UAE's Ventura Capital Joins Funding Round for Portuguese Defence Tech Unicorn TEKEVER
UAE-based investment firm Ventura Capital has participated in a significant new funding round for Portuguese defence technology company TEKEVER. This investment is part of a larger round that values TEKEVER at over $1 billion, elevating the European company to "unicorn" status, and also included prominent backers such as Baillie Gifford and the NATO Innovation Fund (NIF).
UAE's Ventura Capital Backs European Defence Innovator
The participation of Emirati firm Ventura Capital in TEKEVER's latest funding round highlights the increasing engagement of UAE-based investors in the global advanced technology and defense sectors. While the total amount of the funding round was not disclosed, it has successfully pushed TEKEVER's valuation beyond the $1 billion mark. Other significant investors contributing alongside Ventura Capital include Baillie Gifford, the NATO Innovation Fund (NIF), Iberis Capital, and Crescent Cove.
TEKEVER: A Rising Unicorn in Defence Technology
TEKEVER, the recipient of this strategic investment, is a Portuguese technology company specializing in advanced defence systems, particularly unmanned aerial systems (UAS) or drones. The company's technology has demonstrated considerable real-world impact. Notably, TEKEVER's drones have been actively supporting Ukraine, accumulating over 10,000 combat flight hours and reportedly contributing to the destruction of Russian military assets valued at over £3 billion. This track record underscores the effectiveness of its solutions.
Strategic Implications and CEO Vision
The investment comes at a time when the defense technology sector is rapidly evolving. Ricardo Mendes, CEO of TEKEVER, commented on this, stating, "The future requires more than just an increase in defense spending; we need a flexible and intelligent industrial system. What we learned from Ukraine is that the ability to adapt and innovate quickly are crucial." This philosophy appears to guide TEKEVER's development of adaptable, cutting-edge defense solutions.
About Ventura Capital (UAE)
Ventura Capital is an investment firm based in the United Arab Emirates. Its involvement in TEKEVER's funding round signifies a strategic interest in high-growth technology companies with global potential, particularly in critical sectors like defense and aerospace.
About TEKEVER (Portugal)
Headquartered in Portugal, TEKEVER is a key player in the aerospace, defense, and security markets. The company is renowned for its development and production of advanced unmanned aerial systems and other innovative technologies used for surveillance, reconnaissance, and other critical missions.
Looking Ahead
The backing from investors like UAE's Ventura Capital, alongside other global players, provides TEKEVER with substantial resources to accelerate its growth, enhance its technological capabilities, and expand its reach in the international defense market. This investment also signals a growing trend of MENA-based capital supporting cutting-edge technology firms worldwide.
Source: Jawlah