Source: Reuters
Summary
Scaleup Europe, a public-private fund, has made its first investment by backing Finnish satellite company ICEYE. The fund, which aims to raise $5.7 billion, invests in European startups with high growth potential. ICEYE, which provides satellite imaging services, will use the investment to expand its operations. The exact amount of the investment was not disclosed. This move marks the first investment by Scaleup Europe since its launch.
Our Reading
The launch follows a familiar script.
Scaleup Europe, the latest public-private fund, makes its debut investment in ICEYE, a Finnish satellite company. Because what Europe really needed was another fund to “support innovation”. ICEYE will use the investment to “expand its operations”, which is code for “we’re going to hire more people and hope for the best”. The fund’s $5.7 billion target is ambitious, but we’ve heard that before.
European Innovation, Again
It seems like every few months, a new fund pops up in Europe, claiming to be the solution to the region’s innovation woes. Scaleup Europe is just the latest in a long line of initiatives aimed at supporting startups and competing with the US and China.
The Usual Suspects
ICEYE, the Finnish satellite company, is the first beneficiary of Scaleup Europe’s investment. The company provides satellite imaging services, which is a field that’s been around for decades. It’s not exactly a new or groundbreaking technology, but hey, it’s a European company, so that’s a plus.
More of the Same
The investment in ICEYE is just the beginning for Scaleup Europe. The fund aims to raise $5.7 billion, which will be used to invest in more European startups. Because what Europe really needs is more money thrown at the same old ideas.
Original Observation
Scaleup Europe’s investment in ICEYE is just another example of how Europe is still trying to play catch-up in the tech world.
Author: Evan Null
