Swedish cloud startup evroc is planning to raise €3bn ($3.2bn) over the next few years to build and operate two hyperscale data centres in Europe.

evroc, which recently closed a seed funding round, is backed by EQT Ventures and Norrsken VC.

Through the initiative, the company aims to put “an end to the foreign dominance of the European cloud market.”

The company said it will build one data centre in Northern Europe and one in Southern Europe.

evroc plans to build eight hyperscale data centres across the continent, along with three software development hubs that will each employ over 3,000 people by 2028.

evroc founder and CEO Mattias Åström said: “The lack of home-grown hyperscale cloud providers poses a serious challenge for Europe. Not only because our citizens’ data is placed under foreign ownership by companies operating under laws that conflict with European privacy legislation.

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By GlobalData

“It is also a real threat to our long-term competitiveness in a digital world where others are advancing much faster. Europe’s digital economy must be built on a European foundation.”

The Stockholm-based company noted that a robust European hyperscale cloud is key for driving Europe’s digital economy and protection of intellectual property rights.

It will also establish European digital sovereignty in line with privacy regulations, the company said.

evroc is already testing its software stack with certain clients from the government, military, financial services, and automotive industries.

In 2024, evroc will build a trial centre in Stockholm and commence the site selection process for the first two European hyperscale centres and software development hubs.

Separately, IBM, a US-based technology company, said it will build a quantum data centre in Europe.