​Icelandic datacentre venture Verne Global lands $98m

Verne Global, data center, announced recently that it has secured US$98M of equity funding, led by Stefnir, an Icelandic asset management and private equity firm that is working with several of the largest Icelandic pension funds. Existing investors – the Wellcome Trust, Novator Partners and General Catalyst – also participated in the round.

“Through this investment, Stefnir and its co-investors are supporting Verne Global in the continued growth of the Icelandic data center industry and in creating added value from Iceland’s valuable energy resources”

Verne Global will use the funds to further expand its wholesale and collocation service offerings, as well as to design and develop high-density, flexible resiliency data center space. This investment round ensures that Verne Global can deliver the infrastructure capacity to serve the rapid growth in demand it is seeing from new and existing customers around the world.

“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 Jeff Monroe, Verne Global’s CEO. “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.”
Verne Global hired Mannverk as construction managers (EPCM) and today Mannverk is running three-four parallel projects at Verne Global.