Nordcloud announced €20 million in funding from Finnvera plc and OP Corporate Bank plc.

Nordcloud, a Helsinki, Finland-based company providing public cloud services announced the completion of a €20M ($22.6M) capital funding round.

The backing was provided by Finnvera plc and OP Corporate Bank plc. and will be used for growth, international expansion and development of its offering portfolio to address evolving customer demand.

The financing from OP Corporate Bank plc is supported by the InnovFin SME Guarantee Facility, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.

Nordcloud, founded in 2011 and led by CEO Jan Kritz, delivers cloud infrastructure solutions and services, as a partner for deploying major public cloud platforms: AWS, Microsoft and Google. The company employs more than 400 people across 10 European markets and a revenue run-rate of over €60 million.

Nordcloud was part of EIT Digital Accelerator, supporting its early growth phase during 2014-2015. In 2014, EIT Digital helped the company to secure AWS Premier Consulting partnership with Amazon, which is a highly valued status awarded to leading cloud companies.

In 2015, EIT Digital also helped Nordcloud to secure €1 million funding from Finnvera, the Finnish public financing company. With the investment, Nordcloud was able expand to key European markets, including the UK, Netherlands and Germany. Today, the company is headquartered in Helsinki with offices in Stockholm, Malmö, Oslo, London, Amsterdam and Munich.

In 2016, Nordcloud has raised EUR 2.5 million in form of a junior loan from LocalTapiola Mutual Insurance Company.