Madrid-based Jotelulu, a cloud platform that transforms small IT companies into cloud service providers, announced that it has secured €4M in a Series A round of funding.
The investment was led by Adara Ventures, one of the leading European deep tech funds, with participation from US-based fund G2A Investment Partners.
Existing investors Fundación Bankinter and Big Sur Ventures have also participated in this round to support Jotelulu in this next stage of growth.
Turning IT companies into cloud service providers
Jotelulu’s platform allows any IT firm to sell cloud services at a competitive price, under its own brand, and without having to rely on the infrastructure of massive cloud giants.
David Amorín, the founder and CEO of Jotelulu, founded the company in 2018.
Inspired by his own failure to sell cloud services to SMEs, Amorín turned his IT firm into a cloud services platform to address the major difficulties IT companies face in offering cloud services and accelerate the digital transformation of SMEs across Europe.
Over 3,000 SMEs and 10,000 customers in Spain and Portugal are now utilising Jotelulu’s products, making the platform a significant cloud player in the area.
Despite these figures, the great majority of SMEs (almost 90 per cent, according to INE) have yet to contract cloud services in Spain, demonstrating that this sector is still vastly underserved.
Amorín says, “The only way to get SMEs onboarded to the cloud is through the IT company – the technology partners that SMEs already trust. We offer a unique and simple solution to the challenges faced by IT companies who wish to provide cloud services.”
Capital utilisation
Jotelulu says it will use the funds to accelerate expansion in France and beyond. The company claims to have solidified its place as a top cloud provider in the Spanish and Portuguese markets, with over 10,000 users and Y-o-Y growth rates close to 200 per cent.
CEO David Amorín says, “Receiving the backing of our new partners, Adara Ventures, is a strong recognition of all our hard work over the past few years and great motivation for the future.”
“This new round of financing will allow Jotelulu to strengthen our position in the markets where we’re already leading and accelerate our expansion efforts into the French market, one of our main focuses in the short term.”
By guaranteeing IT partners have access to the most recent technologies and cloud security, the funding will also assist Jotelulu in constantly enhancing the value it provides to its current clients.
About the investors
Adara Ventures backs ambitious businesses, partnering with founders with vision, courage and the capacity to execute. The firm has managed €200M and invested in 43 startups in the last 18 years.
Adara’s portfolio consists of businesses involved in cybersecurity, data applications and infrastructure, DevOps, hardware components, and digital health. It is focused on early-stage businesses and has a European presence.
G2A Investment Partners is a venture capital firm that provides smart finance and innovative solutions to fast-growing technology firms. It is headquartered in the US and has offices in Europe and Brazil.
Big Sur Ventures is a VC firm that backs early-stage (seed) innovative technological firms that have the potential to disrupt market sectors. Its primary focus is on technology-enabled goods and services (internet, software, and information technology).
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