Swedish Startup Evroc Raises $55 Million To Build European Hyperscale Cloud - 1

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

  • Written by Andrea Miliani Former Tech News Expert
  • Fact-Checked by Sarah Frazier Former Content Manager

In a rush? Here are the quick facts:

  • Evroc raised €50 million to build a new hyperscale data center and acquire land for another.
  • The startup has expanded its goal from eight data centers and 3,000 jobs to ten data centers and over 10,000 employees.
  • Evroc’s new AI factory will be built in Mougins, France, with another data center planned for Stockholm, Sweden.

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.

Factorial Secures $120 Million from General Catalyst to Expand - 2

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Factorial Secures $120 Million from General Catalyst to Expand

  • Written by Andrea Miliani Former Tech News Expert
  • Fact-Checked by Sarah Frazier Former Content Manager

The Barcelona-based company Factorial secured $120 million from the American venture capital firm General Catalyst. The deal represents an expansion of a previous agreement settled last year, raising the total investment to $200 million, for geographical expansion.

In a rush? Here are the quick facts:

  • Factorial secures $120 million from General Catalyst, bringing its total investment to $200 million for expansion in Europe.
  • The Barcelona-based HR tech unicorn plans to grow in Germany, France, and Italy, leveraging AI-driven business solutions.
  • Founded in 2016, Factorial has evolved from an HR software company to a comprehensive business management platform.

According to the press release shared by the Spanish unicorn—which achieved this status in 2022—, the new investment solidifies a strong partnership, driven by Factorial’s 2024 results.

The company, founded in 2016, plans to expand to Germany, France, and Italy as part of the next phase of growth, leveraging its rapid adoption.

“From our perspective, it’s rare to see a company grow as fast and efficiently as Factorial did in 2024,” said Pranav Singhvi, General Catalyst’s Managing Director. “Their ability to scale sustainably while staying at the forefront of innovation made this an easy decision for us.”

Factorial has evolved from an HR software company to a business management platform as it has included new services and new technologies such as artificial intelligence processes, as reported by the Spanish newspaper El País .

The company reached over 13,000 clients in 2024 and expects to reach 20,000 this year. Its CEO and co-founder Jordi Romero explained that to boost growth they’ve been hiring up to 50 new employees per week, expanding its team from 900 to 1,300 workers.

“Factorial’s efficient and predictable growth enables us to pursue ambitious expansion without diluting our shareholders – making us a rare company that is both hyper-growth and financially sustainable,” states Romero in the press release.

The company’s fastest-growing market at the moment is Germany, where customers seem to appreciate its all-in-one platform the most.

Factorial is not the only Spanish unicorn expanding recently. In January, the business travel company TravelPerk raised $200 million —reaching a $2.7 billion valuation—to accelerate growth, develop its technology, and expand to the United States.