Special news issue June 6, 2023: Evroc, State of European Tech First Look 2023

There won't be a regular newsletter at 17:00 CET today since it's Swedish national holiday. However, the widely ambitious Stockholm-based hyperscale cloud startup Evroc decided to emerge from stealth mode this very morning. That in my view justifies a brief special news issue.

I covered Evroc for the first time in early February, when initial signs of this undertaking emerged. Now the company unveiled details in a press release and an article at TechCrunch.

The tl;dr: Evroc, founded in 2022 by the serial entrepreneurs & investors Mattias Åström, Andreas Birnik and Andreas Jönsson, raised €15M ($16M) in seed funding from backers such as EQT Ventures and Norrsken VC, to build fully localized, hyperscale data centers across Europe.

Evroc aims to establish an inaugural pilot data center in the Stockholm region next year, with plans for eight data centers — and three software development hubs — by 2028. The company's ultimate mission is to create Europe’s “first secure, sovereign, and sustainable hyperscale cloud,” and end the “foreign dominance of the European cloud market.”

Evroc is planning to raise an additional €3B in equity, debt and “various sources of public funding” to get its first two data centers off the ground. “The first one will be established in 2025,” Åström told TechCrunch.

I can't deny it: This is pretty exciting, if it works out.

And in other European tech news, in case you have some time available today on this Swedish public holiday: Atomico just released its "State of European Tech" intermediate report for 2023. Tech.eu has a summary, and here's the report.

That's it, have a good day!