EQT has launched its €5bn Scaleup Europe Fund and made its first investment by co‑leading a €450m round in Finnish satellite imaging firm ICEYE. The deal is part of a larger €1bn financing that values ICEYE at more than €10bn. This marks the first deployment from Europe’s largest growth‑capital vehicle, created by the European Commission.

The fund, targeting high‑potential companies in AI, space, clean energy, biotech and advanced industry, is managed by EQT and aims to support technology firms that can scale across the continent. The €5bn target reflects the Commission’s ambition to channel European capital into the next generation of commercial technology ventures.

ICEYE’s valuation surge underscores the growing demand for satellite‑based imaging in defense, weather forecasting and environmental monitoring. The partnership with EQT signals confidence in the company’s platform and the broader European tech ecosystem.

Investors see the fund as a strategic vehicle to capture innovation across borders while fostering domestic technology ecosystems.