Data Economy: World’s Largest Data Centre Lands Multi-Million Dollar VC Round

By João Marques Lima

Need for compliance with the General Data Protection Regulation is driving more companies to invest in their data centre footprint.

At full build, the site will measure as much as 6.46 million sqf and have the ability to process 1,000 MW.
Data centre developer Kolos has announced it has closed a $2.5m venture capital round to help finance the project which has already secured more than $250m in funding from Headwaters Merchant Bank.

The company, which is set to break ground this year on what is to date the largest data centre project in the world, raised the $2.5m from British-Columbia-based Fast Track Venture Capital in association with other investors.

According to Fast Track Venture Capital’s website, the company invests in early stage technology companies “led by outstanding entrepreneurs” who are looking for a seed investment of up to $1m, with investment beginning at $10,000.

The data centre proposed by Kolos in Narvik, Norway, is projected to initially draw in 70MW of power, and at full build will measure as much as 6.46 million sqf and have the ability to process 1,000 MW.

Kolos has already conducted a series A capital funding round, partnered with HDR, and engineering and design company, and acquired the land to build the data centre.

The funding round coincides with BroadGroup’s data which reveals that $3bn in data centre investment has been made into the Nordic region over the last 12 to 18 months.

The consulting firm said more investment is expected in the near future as the industry expands and projects like Kolos come to light.