Business

Soldo named one of Europe’s top cloud companies

24 November 2022   |   13 Minute Read
Soldo is one of Accel's top 100 cloud companies.
Soldo is one of Accel's top 100 cloud companies.

Soldo has been named one of Europe’s top 100 cloud companies by Accel, a venture capital firm of international renown. Accel has previously funded businesses like Facebook, Slack, Dropbox, Spotify, Atlassian and Etsy.

The announcement forms part of Accel’s 2022 Euroscape report. The report delves into how the continent’s (and Israel’s) cloud ecosystem is evolving.

The list is compiled by analysing factors such as strategic and competitive positioning, growth rate and customer feedback. This research was done alongside G2, a leading business software review service.

The full Accel 2022 Euroscape report can be viewed here.

Challenging environment

The report captures a challenging fundraising and operating environment for cloud businesses. No sector is immune from the current economic upheaval.

According to Accel’s Cloud Index, cloud businesses have shed over $1tn in market capitalisation. At the same time, the amount of money invested in private cloud-computing companies in Europe, Israel and the United States dropped 42%.

Despite these challenges, however, Accel remains upbeat about the industry’s future.

The future of cloud

Accel’s report notes that the cloud sector has raised “an unprecedented amount of capital over the past couple of years,” says Phillipe Botteri, a partner at Accel. “A good portion of this capital is still sitting on company balance sheets today.”

The trends driving cloud industry growth over the last decade remain in place. Accel identifies three big secular trends behind cloud growth:

  1. Cloud migration is not losing its momentum, with only 40% of the workloads moved to the cloud.
  2. The need for automation and digital transformation is stronger than ever, with companies pressured to increase efficiency. Accel expects increased spending from $1.8T in 2022 to $2.8T by 2025.
  3. With hybrid work, distributed cloud environments, increasing geopolitical instability, cybersecurity stays top of the agenda.

Top 100 cloud companies

Everyone at Soldo is honoured to feature on Accel’s top 100 list. Indeed, the current economic picture is gloomy. But these things are always cyclical. The cloud sector remains dynamic and growing.

As Accel’s Botteri puts it, “Yes, there’s a reset currently, but we remain strong believers in the secular trends that have fueled the ecosystem’s growth over the past decades and are confident that the long-term momentum will continue.”

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