On EQT Ventures’ investment in evroc, the cloud to reimagine the digital future of Europe.
Today we are happy to welcome evroc to the EQT Ventures family through what is probably our largest seed investment to date.
Backing companies like evroc is why EQT Ventures exists. When we launched 8 years ago, Europe was still the backyard of Silicon Valley (or Shenzhen for that matter). A lot has happened since then — we now have a thriving tech scene, but, a peek at the list of the world’s largest tech companies, and you are reminded that we still have work to do.
Enter evroc. Europe’s first secure, sovereign, and sustainable hyperscale cloud. A challenger to the US giants and a trailblazer for what European companies can become.
Cloud services have become an essential part of our everyday lives, to the extent where we take them for granted. All the major clouds we use in Europe originate in the US, but to enable the continent’s long-term competitiveness, safeguard its sovereignty, and future-proof its digital economy, Europe needs an ambitious European cloud provider. Between 2017 and 2022, the European cloud market grew five-fold, however the market share of European cloud providers fell from 27% to 13% during the same period.
A European AWS. Or GCP. Or Azure.
This, and nothing less is what founder Mattias Åström is building, Europe’s first secure, sovereign, and sustainable hyperscale cloud. And when he says hyperscale, he means it. He will raise and invest €3 billion over the next couple of years to develop and operate two hyperscale data centers — one in Northern Europe and one in Southern Europe. By 2028, evroc aims to establish eight hyperscale data centers, as well as three software development hubs across the continent.
In addition, the evroc team also aims to create Europe’s greenest cloud. Data centers have a significant environmental footprint and account for two percent of global greenhouse gas emissions. With a unique eco balancer solution, evroc’s cloud will enable data to flow seamlessly between its data centers and optimize storage based on where renewable energy is currently most readily available (and affordable).
Mattias is the founder for the job. He has successfully started, developed, and subsequently sold five tech companies to major players like Apple, Nokia, Murata, and Schneider Electric, both from Europe and from the US.
This is the ambition Europe needs. We’re super excited to join evroc’s journey and to work alongside their world class team, and co-investors such as Norrsken to power a digital Europe.
/Ted, Ashley, Sandra, Sai & the rest of EQT Ventures
