Scaleup Europe, with a target fund size of €5 billion, has made its first investment in ICEYE
Scaleup Europe, a public-private fund that plans to invest €5 billion in growth-stage technology companies, has made its first investment. The fund co-led the Series F round for Finnish satellite intelligence company ICEYE, according to TechCrunch.
ICEYE is valued at more than $11 billion. The company’s CEO, Rafal Modzewski, stated that space intelligence is becoming critical infrastructure for governments, and Scaleup Europe aims to help such companies compete globally without leaving Europe.
The European Commission announced that the fund is now fully operational, with new investments expected in the coming weeks. Scaleup Europe plans to invest in companies based in the EU or partner countries that operate in strategic sectors. The fund’s mandate covers, in particular, deep tech, life sciences, clean tech, advanced manufacturing, and digital technologies. EQT also cites artificial intelligence, biotechnology, energy, robotics, semiconductors, and the space industry as potential investment areas.
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The fund is managed by the Swedish investment firm EQT, which was selected following an open competition for experienced fund managers. The fund’s first closing was secured by a €1 billion investment from the European Commission. It is investing alongside institutional investors from various European countries, who are referred to as the fund’s founders. According to public information, these include Allianz, APG, CriteriaCaixa, Mouro Capital, Fondazione Compagnia San Paolo, Intesa Sanpaolo, Fondazione Cariplo, EIFO, and Novo Holdings.
Fundraising for Scaleup Europe is expected to continue through 2027. A second round of financing may potentially be opened to non-European investors, provided they align with the fund’s objectives. The European Commission has also suggested a possible expansion of Scaleup Europe to €25 billion.
