The investment signals a strategic shift for the €5 billion target fund, which aims to bridge the continent’s persistent growth capital gap by backing high-stakes technology firms. ICEYE, founded in 2014, operates the world’s largest synthetic aperture radar satellite constellation. The company has recently demonstrated its rapid deployment capabilities by delivering an operational sovereign satellite system to Poland in less than twelve months.
In section Releases
EQT’s Scaleup Europe Fund debuts with €1 billion ICEYE investment
Finland’s ICEYE, a specialist in sovereign space intelligence, has secured a €1 billion financing round co-led by EQT’s newly minted Scaleup Europe Fund. The deal, which includes €450 million in primary capital, pushes the satellite operator’s valuation past the €10 billion mark, marking the fund’s first major market move.
Victor Englesson, partner at EQT and co-head of the fund, described the move as a blueprint for the firm’s strategy: supporting ambitious founders in sectors like dual-use technology and space innovation. For ICEYE CEO Rafał Modrzewski, the partnership marks a transition from early European institutional support—including initial funding via Horizon 2020—to the global scaling phase. The infusion of capital is set to bolster the company’s expansion across its existing hubs in Finland, Spain, Greece, and Poland, as well as its newer operations in Germany and Portugal.
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