TL;DR / Executive Summary
- Seraphim portfolio company ICEYE’s €1 billion Series F funding round, announced in June, has gained further detail with confirmation that the European Commission-backed Scaleup Europe Fund co-led the investment.
- The Scaleup Europe Fund, managed by EQT and established with the European Commission and European investors, has made its first investment through the ICEYE funding round.
- ICEYE received €450 million in primary investment as part of the Series F round, which valued the company at more than €10 billion.
The Scaleup Europe Fund, established by the European Commission alongside a group of European investors and managed by EQT, today announced its first investment, co-leading ICEYE’s recently announced €1 billion Series F funding round. The funding round included €450 million of primary investment at a valuation exceeding €10 billion.
“Europe has the talent, technology and ambition to build globally leading companies in strategically important industries. Our own journey reflects that. My co-founder Pekka Laurila and I met as students on an Erasmus exchange, received our first funding through Horizon 2020, and we are grateful for the European Commission’s role in initiating the Scaleup Europe Fund. We are pleased to welcome EQT as a long-term partner through the fund, as we continue to expand our sovereign intelligence capabilities from Europe for customers across Europe and globally,” said Rafał Modrzewski, Co-founder & CEO, ICEYE.
The transaction is expected to close subject to customary regulatory approvals and closing conditions.
