UpCloud announced securing a €18 million financial package

Finland Investments 21 January 2020
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UpCloud, a Helsinki, Finland-based provider of high-performance cloud services, announced the completion of a financial package totalling €18 million ($20M).

The deal is structured as equity (€11M/$12M) and bank loans, and was backed by new and existing shareholders, including Connected Capital & Partners, Tesi and venture capital investor Inventure.

The money will be used to accelerate the company's growth and international expansion.

UpCloud, founded in 2011 by CEO Antti Vilpponen, sells cloud capacity, storage space and network solutions to small and medium-sized technology companies. The company has 52 employees based in Finland, the UK, Germany, Singapore and the United States and provides services via eight data centers located in Amsterdam, Chicago, Frankfurt, Helsinki, London, San Jose and Singapore.

UpCloud is almost breakeven, as it lost €300k at a turnover of €9.6 million in 2019. In 2016 it raised €4 million in a deal led by Inventure.