Iceye secures EUR 200 million as high-profile investors pile in

The company, one of Europe’s most innovative in the space sector, builds satellites equipped with SAR radar, allowing for precise, all-weather observation of the Earth. While its operations are rooted in Finland, Iceye remains firmly under Polish leadership.

The Series E round brought in EUR 150 million of fresh capital and an additional EUR 50 million through the sale of existing shares, valuing the business at EUR 2.4 billion - around USD 2.8 billion or PLN 10.16 billion. The funding positions Iceye to expand its satellite constellation and solidify its place among the continent’s space-tech frontrunners.

A major funding round for Iceye

Iceye has unveiled a distinguished roster of investors backing its latest financing round. Leading the charge was General Catalyst, the global investment firm managing USD 43 billion in assets at the end of 2024.

European investors also played a key role. Among them were Denmark’s A.P. Moller Holding, France’s Bpifrance, Poland’s Vinci fund (part of the BGK Group), and RiO, the family office founded by Rafał Brzoska and Omenaa Mensah.

“I am pleased that Polish capital is increasingly involved in Iceye in this round of financing. Polish institutions and funds are becoming bolder in supporting modern technologies, including solutions critical for Poland’s security and Europe’s technological sovereignty. I would like to thank Vinci from the BGK Group for increasing its investment and RiO Family Office for trusting and supporting our vision,” said Rafał Modrzewski, Iceye’s CEO and co-founder.

Finnish investors also contributed, including Solidium, Ilmarinen, European Tech Collective, Keva, Lifeline Ventures, Tesi, Varma Mutual Pension Insurance Company, and Petera Sarlina.

“This funding will allow us to deepen our commitment by expanding our world-leading SAR satellite constellation, developing next-generation observation solutions, and enhancing data analysis services that help governments and organizations manage risk and respond faster. For European countries and their allies, this means greater autonomy in accessing space-based information and a partner capable of delivering industrial-scale solutions,” Modrzewski added.

Tracking Iceye’s growth

A year ago, in December 2024, Iceye, the startup founded by Rafał Modrzewski, closed another financing round, raising USD 65 million. The latest funds effectively extend that previous round. Over the course of 2024, the company secured a total of USD 158 million, bringing its cumulative investment to over USD 500 million.

In April this year, BGK [Poland’s state development bank that supports public investments and economic growth] and Iceye announced a PLN 40 million investment from the Polish state-owned institution. While details were scarce at the time, Iceye’s CEO confirmed that the company had already surpassed a valuation of USD 1 billion (around EUR 930 million or PLN 4.3 billion).

“We view Iceye both as an active investor and as a purely financial backer. At Vinci, we aim to influence the growth of companies, and as the investment arm of BGK, we can operate efficiently within the public sector, which is currently an important partner and customer for Iceye. Naturally, we also expect a solid return on investment. The company has tremendous growth potential,” said Bartosz Drabikowski, president of Vinci, at the time.

What’s next for Iceye

According to company representatives, the new capital will accelerate Iceye’s growth and support the expansion of its SAR satellite constellation. The startup also plans to speed up the deployment of sovereign satellite missions for its customers and to develop advanced solutions for Earth observation and data analysis.

“Iceye’s SAR technology has become a key strategic and operational tool for governments and institutions worldwide. Our team has repeatedly demonstrated that advanced SAR capabilities can deliver concrete results for customers who need answers in minutes, not days,” said Rafał Modrzewski.

The company maintains close ties with the military. Its agreements include partnerships with the Polish Armed Forces, the Portuguese Air Force, the Royal Netherlands Air Force, the Greek National Space Program, and the Finnish Armed Forces. Iceye has also signed a separate agreement to supply SAR data to NATO’s Allied Command Operations.

Investor's perspective

Iceye and Europe’s security

Europe’s security begins with sovereign capabilities in space. Iceye provides these capabilities through the world’s largest constellation of SAR radar satellites, programmable platforms, and the ability to execute fully sovereign missions—restoring independent European access to critical observation data.

With on-demand satellite imagery, governments and intelligence agencies can better safeguard borders, while nations seeking full autonomy in reconnaissance can conduct their own comprehensive satellite missions. This is why Iceye is increasingly viewed as an emerging global leader in the space sector.

Jeannette zu Fürstenberg

Managing Director and Head of General Catalyst w Europie

Iceye’s edge

With the world’s largest constellation of synthetic aperture radar (SAR) satellites, Iceye delivers near-instant insight into changes on Earth—around the clock, in all weather conditions. SAR technology uses radar pulses that penetrate clouds, smoke, and darkness, enabling continuous observation and rapid response for defense and intelligence, security, maritime monitoring, disaster management, as well as insurance and finance.

Iceye is also driving the shift to programmable satellites with its fourth-generation platform. The company offers the world’s most accurate commercial SAR imagery, with resolutions of up to 16 cm. The platform is designed to receive new capabilities via software updates from the ground, eliminating the need to replace onboard equipment.

To date, Iceye has launched 62 satellites into orbit and plans to reach an average production rate of one satellite per week starting next year. The Polish-Finnish company operates globally, with offices in Poland, Finland, Spain, the United Kingdom, Greece, and the United States, and employs a team of over 900 people.

Key Takeaways

1. Iceye, the Helsinki-based space-tech company founded by Polish entrepreneur Rafał Modrzewski, has closed an impressive Series E funding round worth €200 million, valuing the business at €2.4 billion (approximately PLN 10.16 billion). Leading the round was General Catalyst, joined by key European investors, including Poland’s Vinci fund and Rafał Brzoska’s RiO Family Office. The capital will accelerate the expansion of Iceye’s SAR satellite constellation and support the development of advanced technological solutions.
2. With the world’s largest commercial constellation of SAR radar satellites, Iceye is playing an increasingly important role in security and intelligence. Its satellites provide fast, 24/7 access to Earth imagery in all weather conditions, a capability relied upon by governments and militaries, as well as civilian sectors such as insurance and crisis management. Iceye works with the armed forces of Poland, Portugal, Finland, and NATO, providing data critical for defense, border security, and disaster response.
3. The company’s strategic edge lies in its fourth-generation platform, which allows satellite functionality to be upgraded via software updates rather than physical modifications. Iceye plans to ramp up production to one satellite per week, enabling sovereign space missions for customers worldwide. Operating globally with offices in Poland, Finland, Spain, the UK, Greece, and the US, and employing over 900 people, Iceye aims to become a leading provider of reliable, actionable Earth observation data.