US colocation provider 365 Data Centers has gained access to a potential $71m in funding for expansion, it has announced. The data center operator raised $16 million in Series B funding from existing investors Crosslink Capital and Housatonic Partners and secured a $55m credit facility from Fortress Credit.

The money will allow the company to execute on its continued expansion strategy, according to Kevin Bostick, CFO at 365 Data Centers.

The funding was granted two months after 365 Data Centers announced a new management team, corporate identity and 365 Quick Start scheme, which makes data centers more accessible. The company has also achieved 100% year on year sales growth and has seen quarterly sales improve by 20%.

Along with financing day to day operations and marketing, the funds will be used to develop new data center products and widen its range of cloud and managed services offerings.

The firm has 17 data centers in 16 US states (including Ohio, New York, Washington California, Michigan and Texas) with the majority in the east of the nation.

“This new financing allows us to continue executing on our growth strategy, whether organically or by acquisition,” said 365 Data Centers’ CEO John Scanlon. “We’ve put together an experienced management team, created a strong growth plan, and delivered great results in a matter of months. We have the faith and support of capital markets behind us, and when talent meets capital, good things happen.”

The capital markets in the US have good understanding of the industry and have supported the company’s growth, according to CFO Bostick: “The deep domain expertise of our financing partners makes it easier for us to financially succeed.”

Fortress Investment has funded a number of data center companies. “In our view, 365 Data Centers is positioned to succeed in the expanding data center and cloud industries,” said Fortress MD Aaron Blanchette. “We look forward to playing a part in potential mergers and acquisitions.”

North America can expect a 15% growth of the colocation market this year, taking it to more than $8bn in value, according to Gary Hromadko, partner at Crosslink Capital. “We couldn’t be more pleased with the company’s success in this expanding market,” said Hromadko.