What’s Scaleup Europe, the $5.7B fund that just backed satellite company ICEYE?
What’s Scaleup Europe, the $5.7B fund that just backed satellite company ICEYE?
什么是“Scaleup Europe”？这支刚刚投资卫星公司 ICEYE 的 57 亿美元基金有何来头？
Forget the European summer lull: Startups can’t afford to stay still, and Brussels is following suit. In the middle of peak vacation time, the European Commission announced that the Scaleup Europe Fund was fully operational, with investments “expected in the coming weeks.” But its first deal was actually made public the very next day. 别管欧洲夏季的沉寂了：初创企业可没时间停下脚步，布鲁塞尔方面也紧随其后。在度假高峰期，欧盟委员会宣布“Scaleup Europe”基金已全面投入运营，并表示“预计将在未来几周内”进行投资。然而，该基金的首笔交易在次日就公之于众了。
ICEYE, a Finnish satellite intelligence company now valued above $11 billion, is the first startup backed by this unique public-private vehicle, which co-led its Series F. Similar deals should follow soon; Scaleup Europe plans to deploy €5 billion ($5.7 billion) into growth-stage startups based in the EU or partnering countries and operating in strategic sectors. 芬兰卫星情报公司 ICEYE 目前估值已超过 11 亿美元，成为该公私合营基金支持的首家初创企业，该基金领投了 ICEYE 的 F 轮融资。类似的交易预计很快就会跟进；Scaleup Europe 计划向位于欧盟或伙伴国家、且处于战略性行业的成长型初创企业投入 50 亿欧元（约合 57 亿美元）。
“Space-based intelligence is becoming critical infrastructure for governments, and the Scaleup Europe Fund exists so companies like ours don’t have to leave Europe to compete globally,” ICEYE CEO Rafal Modrzewski (pictured above) wrote on LinkedIn. Even in less critical sectors, helping Europe build scaleups and keep them is key for its competitiveness and tech sovereignty — and that’s also the fund’s raison d’être. “天基情报正成为各国政府的关键基础设施，Scaleup Europe 基金的存在，就是为了让像我们这样的公司不必离开欧洲就能在全球竞争，”ICEYE 首席执行官 Rafal Modrzewski（见上图）在 LinkedIn 上写道。即使在非关键领域，帮助欧洲培育并留住成长型企业（Scaleups）对于其竞争力和技术主权也至关重要——这也是该基金存在的意义（raison d’être）。
With the conviction that Europe misses out when its deep tech talent lacks late-stage funding or only finds it abroad, the Commission took the matter into its own hands, but it also partnered up. Unlike other programs that are managed directly by European institutions and handing out public monies, Scaleup Europe is backed by private investors and run by Swedish asset manager EQT, which was selected via an open call to “experienced fund managers.” 出于对欧洲深科技人才因缺乏后期融资而流失海外的担忧，欧盟委员会决定亲自介入，同时也选择了与外部合作。与其他由欧洲机构直接管理并分发公共资金的项目不同，Scaleup Europe 由私人投资者支持，并由瑞典资产管理公司 EQT 运营。EQT 是通过针对“经验丰富的基金经理”的公开招标选出的。
Other candidates reportedly included Eurazeo, Northzone, and Vitruvian Partners, with Atomico as final challenger. While it has offices across Europe, the firm may have been hindered by having its headquarters in London. But having pointed out the growth funding gap for years, still described Scaleup Europe as “urgent and necessary” when EQT was announced as the winner. 据报道，其他候选机构包括 Eurazeo、Northzone 和 Vitruvian Partners，Atomico 则是最终的竞争对手。尽管 Atomico 在欧洲各地设有办事处，但其总部位于伦敦可能对其造成了阻碍。不过，Atomico 多年来一直指出增长型融资缺口，并在 EQT 被宣布胜出时，仍称 Scaleup Europe 是“紧迫且必要的”。
As for EQT, it described the initiative as a “big moment for Europe.” “Europe has proven its ability to create successful early-stage technology companies, the challenge is now to scale those businesses into becoming global leaders while maintaining their European roots,” EQT CEO and managing partner Per Franzén commented in a statement. 至于 EQT，它将该倡议描述为“欧洲的一个重要时刻”。EQT 首席执行官兼管理合伙人 Per Franzén 在一份声明中评论道：“欧洲已经证明了其创造成功早期科技公司的能力，现在的挑战是如何在保持欧洲根基的同时，将这些企业扩大规模，使其成为全球领导者。”
