Northzone Invests €6.47 M In The Online Backup Company

The Online Backup Company closed a NKr 50 million deal (€6.47 m) with Northzone and its partners to help the company expand to Sweden, Germany, and the rest of Europe. You probably guessed it from the name, but the company provides online backup and disaster recovery solutions, and has seen steady traction in its home in Norway with 4000 customers, 35 employees and a turnover close to NKr 50 million.

Cloud services have been a hot topic on everyone’s mind in recent months, and analyists at Morgan Stanley expect the market to grow 30-50% in the next three years. In 2011, OBC made it onto Deloitte’s Fast50 Norway and Fast500 EMEA Technology Lists of Europe’s fastest growing technology companies.

“The Online Backup Company is a very exciting company that we have followed for some time. The company has proved that focused niche thinking within IT services generates very good results in Norway, and we strongly believe that The Online Backup Company will be able to compete in the European market,” says Tellef Thorleifsson, Co-Founder and Partner in Northzone Ventures.

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