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Verne Global, a UK-based energy efficient data center developer with a facility in Iceland, has secured $98M of funding. Verne Global will use the funds to expand its wholesale and colocation service offerings and increase its spend on data center space.

Verne's plan is to get firms to locate their data center resources in Iceland thanks to the lower power and operating costs there, and the availability of renewable energy. Jeff Monroe, Verne Global’s CEO said: “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 attracts big brands
Since opening in 2012,  Verne Global has attracted companies such as BMW, RMS, CCP Games, Datapipe, Colt, RVX Studios and others to its campus in a former military base in Keflavik, Iceland. One of the obvious advantages is to lower the operational and power costs thanks to Iceland’s reliable and high-capacity power infrastructure.

Verne's new money comes from a group led by Stefnir, an Icelandic asset management and private equity firm, and including existing investors sauch as the Wellcome Trust, Novator Partners and General Catalyst.