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January 12, 2015

Verne Global raises $98m for data centre in Iceland

Firm closes Series D funding round led by Icelandic private equity firm Stefnir.

By Amy-Jo Crowley

Verne Global, a data centre developer, is looking to develop its data centre campus in Iceland after raising $98m in funding.

The UK-based firm, which owns a 44-acre data centre campus in Keflavik, just west of Iceland’s capital Reykjavik, closed a Series D funding round today. The funding was led by Stefnir, an Icelandic private equity firm.

The funds will be used to develop Verne’s wholesale and co-location service offerings, in addition to building a more flexible and resilient data centre space.

"The unprecedented amount of new data created and processed by companies each day is forcing the industry to re-evaluate where that data resides," said CEO Jeff Monroe.

"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."

Arnar Ragnarsson, a fund manager at Stefnir, added: "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."

Other investors who participated in the round included Wellcome Trust, a UK charity organisation that funds biomedical research, and data centre investors Novator Partners and General Catalyst.

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