Forget the European summer lull: startups can’t afford to stay still. In the middle of peak vacation time, the European Commission announced the Scaleup Europe Fund was fully operational, with its first deal made public the next day. ICEYE, a Finnish satellite intelligence company valued above $11 billion, is the first startup backed by this public-private vehicle.

The fund plans to deploy €5 billion ($5.7 billion) into growth-stage EU startups in strategic sectors. “Space-based intelligence is becoming critical infrastructure, and Scaleup Europe exists so companies like ours don’t have to leave Europe to compete globally,” ICEYE CEO Rafal Modrzewski wrote. The fund is managed by Swedish asset manager EQT, selected via an open call, and anchored by a €1 billion Commission investment.

Founding investors include Allianz, APG, and others. Scaleup Europe’s fundraising may extend to €25 billion, aiming to fill Europe’s growth funding gap. EQT CEO Per Franzén called it a “big moment for Europe.” The fund targets deep tech, life sciences, clean tech, and digital technologies.