EQT-Backed Cloud Startup Seeks €3 Billion to Challenge Amazon

A Swedish startup backed by the venture arm of EQT AB wants to chip away at the dominance of US cloud providers in Europe by building eight large data centers across the region.

Evroc AB aims to raise as much as €3 billion ($3.2 billion) to fund the project over the next five years using a mix of debt, private funds and financial support from the European Union, according to founder and Chief Executive Officer Mattias Astrom.

The plans for Evroc’s so-called hyperscale cloud centers come as European regulators step up their scrutiny of tech giants such as Amazon.com Inc. ...