Posted on 21.1.2020

UpCloud secures 18 million Euro funding boost


[Helsinki, Finland, 21.1.2020] UpCloud, the European leader in high performance cloud computing services fuels its growth with €18 million in new funding.

UpCloud is incredibly excited to announce that it has secured €18 million in equity and debt funding to expedite its growth and international expansion.

Over the next 24 months, UpCloud plans to triple its personnel and recruit more than 100 new employees. The company is also going to utilize more than 10 new 3rd party data centres across its key markets in Europe, Asia and North America as well as new regions such as Australia. UpCloud will also be launching exciting new software-based services that enable customers to run their cloud infrastructure even more effortlessly.

This investment round was led by Connected Capital & Partners, a Netherlands based B2B software growth investor and includes participation from Finnish Industry Investment, a Finnish state-owned investment company as well as Inventure, a Finnish Venture Capital company who also invested into UpCloud in 2016.

“We are very excited to be the lead investor in this expansion financing round for UpCloud. Connected was immediately impressed by the quality of the UpCloud team. In our view UpCloud is well positioned to further develop & expand its software services and capture a sizable part in the global market of business-critical hosting for technically savvy SME’s”, says Wim Haring of Connected Capital.

“UpCloud has grown profitably for many years now. This investment enables fast international expansion to new growing markets such as Asia and India. Software and data processing are rapidly moving to cloud services so UpCloud’s services will have a strong demand in the future as well. UpCloud’s objective is to be a globally leading European choice in the cloud infrastructure space for small and medium size businesses. It’s great to work together with UpCloud as they continue to exceed customer expectations on performance and customer support, which will continue to drive the business.”, says Keith Bonnici, Investment Director, Finnish Industry Investment Venture Capital Team

Performance is the factor that makes UpCloud unique among its competitors

Formed in 2011, UpCloud offers cost-effective and high-performance cloud computing from its eight global data centres located in Amsterdam, Chicago, Frankfurt, Helsinki, London, San Jose and Singapore – with more new regions under way.

Typical UpCloud customers are small-to-medium size tech companies that need to run business critical (data intensive) software applications in the cloud. For this they require high performance computing capacity, storage and connectivity which is user friendly, attractively priced and meets their customer service requirements. Customers have a fully web-based interface to on-board, manage, customize network (SDN), pay and monitor their cloud services, usage and security.

UpCloud’s proprietary cloud storage technology, MaxIOPS, offers better performance, improved redundancy and overall value for its customers. In Europe, UpCloud has repeatedly been recognized as the performance leader in the infrastructure space by independent market research company CloudSpectator. The growth investment will be used to grow the sales and marketing teams, deepen and expand the server network and to expand the technology teams to further develop new software-based product features and to stay ahead with performance.

At the moment, UpCloud employs more than 50 employees in Finland, UK, Germany, Singapore and the USA.

“We are thrilled to be able to accelerate our hiring dramatically and we will be looking to double our team size in just this year. We’ve worked hard to build a culture that is very different from other companies, highlighted by strong internal employee metrics, showing our team is energised and committed to UpCloud’s long term success.  We’ve worked equally hard in offering a great customer experience which is shown in our NPS scores which are consistently industry leading at around 60. This is a great time to further speed up our growth“, says Antti Vilpponen, CEO UpCloud.

Joel Pihlajamaa, UpCloud’s Founder and CTO, continues, “UpCloud’s roots go back to 2009 when cloud infrastructure services had just been launched. The hourly pricing disrupted the market, but technically the services were poor, performance varied highly, and proper redundancy was lacking. UpCloud was founded on the principle of high performance and redundancy at the core and at a price that even an independent developer could afford the services. Now 10 years later it is easy to look back and say that our ambitious take on R&D in high performance has paid off!

Barbora Mervaala

Social Media and Content Specialist at UpCloud. Passionate about writing stories about inspiring people and companies.

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