Brussels is making a bold move in the startup world, and it’s not waiting for the summer to end. The European Commission’s new Scaleup Europe Fund has already made its first investment, backing Finnish satellite firm ICEYE in a Series F round. Main Developments Scaleup Europe Fund, a public-private vehicle, announced it was fully operational during the peak vacation period, with investments expected soon. The very next day, it co-led ICEYE’s Series F, making the satellite intelligence company—now valued above $11 billion—its inaugural portfolio startup. The fund plans to deploy €5 billion ($5.7 billion) into growth-stage startups based in the EU or partnering countries, focusing on strategic sectors. More deals are expected in the coming weeks. Read also: OpenAI COO Brad Lightcap Departs to Pursue New Venture Background ICEYE, known for its radar-equipped satellites, has become a key player in Earth observation, attracting significant investor interest. The Scaleup Europe Fund was designed to fill a financing gap for European scale-ups, particularly in critical industries like space and defense. Why It Matters This first investment signals Europe’s commitment to retaining its most promising startups and strengthening strategic autonomy. By backing a company like ICEYE, the fund demonstrates its focus on high-impact sectors that align with EU priorities. What's Next With the fund now operational, attention turns to which startups will follow ICEYE. The coming weeks will likely reveal additional deals, as Scaleup Europe aims to deploy its capital across the region’s growth-stage ecosystem.