Goldman, TPG join $400m raise by Singapore-based data centre startup AirTrunk

Data centre. Credit: Wikimedia Commons

Goldman Sachs, and TPG Capital have led a $400 million capital raising by Singapore-based data centre startup AirTrunkthe company said.

The deal has been touted as the highest pre-revenue capital raised by a startup in Asia Pacific.

JPMorgan and law company Norton Rose were advisors for the deal, which has also seen co-debt advisers ING Bank and Natixis commit to a senior debt facility.

Also Read: Startup bets $1.7b on becoming Asia’s digital landlord

AirTrunk plans to use the proceeds for the construction of its data centres in Melbourne, and Sydney pegged at $1.7 billion.

The company targets to lead the cloud services space across Asia Pacific.

Founded in 2014, AirTrunk develops and operates large scale wholesale data centres that lead the Asia Pacific market with proven reliability, technology innovation and energy efficiency.

Besides its Singapore headquarters, AirTrunk also has offices in Australia, and Hong Kong.

AirTrunk aims to fully operate its Melbourne and Sydney facilities by third quarter of 2017 designed to offer a maximum of about 130 MW of IT load. It hopes to initially offer 20 MW of IT load on its debut.

Also Read: Southeast Asia’s most valuable startup Garena picks Goldman for $1b listing

The startup intends to also enable its clients achieve quality data services at reasonable costs.

AirTrunk recently predicted that data center capacity in Asia Pacific market will reach $12.5 billion by 2019 as demand for cloud computing continues to surge. It noted many businesses that once ran their technology in-house shift processing power off-site so it can be accessed through the Internet.

The startup has been banking on new cooling and electricity delivery systems to compete well against giants such as Telstra Corp and NTT Communications Corp.

Also Read:

TPG wins bid to be Singapore’s fourth telco

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.