Stockholm startup Evroc has raised more than €50 million in one of Europe’s largest Series A funding rounds in the tech space. This milestone, closed in 2024, reflects growing momentum for Europe’s efforts toward cloud and AI infrastructure independence. As global dependence on cloud technology expands, Evroc’s growth represents a strategic move toward securing the continent’s digital sovereignty.
Through this investment, Evroc will be able to ramp up a number of priority initiatives. Most importantly, the firm will build an AI factory in Mougins, France, and create a flagship AI data center in Stockholm, Sweden.
These initiatives are important in establishing Europe as a hub for native cloud solutions, especially as the continent aims to wean itself off foreign providers. With the cloud adoption rate in Europe behind other parts of the world, such initiatives are more crucial than ever.
The funding round was spearheaded by a heterogeneous pool of international investors dedicated to Europe’s digital future. These include EQT Ventures and Norrsken VC of Sweden, together with lead investor Blisce, which has strong ties to France.
There is also UK-based Giant Ventures that joined, further reflecting broad faith in Evroc’s long-term vision. This diverse financial support indicates a general awareness of the necessity for a more powerful European alternative in the cloud and AI market.
Alexandre Mars, Blisce’s founder and CEO, and a new board member at Evroc, stressed the need for European innovation. “Foreign actors have long dominated the European cloud and AI market. Today, more than ever, Europe needs to seize its digital destiny. With Evroc leading the charge, the continent is making a bold move toward technological sovereignty.”
Similarly, Cameron McLain, managing partner and co-founder at Giant Ventures, highlighted the importance of Evroc in changing the digital profile of Europe. “Evroc is providing cloud and AI technology of world class that addresses Europe’s most progressive businesses’ need for performance and security. This investment is a significant step in creating a competitive, independent, and sustainable tech ecosystem.”
Presently, the cloud adoption in Europe is a mere 41%, whereas it is 78% in America. Thus, the two markets remain far apart from each other, and an ever-increasing gap is giving birth to the necessity for domestic innovation.
In the future, the company is even more ambitious. Based in Stockholm, but with development teams in London and Sophia Antipolis, France, Evroc plans to host ten hyperscale data centers across Europe and employ more than 10,000 individuals by the year 2030.
