Internxt provides zero-knowledge encrypted cloud services such as Internxt Drive and Send and emphasizes client-side encryption that prevents the company from holding decryption keys. The company plans to expand its suite with encrypted communications products — Internxt Meet (video calls), Internxt Mail (email), and Internxt VPN — to launch next year. Internxt has hired several PhD researchers to develop post-quantum encryption algorithms and works with INCIBE on cybersecurity programs. It has grown to more than 30 employees and is targeting about 40 employees by the end of 2024. Financially, Internxt reported its best year to date with revenue above €3M and expects to close 2024 with revenue exceeding €4M. The company has venture participation from Wayra, Notion Capital and Angels Capital and has announced partnerships with PcComponentes and Revolut alongside rapid growth in paying customers. Internxt is a Spanish privacy-as-a-service company that offers a suite of encrypted cloud products including Internxt Drive, Photos and Send, using client-side zero-knowledge encryption plus file fragmentation and distribution. It positions itself as a privacy-first alternative to large incumbents and competes with services such as Google Drive, OneDrive, Google Photos, WeTransfer and privacy-focused rivals like Proton, Nord and Brave. The company grew revenue from €400k in 2021 to over €3M in 2023 and projects more than €4M in 2024, while reporting an 80% gross margin. Internxt’s team has grown to more than 30 employees, and CEO Fran Villalba Segarra retains a 75% ownership stake. The company plans to expand its product suite and strengthen its team in 2024. A recent strategic move included repurchasing 6% of the company from early investor The Venture City, cited as evidence of strong investor returns and company performance. Internxt, founded in 2020, builds distributed internet services and an open-source, blockchain-based cloud storage platform that emphasizes end-to-end encryption and GDPR-compliance to protect user privacy. The company operates a freemium SaaS model that offers 10GB free storage and paid plans ranging from $0.80 to $9 per month for 20GB up to terabyte tiers. Internxt provides web and mobile apps and positions itself as a Google Drive alternative for users seeking data sovereignty. The startup reports 1 million active users and says its revenue and user base grew more than 1,000% in 2021. Internxt generated €4M (~$4.5M) in revenue this year and reports a 90% gross margin. Management says it is using revenue and recent funding to grow sustainably and to establish the company as an anchor platform for Web3 services. Internxt builds a decentralized cloud-storage infrastructure that shards and client-side encrypts files, distributing encrypted fragments across a global network of node operators. Its consumer products include Drive and Photos, with Mail and Send planned and a broader G‑Suite alternative roadmap. The service is freemium (10GB free) with tiered subscriptions and micropayments in crypto to storage providers. The team of ~20 plans to scale headcount to accelerate product development and sustain growth. Operational metrics disclosed: ~1 million active users and roughly 30% month-to-month growth; the stack uses AES-256 client-side encryption audited by S2 Grupo and blockchain-based proofs for node verification. Internxt emphasizes usability to reach mainstream users and positions itself versus Storj, Sia, Filecoin and MaidSafe on privacy, EU data‑protection advantages and interface polish. Internxt builds Internxt Drive, a cloud storage service for individuals and businesses that uses end-to-end encryption and blockchain so only users can view their files. The company was accelerated by Lanzadera and is led by founder and CEO Fran Villalba. Internxt grew its team from 2 employees to 15 by the end of 2020 and plans to double the workforce in the coming months. The company expects to generate €1 million in revenue in 2021. The Angels investment is intended to accelerate growth and hiring in Valencia, where the company operates. Internxt positions itself as a privacy-first alternative to mainstream cloud providers like Dropbox and Google Drive.

Total raised

$128M

Funding rounds

8

Latest round

Equity

Latest activity

May 2024