Satellite Startup ICEYE Raises Funds at $2.8 Billion Valuation as Europe Boosts Defense

ICEYE, a Finnish satellite developer with a number of defense contracts, has raised money at a €2.4 billion ($2.8 billion) valuation, capitalizing on the military spending boom across Europe.Venture firm General Catalyst led the financing round, which included €150 million in new equity and €50 million in a secondary sale for early investors, Iceye announced on Friday. Rafal Modrzewski, ICEYE’s chief executive officer, said his startup reached profitability this year, making the funding “not strictly necess ...