Forget the European summer lull: startups can’t afford to stay still, and Brussels is following suit. In the middle of peak vacation time, the European Commission announced that the Scaleup Europe Fund was fully operational, with investments “expected in the coming weeks.” But its first deal was actually made public the very next day.
ICEYE, a Finnish satellite intelligence company now valued above $11 billion, is the first startup backed by this unique public-private vehicle, which co-led its Series F. Similar deals should follow soon; Scaleup Europe plans to deploy €5 billion ($5.7 billion) into growth-stage startups based in the EU or partnering countries and operating in strategic sectors.
