne Global owns and runs a data centre campus in Keflavik, Iceland. The company claims to provide scalable solutions for lowering operational and environmental costs to high profile clients such as BMW Group and Icelandic video games publisher CCP Games, which is also in the Novator and General Catalyst stable.
The investment will fund the company’s push to deliver the infrastructure capacity to serve its swelling client base. Additionally it will help with the expansion of its wholesale and colocation service offerings and to develop a data centre space with high density, flexible resiliency whereby component parts are designed to be ‘too big to fail’.
Verne Global’s CEO and serial entrepreneur, Jeff Monroe commented: “The unprecedented amount of new data created and processed by companies each day is forcing the industry to re-evaluate where that data resides
“In order to succeed in a data driven economy, power capacity, reliability of the power grid and low-cost power are imperatives for delivery. All of these factors point to Iceland as the logical choice for computing.”
Iceland was chosen as a strategic location for the 44-acre campus for its unparalleled access to geothermal and hydroelectric renewable energy networks, and as it sits right in the middle of the world’s two largest data centre markets – Europe and North America.
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Arnar Ragnarsson of Stefnir said: “Through this investment, Stefnir and its co-investors are supporting Verne Global in the continued growth of the Icelandic data centre industry and in creating added value from Iceland’s valuable energy resources.
“The team at Verne Global has successfully executed a compelling business plan that we believe will only increase in relevance as companies worldwide look to address the on-going data centre power demands.”