European defence and industrial scale-up platform Onodrim Industries has raised $300 million in a Series A funding round led by Lux Capital, with participation from new and existing investors, including General Catalyst, Lakestar, Altimeter, Strike Capital, 137 Ventures, 8090 and Expeditions.
The financing values Onodrim at $1.3 billion and follows a $45 million seed round announced earlier this year.
Onodrim focuses on strengthening Europe's defence and industrial capabilities by acquiring controlling stakes in businesses operating across critical supply chains, services and products, particularly those addressing bottlenecks in the European defence industry.
The company uses permanent capital to support the long-term development of its portfolio businesses, combining financial resources with technology, operational expertise and business development support to help them expand their capabilities, take on larger programmes and serve customers across Europe.
According to Aistis Šimaitis, co-founder and CEO of Onodrim, Europe has many strong companies, but their growth has often been constrained by limited access to the resources needed to scale at the pace required by current conditions.
We are bringing permanent capital, technology and world-class operators to Europe's best companies, giving them the resources to expand, compete and strengthen the continent's defence industrial base.
Onodrim has assembled a team with experience across private equity, aerospace and defence, technology and government. Its approach involves working with acquired businesses to modernise manufacturing processes, improve operations and develop new products through access to engineering teams and shared resources.
Our approach at Onodrim is rooted in long-term partnership and collaboration. We believe Europe's industrial champions are built by investing in great businesses, empowering the people behind them and giving them the resources to grow for the long term,
said Alex Blessing, co-founder and CTO of Onodrim.
The new funding will support Onodrim's plans to acquire established businesses across the aerospace, defence and industrial manufacturing sectors. The company expects to announce its first acquisitions in the coming months.
Alongside its acquisition strategy, Onodrim is expanding its European presence with new offices in Munich and Turin, adding to its existing locations in Amsterdam, London and Vilnius.
Image credits: Getty Images for Onodrim
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