The Scaleup Europe Fund (SEF) has completed its first investment by co-leading a €1 billion funding round for Finnish space technology company ICEYE, marking the operational launch of the European Union-backed investment vehicle aimed at supporting high-growth strategic technology companies.
The financing includes €450 million in new capital raised through ICEYE’s Series F round, valuing the company at more than €10 billion. Alongside the Scaleup Europe Fund, the round was co-led by General Atlantic and included participation from several Finnish investors.
Founded in 2014, ICEYE has become one of Europe’s leading providers of synthetic aperture radar (SAR) satellite technology, operating one of the world’s largest SAR satellite constellations. The company supplies sovereign intelligence capabilities to seven European governments and has expanded its footprint across Finland, Poland, Spain, Greece, Germany, and Portugal.
Supporting Europe’s strategic technology champions
This investment is the first deployment of capital by the Scaleup Europe Fund, an initiative backed by the European Commission and managed by EQT. The fund was created to address Europe’s long-standing shortage of late-stage growth financing and help innovative companies expand globally while maintaining their headquarters and operations within Europe.
“Our first investment reflects exactly what the Scaleup Europe Fund was created to support: ambitious European founders building globally competitive companies in strategically important technologies,” said Victor Englesson, Partner at EQT and Co-Head of the Scaleup Europe Fund.
ICEYE CEO and co-founder Rafał Modrzewski described the investment as a strategic milestone, noting that it represents “more than capital” and “a long-term vote of confidence in a European company staying European while going global.”
Space technology at the heart of European sovereignty
ICEYE has positioned itself as a key player in Europe’s growing sovereign space capabilities, recently delivering an operational satellite intelligence system to Poland in less than a year after contract signature.
The Scaleup Europe Fund plans to invest in sectors including artificial intelligence, quantum computing, dual-use technologies, clean energy and biotechnology. Although the fund has now begun deploying capital, fundraising efforts continue toward its long-term target of €5 billion, with the objective of strengthening Europe’s ability to scale strategic technology companies without relying primarily on overseas investors.