Member Article

Finnish cloud computing startup raises €4m to expand internationally

Helsinki-based UpCloud has raised €4m in its first round of external funding as it looks to embark on further international expansion.

The cloud computing startup, which has a data centre in London as part of its cloud network, is looking to challenge the likes of Amazon Web Services and Microsoft Azure with its in-house technology.

UpCloud was recently named the fastest growing tech company in Finland in the Deloitte Fast 50 list, and has aspirations to become Europe’s biggest cloud computing firm.

Funding in the company, which also has data centres in the Finnish capital, Chicago and Frankfurt, was led by the Nordic venture capitalists Inventure and Sami Lampinen from the VC firm said they were looking forward to supporting the startup’s growth into ‘new markets’ and ‘customer segments’.

Following the first funding round, Chief Executive Officer Antti Vilpponen said: “We have built value for our customers from the start and enjoyed excellent revenue growth. Our ambition is to offer our services to customers globally at a faster pace, and this is the next step on that path.”

Joel Pihlajamaa, Chief Technology Officer and Founder at UpCloud commented: “A major shortcoming in cloud computing has always been poor and fluctuating performance.

“We have, over the years, solved many difficult challenges with our own R&D and technology and I am very happy to confirm that we are now able to spread our world-class technology faster, and to an even wider audience.”