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- Submer
Submer Valuation, Funding & Investors
Submer is valued at $500M as of October 2024.
Last Submer valuation
$500M
Series C · Oct 2024
Last Submer funding round
$54M
Series C · Oct 2024
Cumulative funding Submer raised
$102M
across 4 funding rounds
Key investors in Submer
Alma Mundi Ventures
Norrsken VC
Planet First Partners
Big Sur Ventures
M&G Investments
About Submer
Submer is a Barcelona-headquartered provider of immersion cooling systems for data centers, launched in 2015. The company's SmartPod technology submerges servers in dielectric fluid to reduce energy use by half compared to air cooling, while cutting space requirements by 85 percent. Deployable in standard shipping containers, Submer's solutions support high-density computing for hyperscale operators and edge deployments worldwide. Partnerships with Intel and HPE validate its rack-level cooling efficiency, positioning it as a key player in sustainable IT infrastructure across Europe and North America.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$500M (Oct 2024)
Submer Valuation
Submer is currently valued at $500M, based on its Series C in October 2024.
The $54M round was led by M&G Investments, with participation from Alma Mundi Ventures, Norrsken VC and Planet First Partners.
Submer valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2024 | Series C | $500M |
Submer Funding History
Submer has raised a total of $102M across 4 funding rounds.
Submer's first fundraising round was a $2M seed round in July 2018. The most recent completed round was a $54M Series C in October 2024.
Submer funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2024 | Series C | M&G Investments (lead); Alma Mundi Ventures; Norrsken VC; Planet First Partners | $54M | $500M | Submer, a Barcelona-based startup, develops liquid immersion cooling solutions for data centers, including SmartPod EVO and SmartPod EXO, which submerge servers in biodegradable, non-conductive coolant to reduce energy and water usage by up to 99%. The company serves hyperscalers, telecoms like Telefonica, corporates such as ExxonMobil, government bodies including the European Commission, and research centers, operating in 17 countries with partnerships from Intel and Dell. In October 2024, Submer raised a $55.5 million all-equity Series C growth round led by M&G Investments, with participation from Planet First Partners, Norrsken VC, and new investor Alma Mundi Ventures (also referred to as Mundi Ventures). The post-money valuation reached approximately $500 million USD, with the round left open for potential additional funding to support global expansion into the U.S. and APAC, customer acquisition, and scaling infrastructure amid rising AI-driven data center demands. Submer achieved over €150 million in revenue in 2024, reflecting strong traction in the sustainability-focused cooling market. Earlier financials include 2022 revenue of USD 1.27 million and negative EBITDA of USD -7.48 million. Total funding prior to this round was around $131 million, positioning Submer for further growth in high-density computing environments. The company appointed Patrick Smets as CEO in January 2024, following his role as COO, to drive commercial expansion. Recent activities include a separate EUR 20 million raise from Banco Santander in December 2024 for product development and market entry. |
| Jan 2022 | Series B | Planet First Partners (lead); Alma Mundi Ventures; Norrsken VC | $34M | - | Submer Technologies S.L., founded in 2015 in Barcelona, Spain, develops advanced liquid cooling solutions for data centers, including the SmartPod EVO and SmartPod EXO, designed for high-density computing to enhance efficiency and reduce water and energy usage for B2B clients like cloud providers and sustainability-focused enterprises. The company raised approximately $33.91 million in an unknown round around early 2022, with investors including Planet First Partners (lead), Alma Mundi Ventures (Mundi Ventures), and Norrsken VC, as indicated by total funding aggregates and investor lists across sources. This round contributed to Submer's overall funding of over $100 million across multiple rounds by 2024. In 2022, the year of the specified round, Submer reported revenue of USD 1,271,839 and an EBITDA of USD -7,480,066, reflecting early-stage growth in the climate tech sector focused on sustainable data center cooling. Planet First Partners, a growth equity platform investing in purpose-driven tech since 2020, highlighted Submer's positioning to address cooling challenges for powerful processors and sustainability in data centers. Submer continued scaling with subsequent rounds, including a $55.5 million growth round in October 2024 led by M&G Investments, with participation from Planet First Partners, Norrsken VC, and Mundi Ventures, aimed at advancing greener AI factories and data centers. Total funding exceeded $122 million across six rounds by late 2024, including a debt facility from Santander. The company operates in data centers and related peripherals, emphasizing waterless, efficient cooling amid rising demands from AI and high-performance computing. |
| Sep 2020 | Series A | Norrsken VC (lead); Alma Mundi Ventures | $12M | - | Submer, a Barcelona-based developer of immersion cooling technology for data centers, raised $12 million in a Series A funding round around September 2020. The round was led by Norrsken VC with participation from Mundi Ventures (Alma Mundi Ventures) and US investor Tim Reynolds, co-founder of Jane Street Capital. The funding supports Submer's mission to build efficient, dense, and sustainable data centers using immersion cooling that reduces cooling costs by up to 99%. Founded in 2015 by CEO Daniel Pope and Pol Valls, Submer focuses on solving performance, efficiency, and automation challenges in data centers amid rising demands from AI and IoT. Prior to this round, Submer raised €3.9 million in 2018 from Alma Mundi Ventures. The company aims to expand globally, partnering with industry professionals and server manufacturers adopting immersion cooling. Submer has continued raising capital in subsequent rounds, including a Series B in 2022 and a Series C valued at approximately $500 million in 2024, reaching total funding of over $122 million across six rounds. |
| Jul 2018 | Seed | Alma Mundi Ventures (lead); Big Sur Ventures | $2M | - | - |
Who has invested in Submer?
