Swedish cloud startup Evroc has secured €50.6 million ($55 million) in fresh Series A funding. This funding is fueling its ambitious mission to build Europe’s first sovereign, sustainable, hyperscale cloud platform. Positioned as a powerful alternative to U.S. tech giants. Evroc plans to reimagine the digital future of Europe—one data center at a time.
The funding comes at a critical moment, as the push for digital sovereignty grows louder across Europe. Just this week, tech leaders from across the region called on lawmakers to reduce dependence on foreign-owned digital infrastructure. The message was clear: Europe must control its own digital destiny, from cloud services and AI models to semiconductors.
Evroc, founded three years ago, is riding that momentum. The company’s goal is nothing short of building a Europe-first hyperscale cloud network. Since officially launching in 2023, Evroc has been laying the groundwork, with two co-location facilities in Stockholm and another two in Paris already up and running. Construction is also underway in Frankfurt, with two new sites expected to be operational by mid-2024.
But the real prize lies in the company’s flagship AI-ready data centers planned for Sweden and France. Scheduled for completion in 2026, these facilities are designed to handle the massive energy demands of artificial intelligence workloads—where servers consume up to 20 times more power than traditional racks. To meet these requirements, Evroc will deploy liquid cooling systems and high-density compute clusters.
Evroc founder and CEO Mattias Åström is clear on the company’s mission: “These new centers are being built for the AI era. But beyond performance, our focus is on delivering a cloud that Europe can truly own.”
The startup’s formal public launch is slated for later this year. In the meantime, it’s already working with beta clients in highly sensitive sectors, including defense, healthcare, finance, and public services—industries where control over data and infrastructure is non-negotiable.
While Europe’s digital sovereignty debate isn’t new, recent geopolitical events have reignited the urgency. U.S. political influence over tech companies has repeatedly highlighted the risks of relying on foreign infrastructure. A prime example was when Donald Trump’s executive order against the International Criminal Court affected the ICC’s ability to operate securely—given its heavy reliance on Microsoft’s Azure cloud.
Similarly, Elon Musk’s SpaceX faced criticism after limiting Starlink’s services in Ukraine. Musk later admitted that Ukraine’s entire frontline operations could collapse if Starlink access was cut—an unsettling reminder of the dangers when crucial infrastructure sits in foreign hands.
“It’s not just about server locations anymore,” Åström explained. “It’s about true control over infrastructure, ensuring Europe can’t be held hostage by outside interests.”
Evroc’s competitors in this growing European cloud race include France’s FlexAI, Finland’s DataCrunch, and Nebius in the Netherlands. However, most of these players are laser-focused on AI computing. Evroc’s ambitions stretch wider. It wants to offer a full hyperscale cloud ecosystem, providing developers across Europe with an alternative to global giants like AWS and Microsoft Azure.
The startup currently employs more than 60 people, mostly software engineers spread across Sweden, France, and the U.K. Interestingly, Evroc’s London office was a late addition, created to lure top talent from major tech companies.
“We weren’t planning on London, but attracting brilliant minds from hyperscalers made it necessary,” Åström shared.
When Evroc emerged from stealth two years ago with €13 million in early funding, Åström had his sights set on raising €3 billion to truly challenge the status quo. By mid-2023, the startup secured €42 million as part of its Series A, and with this latest close, the round totals €50.6 million. Investors include Blisce, EQT Ventures, Norrsken VC, and Giant Ventures.
But building a hyperscale cloud business is capital intensive, and Åström knows this is just the beginning. “That target is still the case. The real challenge isn’t data centers—we already have plenty in Europe. It’s about building the cloud software stack that can rival U.S. players.”
Evroc is planning a much larger funding round in 2025. The company expects to follow a model similar to U.S. player CoreWeave, which raised capital by borrowing against valuable assets like Nvidia chips.
“Data center expansion requires serious investment,” Åström added. “The good news is we can finance much of that with debt once the software backbone is solid.”
Evroc’s rise is timely, as European organizations scramble to adopt AI and shift to the cloud. With digital sovereignty and geopolitical tensions driving urgency, the company is betting that now is the moment for Europe to reclaim control of its digital infrastructure.
As Åström put it: “I simply want Europe to control its own destiny. And while we’re at it, why not build something better?”