Notably, the Commission has given the fund manager some leeway as to where to invest — with a mandate “including but not limited to deep tech, life sciences, clean tech, advanced manufacturing, and digital technologies.” For EQT, this will overlap with the likes of AI, biotech, energy, robotics, semiconductors, and space — as shown by ICEYE. 值得注意的是，欧盟委员会给予了基金经理一定的投资自主权，其授权范围“包括但不限于深科技、生命科学、清洁技术、先进制造和数字技术”。对于 EQT 而言，这些领域将与人工智能、生物技术、能源、机器人、半导体和太空等领域重叠——正如 ICEYE 的案例所展示的那样。
With ties to the Wallenberg family, which was initially listed as a potential anchor investor of the fund, EQT was arguably a front runner to run Scaleup Europe. With more than $300 million in assets under management, it will also be tasked with helping the fund reach its total fundraising target — starting with a “significant commitment” of its own capital. 由于与瓦伦堡（Wallenberg）家族关系密切（该家族最初被列为该基金的潜在基石投资者），EQT 可以说是运营 Scaleup Europe 的热门人选。凭借超过 3 亿美元的管理资产，EQT 还将负责帮助该基金实现总筹资目标——首先是投入其自有资本的“重大承诺”。
It is unclear how much capital Scaleup Europe has raised so far, but its first closing was anchored by a €1 billion investment from the Commission (approximately $1.15 billion) investing alongside institutional investors from all across Europe, credited as “founding investors.” 目前尚不清楚 Scaleup Europe 已筹集了多少资金，但其首次交割由欧盟委员会提供的 10 亿欧元（约合 11.5 亿美元）投资作为基石，并与来自欧洲各地的机构投资者共同投资，这些机构被称为“创始投资者”。
According to public information, these founding investors include German insurance giant Allianz; APG, representing Dutch pension fund ABP; Spanish bank-affiliated funds CriteriaCaixa and Santander-owned Mouro Capital; Italy’s Fondazione Compagnia di San Paolo, Intesa Sanpaolo, and Fondazione Cariplo; and Denmark’s EIFO and Novo Holdings. 根据公开信息，这些创始投资者包括德国保险巨头安联（Allianz）；代表荷兰养老基金 ABP 的 APG；西班牙银行附属基金 CriteriaCaixa 和桑坦德银行旗下的 Mouro Capital；意大利的圣保罗银行基金会（Fondazione Compagnia di San Paolo）、联合圣保罗银行（Intesa Sanpaolo）和卡里普洛基金会（Fondazione Cariplo）；以及丹麦的 EIFO 和 Novo Holdings。
Scaleup Europe’s fundraising is expected to extend into 2027, with a second fundraising round described as potentially open to non-European investors, as long as these are aligned with Scaleup Europe’s objectives. This might be a necessary compromise to raise the kind of capital Scaleup Europe is seeking. Scaleup Europe 的筹资活动预计将持续到 2027 年，第二轮筹资可能向非欧洲投资者开放，前提是这些投资者与 Scaleup Europe 的目标保持一致。为了筹集 Scaleup Europe 所需的资金规模，这可能是一个必要的妥协。
According to reports, the Commission suggested it could eventually expand to €25 billion ($28.9 billion). If it does, it would start belonging to the same category as Asian and U.S. growth funds. As it stands, Scaleup Europe’s €5 billion target already makes it an outlier in the EU — VC firms in continental Europe typically manage millions, rarely billions. 据报道，欧盟委员会暗示该基金最终可能扩大到 250 亿欧元（约合 289 亿美元）。如果实现，它将跻身亚洲和美国增长型基金的行列。就目前而言，Scaleup Europe 的 50 亿欧元目标已使其成为欧盟内的异类——欧洲大陆的风险投资公司通常管理着数百万美元，很少达到数十亿规模。
But with the EIF’s European Tech Champions Initiative actively backing growth-stage VC firms as a fund-of-funds, this could quickly change. In other words, Scaleup Europe may soon just be there to fill the gap. 但随着欧洲投资基金（EIF）的“欧洲科技冠军倡议”（European Tech Champions Initiative）作为母基金积极支持成长型风险投资公司，这种情况可能会迅速改变。换句话说，Scaleup Europe 可能很快就只是填补空白的存在了。