Swedish Startup Evroc Raises $55 Million To Build European Hyperscale Cloud

Swedish startup evroc raised 50.6 million euros—around $55 million—in a Series A funding round to build a hyperscale data center in France and acquire land for an AI data center in Sweden. The company’s expansion aims to strengthen European technological sovereignty and compete with industry giants like Amazon Web Services (AWS).

According to the company’s announcement, the funding was led by French venture capital firm blisce/, with the participation of existing investors such as EQT Ventures and Norrsken VC, as well as the new investor UK-based Giant Ventures. All participants share a commitment to advancing European technology and sovereignty.

“For too long, the European cloud and AI landscape has been dominated by foreign players. It is time for a European champion to rise and challenge the status quo,” said Alexandre Mars, Founder & CEO of blisce/. “With evroc, Europe is taking a decisive step toward securing its digital sovereignty, shielding the continent from rising geopolitical tensions.”

According to Sifted, evroc aims to become the European alternative to AWS. The startup, founded in 2023, announced its plan to raise 3 billion euros within two years to build and manage multiple hyperscale data centers.

Back in 2023, evroc said it wanted to build 8 data centers and create 3,000 jobs by 2028, and now the goal has expanded. The company now wants to develop 10 data centers and employ over 10,000 people by 2030.

The new AI factory will be located in Mougins, France, and the land evroc will purchase to build another data center is in Stockholm, Sweden.

“This financing round has been instrumental in laying the foundation for our next phase of growth,” said Mattias Åström, Founder & CEO of evroc. “Together, we aim to build a secure, sovereign, and sustainable cloud and AI platform for Europe, and thereby empowering the next generation of EU startups, fueling job creation, and driving economic growth.”

The startup still seems to be riding the momentum of the AI Summit in Paris last February to boost European initiatives and develop technologies in the region.