Scaleup Europe Fund makes debut investment by co-leading ICEYE’s €1 billion Series F round
EQT today announced that the Scaleup Europe Fund has completed its first investment by co-leading Espoo-based SpaceTech company 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. In May 2026, ICEYE announced that it has secured a €300 million 3-year […] The post Scaleup Europe Fund makes…
The Scaleup Europe Fund, established by the European Commission alongside a coalition of European investors under EQT's management, has made its initial investment by co-leading ICEYE's €1 billion Series F funding round. This round includes €450 million in primary investment, propelling ICEYE's valuation to over €10 billion. In May 2026, ICEYE secured a €300 million three-year committed revolving credit facility (RCF).
The Scaleup Europe Fund, headquartered in Brussels, aims to bolster European innovators, ensuring they have the necessary resources to grow into globally leading companies. President of the European Commission Ursula von der Leyen emphasized the fund's mission to transform European innovation into a competitive edge. ICEYE, founded in 2015, specializes in persistent monitoring technologies, offering low-latency intelligence, regardless of weather or time of day, to various sectors including defence, environmental monitoring, and emergency management.
Rafał Modrzewski, co-founder and CEO of ICEYE, expressed gratitude to the fund for its support as the company continues to expand its sovereign intelligence capabilities from Europe. ICEYE's recent accomplishments include crossing €250 million in revenue and €100 million in EBITDA in 2025, with a backlog exceeding €1.5 billion. The company has established a significant European presence, opening offices in Germany and Portugal, and recently deployed four new SAR satellites into orbit.
The Scaleup Europe Fund's strategy encompasses partnerships with Europe's leading technology firms in AI, quantum computing, clean energy, space technology, biotech, and medical innovation, targeting industries crucial to Europe's future.
Written by urgent.news from EU-Startups's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
