Jotelulu, a platform that helps transform IT companies into cloud service providers, has closed €4 million in a Series A round of investment.
Adara Ventures, a European deep tech funds, led the round, with participation from US-based fund G2A Investment Partners and previous investors Fundación Bankinter and Big Sur Ventures, who are committed to supporting Jotelulu in this next stage of growth.
With this new round of financing, Jotelulu is focused on internationalisation and its launch in the French market. The company has already consolidated its position as a leading cloud provider in the Spanish and Portuguese markets, with more than 10,000 users and YoY growth rates close to 200%.
Jotelulu provides a platform that allows any IT company to sell cloud services competitively, under its own brand, and without having to rely on the infrastructure of large cloud giants.
“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,” said David Amorín, CEO of Jotelulu. “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.”
The new funding will also help Jotelulu continuously add value to its existing customers, ensuring IT partners have access to the latest tools and cloud security.
“We are delighted to be leading this investment in Jotelulu, a company that truly understands the IT needs of SMEs and is committed to supporting them in the digital age,” said Jorge Barón, Associate at Adara Ventures. “We are confident in their ability to reshape the cloud services landscape for this customer segment, and we look forward to supporting the team during this next stage of international growth.”
Jotelulu’s solutions are already being used by more than 3,000 SMEs and 10,000 total users across Spain and Portugal, making the platform a key cloud player in the region. However, despite these impressive numbers, a vast majority of SMEs (nearly 90% according to INE) have yet to contract cloud services in Spain, highlight this sector is still enormously underserved.
It is still challenging for IT companies to offer cloud services to the SME segment for many reasons. Besides the usual reseller complexities, many IT companies lack the right tools and support throughout the entire cloud software sales and management lifecycle – from marketing materials and documentation to help their sales teams to legal contracts and creating invoices.
Jotelulu makes all of these services available as white label products, allowing IT companies to easily resell them as their own and bundle any combination of services to fit their specific customers’ needs. As a result, IT companies are able to provide higher quality support and cloud solutions to their SMEs clients and, ultimately, improve their profit margins on selling these services.
“The only way to get SMEs onboarded to the cloud is through the IT company – the technology partners that SMEs already trust,” said Amorín. “We offer a unique and simple solution to the challenges faced by IT companies who wish to provide cloud services.”
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