Nordic investment firm Areim has raised €450 million ($480m) for its data center fund, which will be channeled into Swedish operator EcoDataCenter.

Areim this week announced it has completed an additional capital raise for its Nordic data center fund, Areim DC Fund, bringing the total raised capital to €900 million ($961m).

The raised capital will be used to continue expanding EcoDataCenter.

The investment firm said the capital raise was “significantly oversubscribed,” adding both Nordic and international institutional capital. Over the past two years, Areim has raised more than €1.2 billion ($1.28bn) of capital to the platform, including equity, debt, and bond capital.

“The continuous strong support we have received from both existing and new investors is a testament to the strategy of our dedicated data center fund,” said Henrik Brinck Landelius, CEO of Areim. “The substantial interest in the Areim DC Fund and EcoDataCenter underlines the demand and attractiveness of the Nordic market for data centers.”

EcoDataCenter was formed in 2015 as a joint venture between local energy company Falu Energi & Vatten and data center operator EcoDC AB and opened its first facility in Falun in 2019.

Nordic real estate investor and developer Areim took a majority stake in the firm via the Areim Fund III for around SEK 200 million ($22m) in 2018 and merged it with Swedish operator Fortlax in 2019. EcoDataCenter has been fully owned by the Areim DC Fund since 2023.

Peter Michelson, CEO of EcoDataCenter, added: “We are establishing one of the most exciting companies in the Nordics. Through our platform, we have established partnerships with some of the world’s leading companies, which creates great investor confidence in what we do.”

Andulf Advokat provided legal counsel to the Areim in the capital raise.

The company currently operates five data centers across three sites in Falun, Piteå, and Stockholm. Earlier this year EcoDataCenter announced plans for a new 150MW campus, known as EcoDataCenter 2, in Östersund, Sweden. The campus will be constructed in phases, with the first 20MW completed in 2026.

The company recently signed a hosting deal with GPU cloud firm CoreWeave.