5 investors have backed Submer across its funding rounds, including Alma Mundi Ventures, Norrsken VC, Planet First Partners, Big Sur Ventures and M&G Investments.
Lead investors include M&G Investments, Planet First Partners, Norrsken VC and Alma Mundi Ventures.
Submer Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Jul 2018 | ||
| 3 | Lead | Sep 2020 | ||
| 2 | Lead | Jan 2022 | ||
This data is available for Pro users. Sign up to see all 5 Submer investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Submer
Submer has acquired 1 company to date.
Last acquisition by Submer was on February 10th 2026. Submer acquired Radian Arc for undisclosed valuation.
Latest Acquisitions by Submer
| Description | Radian Arc operates a content delivery network optimizing broadband delivery of video streams and gaming data worldwide. The platform deploys edge nodes to reduce latency for streaming services and multiplayer games. Radian Arc serves media companies and game developers from servers in multiple continents, ensuring smooth playback during peak loads. |
| HQ Country | |
| HQ City | Perth |
| Deal Date | 10 Feb 2026 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Submer acquisitions and their M&A valuation multiples. Start Free Trial | |
Submer Competitors
Submer competitors include listed companies like Hansen Technologies and NYAB, and private ones like Absolute, Planet Farms, Renovate America and EnergyX.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $210M | - | $500M | 2.4x | ||
| Private | - | - | $500M | - | ||
| Private | - | - | $500M | - | ||
| Publicly listed | $275M | $52M | $491M | 1.9x | ||
| Publicly listed | $630M | $41M | $521M | 0.7x | ||
| Private | - | - | $475M | - |
Submer Public Comps
Submer is still privately-owned, but its public comps include Kalyon Güneş Teknolojileri, Hansen Technologies, Kinx, NYAB, Chrysos Corp., CW Enerji, Aduro Clean Technologies, Edarat Group, Summit Midstream and JinkoSolar.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | - | - | - | - | - | |||
| $275M | $52M | 1.9x | 1.9x | 9.8x | 6.3x | |||
| $116M | $37M | 4.5x | 4.6x | 14.1x | 15.6x | |||
| $630M | $41M | 0.8x | 0.7x | 12.3x | 9.8x | |||
| $63M | $19M | 8.9x | 8.5x | 29.1x | 26.6x | |||
| $336M | $74M | 2.2x | - | 10.0x | - | |||
| $120K | ($19M) | 3534.2x | 3228.7x | (22.6x) | (52.6x) | |||
| $51M | $12M | 10.6x | - | 44.5x | - | |||
This data is available for Pro users. Sign up to see all Submer competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Submer
| When was Submer founded? | Submer was founded in 2015. |
| Where is Submer headquartered? | Submer is headquartered in Barcelona, Spain. |
| Is Submer publicly listed? | No, Submer is a private, VC-backed company. |
| What is Submer's valuation? | Submer was last valued at $500M in its Series C in October 2024. |
| How much funding has Submer raised? | Submer has raised $102M across 4 funding rounds. |
| What was Submer's last funding round? | Submer's last funding round was a $54M Series C in October 2024, led by M&G Investments. |
| Who are Submer's investors? | Submer's investors include Alma Mundi Ventures, Norrsken VC, Planet First Partners, M&G Investments and Big Sur Ventures. |
| Which companies are comparable to Submer? | Companies comparable to Submer include Absolute, Planet Farms, Renovate America, Hansen Technologies, NYAB and EnergyX. |
| How many companies has Submer acquired? | Submer has acquired 1 company, including Radian Arc. |
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