EQT's Scaleup Europe Fund Makes Debut Investment, Co-Leads ICEYE's EUR 1 Billion Series F
EQT-managed Scaleup Europe Fund has made its first investment, co-leading a EUR 1 billion Series F round in Finnish space technology company ICEYE. The round includes EUR 450 million in primary capital and values the Espoo-based company at over EUR 10 billion. ICEYE, founded in 2015, operates the world's largest synthetic aperture radar satellite constellation and reported 2025 revenue above EUR 250 million.
The Scaleup Europe Fund has made its first investment, co-leading a EUR 1 billion Series F round in space technology company ICEYE, headquartered in Espoo, Finland. The round includes EUR 450 million in primary investment and values the company at more than EUR 10 billion. In May 2026, ICEYE secured a three-year EUR 300 million revolving credit facility. The fund was established by the European Commission together with a group of European investors and is managed by EQT, with a mandate to support growth companies in strategic technology sectors across Europe.
Founded in 2015, ICEYE provides persistent monitoring capabilities through the world's largest and most advanced constellation of synthetic aperture radar (SAR) satellites, delivering high-precision intelligence to customers regardless of weather or time of day. In 2025, the company generated revenue of more than EUR 250 million, EBITDA exceeding EUR 100 million, and a contract backlog of over EUR 1.5 billion. ICEYE operates major facilities in Finland, Poland, Spain and Greece, and has expanded into Germany and Portugal with newly established entities in Berlin, Munich and Lisbon.
In August 2026, ICEYE appointed Christos Kolimenakis as chief executive officer of ICEYE UAE. In July, the company formally established its German entity with headquarters in Berlin and Munich, appointing Philipp Herkelmann as CEO for Germany; that same month it set up a Portuguese entity, opening a centre of excellence in Lisbon and naming Rui Costa as CEO for Portugal. On 7 July, the company launched four SAR satellites on SpaceX's Transporter-17 mission, following the launch of six SAR satellites with 25-centimetre resolution on 30 March. In June, the Portuguese Air Force consortium CTI Aeroespacial signed a contract to acquire two SAR satellite systems. The company also appointed Eric Jensen as global chief operating officer and received EUR 28.3 million in additional funding approved by Business Finland, the Finnish innovation agency.
In May, the company formally delivered its MikroSAR system to the Polish Armed Forces, completing the entire process from contract signing to delivery in less than 12 months.