Tekever seeks €500m in funding at €5.5bn valuation

Portuguese drone maker Tekever is seeking to raise €500 million from investors, in a deal that would value the company at €5.5 billion, according to Bloomberg and confirmed by ECO. The fundraising would mark a sharp jump in the valuation of one of Portugal’s best-known defence technology companies as Europe increases spending in the sector.

According to Bloomberg, Tekever, led by Ricardo Mendes, is in talks with existing and new investors to secure capital to support its expansion plans and acquisitions. If completed, the round would lift the company’s valuation from the €1.2 billion level it reached in May last year, when it became a unicorn. Contacted by ECO/eRadar, the company declined to comment.

Tekever has been expanding across several markets. In the UK, it announced a more than €400 million five-year investment plan last year, including 1,000 jobs, and has since bought West Wales Airport, opened a production unit in Swindon and launched a new hub in Bristol. The UK is one of its main customers, and in July the British Ministry of Defence announced plans to buy £400 million of Tekever AR5 drones over the next decade under Project Corvus.

The company has also stepped up investment in France, doubling its planned investment there this year to €200 million and 200 jobs over five years. It is also expanding in Ukraine, Estonia and the United States, while continuing to grow in Portugal, where it has recently signed contracts with the Air Force and Maritime Police and acquired Portuguese startup Cloudsweep.

Originally published at Eco.pt