Shares in Seraphim Space Investment Trust PLC (LSE:SSIT) and Molten Ventures PLC (LSE:GROW) jumped around 13% and 9% respectively after portfolio company ICEYE secured a valuation of more than €10 billion in a new funding round.
Based in Espoo, Finland, ICEYE said it raised €450 million in a Series F financing led by private equity firm General Atlantic, with Nokia, Qatar Investment Authority and TCV also among other investors.
The funding round exceeded €1 billion as a secondary sale of existing shares was also completed.
ICEYE, which provides space-based intelligence services to governments and defence customers, is the largest holding in Seraphim's portfolio.
Seraphim said the financing implied a £202 million uplift in the value of its stake, more than doubling its carrying value and adding around 73p per share to net asset value if reflected in its year-end valuation process.
Molten Ventures said the transaction would increase the value of its ICEYE holding to £317 million, representing a £238 million uplift from its March valuation. The venture capital investor said this would add about 117p per share to net asset value, lifting it from 760p to 877p.
Alongside the funding round, ICEYE said revenue last year exceeded €250 million, while EBITDA topped €100 million.
The company, which has a UK office in Bordon, Hampshire and a registered office in London, has secured contracted orders worth more than €1.5 billion and plans to double annual satellite production to 100 by 2028.
Ben Wilkinson, chief executive of Molten Ventures, said the valuation was a "powerful validation" of the firm's long-standing investment.
James Bruegger, CIO of Seraphim Space Manager, said: "Achieving a valuation of over €10 billion is a strong endorsement of ICEYE's leadership position in space-based intelligence and reflects the growing strategic importance of sovereign intelligence, resilience and real-time situational awareness capabilities.
"For SSIT shareholders, this financing round demonstrates the company's ability to provide access to category-leading SpaceTech companies at the forefront of some of the most important technological and geopolitical trends shaping the global economy."
Seraphim shares climbed 13% to 211.3p, with Molten Ventures up 9.5% to 589p on Tuesday morning.
