European space technology company ICEYE has become the first portfolio company of the EU-backed Scaleup Europe Fund, marking the first investment from one of Europe’s largest growth-stage investment vehicles.
Managed by Swedish investment firm EQT, Scaleup Europe Fund co-led ICEYE’s recently announced €1 billion Series F funding round, which includes €450 million in primary investment and values the company at more than €10 billion.
About Scaleup Europe Fund
- The Scaleup Europe Fund was launched in June 2026 as part of the European Union’s efforts to strengthen Europe’s technology ecosystem. The European Commission has committed €1 billion to the vehicle, while the remaining capital is expected to come from institutional investors. EQT was selected to manage the fund following a competitive process involving multiple leading European investment firms.
- Although the European Commission is a cornerstone investor, it does not select companies receiving funding. EQT independently evaluates and chooses investments based on commercial criteria, operating the vehicle similarly to a private growth fund.
- The fund targets European technology companies from Series B through pre-IPO stages, with expected investments of €100 million or more. Its investment strategy focuses on strategic sectors including artificial intelligence, physical AI, robotics, semiconductors, quantum computing, space, defence, clean energy, biotechnology, and advanced industrial technologies.
- Before ICEYE was announced as the first investment, market attention had been focused on another European technology leader. EQT reportedly was in talks to back French AI startup Mistral AI through the Scaleup Europe Fund’s first deal, potentially participating in the company’s reported €3 billion Series D round. However, those discussions were never officially confirmed, and the fund’s first investment instead came through ICEYE.
About ICEYE
- Founded in Finland, ICEYE develops synthetic aperture radar (SAR) satellite technology that enables real-time monitoring of locations around the world, regardless of weather or time conditions. The company operates one of the world’s largest SAR satellite constellations and provides intelligence solutions for defence, emergency response, insurance, and environmental monitoring.
“Europe has the talent, technology and ambition to build globally leading companies in strategically important industries. We are pleased to welcome EQT as a long-term partner through the fund, as we continue to expand our sovereign intelligence capabilities from Europe for customers across Europe and globally," explains Rafał Modrzewski, Co-founder and CEO of ICEYE.
