🏆 Deal of the Week · CW 40/2024
Submer raised USD 55.5 million in a Series C round; the post-money valuation was not disclosed. The round was backed by Alma Mundi Ventures, M&G Investments, Norrsken VC, and Planet First Partners. The capital will support Submer's expansion in immersion cooling infrastructure and its first owned 56 MW liquid-cooled data center in Barcelona.
Submer — key deal facts
| Company | Submer |
| Founded | 2015 |
| Headquarters | RubĂ, Barcelona, Spain |
| Amount raised | USD 55.5m |
| Valuation | Valuation Remains Undisclosed |
| Round | Series C |
| Investors | Alma Mundi Ventures, M&G Investments, Norrsken VC, Planet First Partners |
| Sectors | Data Center Automation |
Who invested in Submer?
The Series C was co-funded by Alma Mundi Ventures, M&G Investments, Norrsken VC, and Planet First Partners. The investor mix is notable for combining a sustainability-focused impact fund (Planet First Partners), a Nordic impact vehicle (Norrsken VC), a large institutional asset manager (M&G Investments), and a Spanish deep-tech specialist (Alma Mundi Ventures). This breadth signals cross-border institutional conviction in liquid cooling as critical data center infrastructure.
What does Submer do?
Submer was founded in 2015 by Daniel Pope and Pol Valls Soler and is headquartered in RubĂ, Barcelona, Spain. The company designs and manufactures immersion cooling and data center automation solutions for compute-intensive environments. Its core product portfolio includes the SmartPod modular immersion cooling system, the SmartPod EXO hyperscale platform, and the turnkey 'Submer Scales' plug-and-play data center solution. Beyond hardware, Submer has expanded into data center design and construction services and AI-as-a-Service (AIaaS), while developing a 56 MW liquid-cooled data center facility in Barcelona.
Submer valuation & multiples
Explore the benchmarks: Series C.
Frequently asked questions
How much did Submer raise in its Series C?
Submer raised USD 55.5 million in its Series C round, announced in KW 40/2024.
What is Submer's valuation?
Submer's post-money valuation was not disclosed as part of the Series C announcement.
Who invested in Submer?
The Series C was funded by Alma Mundi Ventures, M&G Investments, Norrsken VC, and Planet First Partners.
When was Submer founded and where is it based?
Submer was founded in 2015 and is headquartered in RubĂ, Barcelona, Spain.
Source: original announcement — read the full report.