TEKEVER raises $580M Series D at $6.4B valuation
What's the deal? European defence company TEKEVER has raised $580 million in a Series D round, according to a funding database record. The deal values the company at $6.4 billion.
Why does it matter? The round is among the larger defence-technology raises in Europe, reflecting rising investor interest in the sector.
Who's backing it: The round was led by UC InvestmentsDealroom has a profile for this one. Try Dealroom →, the University of California's investment office, together with Baillie Gifford, marking UC Investments' first direct investment in Europe. Crescent CoveDealroom has a profile for this one. Try Dealroom →, Ventura CapitalDealroom has a profile for this one. Try Dealroom → and Iberis CapitalDealroom has a profile for this one. Try Dealroom → continue as shareholders, and Merlyn Advisors joins as a new strategic investor. This first close covers the majority of the fundraise; TEKEVER expects additional closings over the coming months to bring on more strategic investors.
Why now? The raise follows TEKEVER's selection by the UK Ministry of Defence to deliver CORVUS, the British Army's new surveillance capability, under a programme worth up to £400 million over the next decade and built on the company's AR5 platform. TEKEVER, a Portuguese-founded defence and aerospace company, combines aircraft (including the AR3/AR3 EVO and the longer-range AR5), sensors, communications and AI-driven data processing so customers can collect and analyse intelligence in real time, across battlefield surveillance, maritime patrol, border monitoring and search-and-rescue missions.
"Having such a long-term investor like UC Investments choose TEKEVER for its first direct investment in Europe is a powerful endorsement of our technology, our team and our long-term vision," said Ricardo Mendes, founder and CEO of TEKEVER.
The signal: Capital continues to flow into European defence startups, and TEKEVER's valuation underscores how quickly the sector has matured.
Read more: Tech Funding News
Image credit: TEKEVER
