Posted on 20.1.2020

UpCloud secures €18 million funding to fuel growth

UpCloud team

We are incredibly excited to announce that UpCloud has secured €18 million in equity and debt funding to expedite our international growth.

Over the next 24 months, we plan to recruit more than 100 new employees and launch more than 10 new data centres across all our key markets in Europe, Asia, and North America, as well as new markets such as Australia.

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.
Wim Haring
Connected Capital.

Performance makes UpCloud unique among our competitors

Formed in 2011, we have grown by offering cost-effective and high-performance cloud computing from our eight global data centres located in Amsterdam, Chicago, Frankfurt, Helsinki, London, San Jose, and Singapore – with more new regions underway.

Our typical users are small-to-medium size tech-intensive 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, attractive pricing and meeting their support service requirements. Our users have a fully-featured web interface to onboard, manage, customize networks (SDN), pay and monitor their cloud services, usage and security.

In addition, our proprietary cloud technology offers better performance, redundancy, and value for our users. Our cloud servers coupled with MaxIOPS, an in-house developed block storage service, are twice as fast as industry-standard cloud servers. In Europe, UpCloud has been recognized as the performance leader in the infrastructure space in 2016 and again in 2018 by market research company CloudSpectator.

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.
Antti Vilpponen, CEO

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!
Joel Pihlajamaa, founder and CTO

At the moment, we employ more than 50 exceptionally talented people in Finland, UK, Germany, Singapore and the USA. The new funding will be used to grow the product development, technology, sales and marketing teams and further develop new software-based products and features for our users.

Janne Ruostemaa


  1. Congratulations. We have just started with Upcloud in a few months, but everything is working smoothly. In the progress of moving our colo facilities to Upcloud now and look forward to a long-term relationship.

  2. Congratulations! I’ve been an avid user for a while now and have switched many products over to your infrastructure, some from existing cloud computing services, and some from bare metal dedicated servers.

    It is always exciting when I see a company I believe in achieve its goals and grow to its potential.

  3. Apart from the 10 Planned DC ( Which will be an amazing achievement in one year ) are there any features Roadmap for 2020? Node Balancer? Managed DB?

  4. Janne Ruostemaa

    Hi there, thanks for the question. While the 10 new data centres are planned to be opened over the next two years, we’ve also got new features and products coming this year. Stay tuned for more info about this in the near future.

  5. Congratulations.

    I’ve been using UpCloud since two years and its been a good experience since.

    What I think that is missing is an Affiliate Program, you have a referral program which pays in platform credits. What I think is paying money instead of credits will encourage the affiliates to promote UpCloud in a better way.

    Let me know if there is any such opportunity in future.

  6. Janne Ruostemaa

    Hi Owais, thanks for the comment and happy to hear about your experience. We are always glad to get feedback and while we do not have anything to announce right now, you can keep up to date on our latest developments by following our newsletter.

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