Compass Datacenters Completes $100 Million Round Of Funding
The capital will fund new data center construction projects.
Compass Datacenters has completed a new round of capital raising to support the company’s expansion into additional geographic markets and to fund new data center construction projects for customers. This new capital consists of $35 million in additional equity commitments and $65 million in additional capacity under Compass’ now $110 million revolving credit facility. The additional equity is provided by the original investors from Compass’ prior round of funding, and the additional capacity under the revolving line of credit has been provided through a syndication of the credit facility by KeyBank, NA, bringing Regions Bank and Raymond James into the facility. The revolving line of credit maintains an accordion option allowing the credit facility to be upsized at a later date by an additional $40 million for a total of $150 million.
“This funding provides Compass with the resources to bring our proven model to more customers and more geographic regions, which will drive the next stage of Compass’ growth,” said Chris Crosby, CEO of Compass Datacenters. “Our successful projects in markets such as North Carolina, Tennessee, Minnesota and Massachusetts have demonstrated the value proposition of our unique solution for customers, and those projects have also affirmed the quality of our facility design, the effectiveness of our construction methodology, and our ability to deliver on our six month construction timeline. We have proven our vision with multiple customers, and this new funding allows us to focus on implementing our growth plan. We are excited to add new partners Regions Bank and Raymond James to the Compass team.”