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Funding activity among European cloud companies in 2025 was
characterised by a small number of large transactions alongside a broader range
of early- and growth-stage rounds. The largest deals accounted for a
significant share of the total capital raised, reflecting the substantial
funding requirements of cloud and AI infrastructure businesses.
Geographically, funding activity was spread across Europe,
with the Netherlands, Italy, Germany, Spain and the UK emerging as the most
active markets. While Western Europe continued to dominate in terms of deal
volume and capital raised, companies from Central and Eastern Europe also
secured notable investments, highlighting the growing maturity of the region’s
cloud ecosystem.
Funding activity was concentrated in growth-stage companies,
with Series A, Series B and Series C rounds accounting for the largest share of
capital raised. At the same time, seed, pre-seed, convertible and other funding
rounds indicate continued investment across earlier stages of company
development.
The range of financing structures, including equity rounds and
convertible notes, reflects the diversity of the sector, spanning both
capital-intensive infrastructure businesses and software companies focused on
cloud management, optimisation and automation.
Overall, the data highlights the diversity of Europe’s cloud
ecosystem, spanning AI infrastructure, sovereign cloud, cloud optimisation,
developer platforms and data management technologies (for more detailed analyses of the European technology ecosystem, check out Tech.eu’s annual report: European Tech 2025 – The Big Picture).
Amount raised in 2025: $1.53B
Nscale is an AI infrastructure company that provides a full-stack AI cloud platform, combining GPU cloud services, AI software tools and data centre infrastructure.
Its platform enables enterprises, developers and governments to train, fine-tune and deploy AI models at scale, with a focus on performance, resilience and efficiency.
In 2025, Nscale raised approximately $1.53 billion across two funding rounds ($1.1 billion in September and $433 million in October) to expand data centre capacity and support the growth of its global AI infrastructure.
The company has continued its rapid expansion in 2026, securing approximately $4.19 billion in equity, debt financing and infrastructure funding commitments to accelerate the development of AI infrastructure worldwide.
Amount raised in 2025: $1B
Nebius is an AI infrastructure company that provides cloud computing services designed for AI development and deployment.
The company offers access to high-performance GPU clusters, cloud platforms and managed infrastructure that enable businesses, researchers and AI startups to train, fine-tune and run machine learning models at scale. Nebius combines purpose-built AI infrastructure with software tools and services aimed at supporting the full AI lifecycle, from model development to production deployment.
In 2025, Nebius secured $1 billion for AI cloud platform development.
Amount raised in 2025: $108M
Cast AI is a cloud optimisation and automation platform that helps organisations reduce cloud infrastructure costs and improve the performance of Kubernetes workloads.
Using automation and machine learning, the platform continuously analyses cloud environments to optimise resource allocation, automate scaling and increase infrastructure efficiency across major cloud providers. Cast AI serves enterprises and software teams looking to simplify cloud operations while improving reliability and cost control.
In 2025, Cast AI raised $108 million to help businesses run AI and Kubernetes workloads more efficiently.
Cast AI became Lithuania’s fifth unicorn in 2026, surpassing a $1 billion valuation following a strategic investment and expanding its cloud and AI infrastructure.
Amount raised in 2025: $45M
NexGen Cloud is an AI infrastructure company that provides sovereign AI cloud services, GPU computing and large-scale AI infrastructure for enterprises, developers and AI startups.
Through its Hyperstack platform, the company offers on-demand access to high-performance NVIDIA GPUs, enabling customers to train, fine-tune and deploy AI models at scale. Founded in 2020, NexGen Cloud focuses on delivering secure, scalable and sustainable AI infrastructure powered by renewable energy across Europe and North America.
NexGen Cloud raised $45 million in 2025 to expand its hyperscale infrastructure globally, with a particular focus on building sovereign AI infrastructure across Europe.
Amount raised in 2025: €28.8M
Impossible Cloud Network (ICN) is a decentralised cloud infrastructure platform that connects enterprise-grade hardware providers into a distributed network for cloud computing, storage and networking services.
The company aims to offer a scalable alternative to traditional hyperscale cloud providers by leveraging underutilised infrastructure, enabling businesses and developers to access cloud resources with greater transparency, resilience and cost efficiency.
In 2025, Impossible Cloud Network secured €28.8 million to become an alternative to “monopolistic hyperscalers”.
Amount raised in 2025: $21M
E2B is a cloud infrastructure platform designed for AI applications and AI agents.
The company provides secure, isolated cloud environments where developers can run code, execute tasks and build AI-powered workflows, enabling AI systems to interact with tools and external data safely. Its platform is designed to simplify the deployment of AI agents while providing the scalability and reliability required for production environments.
E2B raised a $21 million Series A round in 2025 to expand its secure, scalable infrastructure platform for deploying AI agents in enterprise environments.
Amount raised in 2025: $10M
Akamas is an AI-powered cloud optimisation platform that helps organisations improve application performance while reducing infrastructure costs.
The platform continuously analyses application and cloud environments, automatically identifying and implementing resource configuration changes to optimise performance, efficiency and sustainability. Akamas is designed for enterprises running complex workloads across cloud-native and Kubernetes environments.
In 2025, Akamas raised $10 million to fuel international growth, invest in product development and scale its cloud optimisation technology for enterprise environments.
Amount raised in 2025: $10M
StackGuardian is a cloud infrastructure automation platform that helps organisations manage, provision and govern cloud resources across multiple environments.
The platform combines infrastructure-as-code, policy controls and workflow automation to streamline cloud operations, improve compliance and reduce manual effort. Designed for DevOps, platform engineering and cloud teams, StackGuardian enables organisations to deploy and manage cloud infrastructure more efficiently at scale.
StackGuardian raised $10 million in Series A funding in 2025 to accelerate its expansion across Europe and the US and further develop the AI capabilities of its infrastructure automation and orchestration platform.
Amount raised in 2025: €7.5M
PoliCloud is a French sovereign cloud infrastructure company that develops and operates a network of modular micro-data centres for AI, high-performance computing and secure data storage.
Its distributed cloud platform enables public institutions, enterprises and local organisations to run workloads on locally governed infrastructure designed to provide greater data sovereignty, energy efficiency and resilience than traditional hyperscale cloud models.
PoliCloud raised €7.5 million in seed funding in 2025 to expand its sovereign cloud infrastructure platform, grow its operating team and support international expansion, with a particular focus on serving public sector organisations across Europe.
Amount raised in 2025: €3.3M
Internxt is a cloud storage company that provides privacy-focused file storage, backup and file-sharing services.
The company uses end-to-end encryption and a zero-knowledge architecture to ensure that users retain control over their data, while offering a secure alternative to traditional cloud storage providers. Its platform is designed for both individuals and businesses seeking greater privacy, security and data ownership in the cloud.
Internxt raised €3.3 million in 2025 to expand internationally and further develop its privacy-focused cloud and digital services platform.