The Finnish company hopes to go public in Europe in the future, CEO and co-founder Rafał Modrzewski said.
Finnish space intelligence start-up Iceye is the first to tap backing from the $5bn EU scale-up fund meant to direct growth capital at high-potential companies in the bloc.
The EQT-backed Scaleup Europe Fund contributed €300m to Iceye’s €1bn June raise, the Fund’s co-head and EQT partner Victor Englesson told Bloomberg.
The Series F round was co-led by the Fund alongside General Atlantic with further backing from Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, Nokia and the Qatar Investment Authority, valuing the company at €10bn.
Iceye owns the world’s largest and most advanced synthetic aperture radar satellite constellation and provides continuous monitoring capabilities to its customers in defence, intelligence, environmental monitoring, insurance and emergency management.
