Nordcloud accelerates its growth with new €20 million funding

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This new funding will be used to continue Nordcloud´s profitable growth, fuel international expansion and develop its offering portfolio to address evolving customer demand. Over the next 18 months, Nordcloud plans to recruit more than 500 additional team members across its key European markets. The company will also expand its R&D and invest in capabilities that help its customer get the most business benefit out of the public cloud.

“Nordcloud is a company that is in the heart of Finnvera’s strategy. Finnvera’s task is, by means of financing, to promote the internationalisation and exports of enterprises. The goal is that the companies achieve something that wouldn’t be achievable without Finnvera’s financing. Nordcloud is a great example of such a company”, says Finnvera’s finance manager Kalle Åstrom.

Finnvera, Business Finland and the Finnish Ministry for Foreign Affairs have been supporting Nordcloud’s international growth through Team Finland since its founding.

Financing from OP Corporate Bank plc is supported by the InnovFin SME Guarantee Facility, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing

“Nordcloud has been growth focused from the start. Over the past 3 years our organic growth rate has been over 500%. Together with our partners, people and customers, we’ve realised our vision of bringing about truly agile and efficient corporate IT through hyperscale cloud and software. This latest funding gives us additional tools to do more for our customers, expand our service portfolio and accelerate our European expansion” says Nordcloud’s CEO, Jan Kritz.

Nordcloud enables enterprises to transform their IT infrastructure and accelerate their digital transformation efforts using the public cloud. Nordcloud’s deep expertise in public cloud, ability to transition from legacy IT and agile way of working reduce significantly the time to value and costs for customer’s using public cloud.

The company is a leading partner for the major public cloud platforms: AWS, Microsoft and Google. Already among the fastest growing companies in Finland, Nordcloud employs more than 400 cloud experts across 10 European markets and a revenue run-rate of over €60 million.

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