Valencia-based Internxt snaps up €250K seed funding to expand its cloud storage tech

Today Spanish startup Internxt has announced successfully closing a €250K seed round, with a €2 million valuation. The funds will be used to expand its team, and increase development and marketing efforts.

Internxt, founded in 2017, aims to create a vast range of innovative mass-market services that disrupt various technology industries. Its first product, X Cloud, is a distributed, highly secure, private and beautiful cloud storage service that strives to compete with services such as Dropbox, pCloud and Amazon S3.

In March 2020, the team launched X Cloud’s desktop version for mac OS, Linux, and Windows. Users can start with the 2GB storage completely free plan, and upgrade to one of the larger plans for free with one month to try it out. The team boasts solid levels of privacy protection, as well as 24/7 support available in Spanish and English.

These fresh funds were invested by a pool of investors, with €200K coming from SociosInversores, Delwik Group, ESADE BAN, and ex-directives from companies such as Telefonica and Vodafone, and a further €50K of debt-funding coming from Caixa Popular. The group of investors now own around 10% of the company, and intend to support founder and CEO Fran Villalba Segarra, who remains the majority shareholder, in taking Internxt to the next level.  

The cash injection is expected to be spent pushing Internxt’s growth at high speed over the next few years. The startup expects to increase its number of employees in development and sales in order to keep improving X Cloud and creating further disruptive products, and will significantly increase its marketing expenditure and reinvest all its earnings into further growth.

Internxt’s founder and CEO Fran Villalba Segarra commented:We are really excited about having closed this seed round and expect to take the company to a way higher level than that we’d have been able to take it without this extra cash injection.”

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