What’s Scaleup Europe, the $5.7B fund that just backed satellite company ICEYE?
Scaleup Europe, a public-private fund with a $5.7 billion target, made its first investment by backing Finnish satellite company ICEYE.
The European Commission has unveiled the Scaleup Europe Fund, a $5.7 billion initiative aimed at supporting high-growth startups across the EU and partner countries in strategic sectors. This public-private venture, co-led by investment firm EQT, has already made its first investment in Finnish satellite intelligence company ICEYE, whose valuation now exceeds $11 billion.
ICEYE's CEO, Rafal Modrzewski, praised the fund's significance, stating that European space-based intelligence is becoming critical infrastructure for governments. The scale-up fund plans to deploy €5 billion into growth-stage startups over the next few years, with EQT managing the fund and aiming for further fundraising up to €25 billion.
Established by the Commission, the scale-up fund's mandate includes deep tech, life sciences, clean tech, advanced manufacturing, and digital technologies. Its first investors include Allianz, APG, Santander-owned Mouro Capital, and EIFO, among others.
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