Finland-based cloud infrastructure technology developer Nordcloud has raised €20m ($22.6m) from financial services firm OP Corporate Bank and government-owned financing vehicle Finnvera.
Founded in 2011, Nordcloud provides technology that enables enterprise customers to transition from legacy IT into using public cloud platforms such as Amazon Web Services, Microsoft and Google.
The company offers a range of services including cloud migration, security, application development, digital design, cloud training and development support.
In addition to supporting the hiring more than 500 additional staff in the next 18 months, the funding will be invested in NordCloud’s research and development efforts and international expansion.
The company had received a $2.8m loan from insurer LocalTapiola Mutual Insurance Company in 2016, having previously been part of accelerator EIT Digital before adding €1m in funding from Finnvera in 2015.
Nordcloud chief executive Jan Kritz said: “Over the past three years our organic growth rate has been over 500%. Together with our partners, people and customers, we have realised our vision of bringing about truly agile and efficient corporate IT through hyperscale cloud and software.
“This latest funding gives us additional tools to do more for our customers, expand our service portfolio and accelerate our European expansion.”
OP Corporate Bank’s investment was backed by the InnovFin SME Guarantee Facility, which is supported by the European Union’s Horizon 2020 Financial Instruments and the European Fund for Strategic Investments.