Norwegian cloud storage player secures €6.47m to expand in Europe

The Online Backup Company has secured €6.47 million in a funding round led by VC Northzone Ventures to expand into to Sweden, Germany, and the rest of Europe. The company provides online backup and disaster recovery solutions, and is the biggest in Norway with 4,000 customers, 35 employees and a turnover close to NKr 50 million.

Tellef Thorleifsson, Partner at Northzone Ventures, Rolf Assev with 12 years of experience as Chief Strategy Officer at Opera Software AS, and Peter Larsson, former CEO of EPiServer, all join the Board.

The company appears to be ‘on trend.’ Morgan Stanley expects the market for cloud services will have an annual growth of 30% to 50% over the next 3 years. Meanwhile, IDC expects the global market size of cloud storage will reach six billion dollars in 2013 — an increase of approximately 150% from 2009.