Scaleup Europe Fund

Part of EQT (Capital Innovation)

About

Scaleup Europe Fund is the growth fund created in 2026 by the European Commission to ensure that European tech scaleups find their major rounds on the continent rather than in the United States. It is managed by EQT, selected through a call for applications, which independently decides on investments based on commercial criteria. Target size of €5 billion, with €1 billion provided by the Commission via the European Innovation Council (EIC); the rest comes from institutional investors: Novo Holdings, Allianz, APG for the ABP pension fund, EIFO, CriteriaCaixa, Santander via Mouro Capital, Intesa Sanpaolo, and the Compagnia San Paolo and Cariplo foundations. The fund operates from Series B up to the pre-IPO stage, within the Union and countries associated with Horizon Europe, focusing on AI, quantum, dual-use technologies, energy, space, and health. First investment in August 2026, as co-lead of the Series F of ICEYE (satellite radar imaging, Finland). In France, it co-led in September 2026 the €3 billion Series D of Mistral AI, led by Samsung, and the Series C of The Exploration Company with Bessemer and Atomico. For a European founder preparing a very large growth round, it is one of the few European investors capable of leading it alongside major American and Asian funds.

Key facts

Type: Public Fund / Sovereign Wealth Fund
Stages: Series B,Growth,Pre-IPO
Headquarters: Sweden
Offices: Stockholm
Geographic focus: France,Europe
Founded: 2026

Track record

Portfolio companies: 3
Total investments: 3
Unicorns: 3

Notable investments

Mistral AI, The Exploration Company, ICEYE (FI)

Website

Funds by stage

Other funds investing at the same stages, list by list.