🚀EU's Scaleup Europe Fund Backs ICEYE at $11B Valuation

EU's new fund just dropped a $11B valuation on a space startup

The European Commission announced the launch of the Scaleup Europe Fund, which is now fully operational with €5 billion ($5.7 billion) committed to backing growth-stage startups in the EU or partnering countries. The fund's first deal was made public just a day after its announcement: it co-led ICEYE's Series F round and valued the Finnish satellite intelligence company above $11 billion. This is significant for European tech companies looking to scale up, as it provides substantial funding from both public and private sources. The EU’s direct involvement in such large-scale investments marks a shift towards supporting strategic sectors like space-based intelligence, clean tech, and advanced manufacturing. The fund plans to deploy €5 billion into growth-stage startups with the first closing already including €1 billion ($1.15 billion) from the Commission. Founding investors include Allianz, APG, CriteriaCaixa, Mouro Capital, Fondazione Compagnia San Paolo, Intesa Sanpaolo, and others. The Scaleup Europe Fund is managed by EQT, which will help reach its total fundraising target with a 'significant commitment' of its own capital. The fund's scope could extend to €25 billion ($28.9 billion) in the future.