EQT's Scaleup Europe fund makes first investment in ICEYE
EQT's Scaleup Europe fund has invested in European space technology company ICEYE as part of a €1 billion funding round. The investment supports the growth of Europe's technology sector.
Private equity firm EQT announced that its Scaleup Europe fund has completed its inaugural investment. The fund co-led the Series F funding round for ICEYE, a Finnish company specializing in space technology. The company raised a total of €1 billion in financing, including €450 million in primary proceeds, achieving a valuation exceeding €10 billion.
Founded in Finland in 2014, ICEYE is described as Europe's leading provider of sovereign intelligence from space. The company operates one of the world's largest synthetic aperture radar satellite constellations and supplies end-to-end systems to several European governments. ICEYE has recently demonstrated rapid deployment capabilities, including delivering satellite capability to Poland within a year of contract signing.
The Scaleup Europe fund aims to support European scaleups, particularly in strategically important technology sectors. The fund intends to address Europe's growth capital gap, enabling companies to scale globally while remaining based in Europe. For ICEYE, this investment represents a significant step in its growth and international expansion.
This investment underscores a commitment to fostering European innovation and technological competitiveness. EQT stated that such investments are crucial for enabling European companies to become global leaders without relocating their operations. ICEYE plans to use the funding to further develop its satellite technology and expand its services to international markets.