The founder of Spotify is pouring in capital to a European defense tech company. But, why?
What’s happening:
- Spotify (NYSE: SPOT) founder Daniel Ek has led a €600M Series D financing round into European defense tech company Helsing through his investment company Prima Materia
By the numbers:
- Helsing’s latest funding round gives them a valuation of approximately €12B
Why it matters:
- Helsing is one of the most advanced defense tech companies in Europe and has formed partnerships with some of the largest defense contractors in the world including Saab and Airbus
Going deeper:
- Helsing has quickly become one of the largest producers of strike drones in Europe, with their first facility being operational in Germany as well as publicly stating that they plan to begin opening new manufacturing facilities in the United Kingdom and across Europe
- Helsing has been rapidly raising capital to scale up their drone manufacturing capabilities, previously raising €450M in a Series C financing led by General Catalyst
