From left to right: Alexander Blessing, Aistis Simaitis, Christian Garrett.
Onodrim Industries, a defence group based in Amsterdam, has raised $300M in a round led by Lux Capital. The deal values the firm at $1.3bn, Onodrim said in a statement on Monday.
Other backers include General Catalyst, Lakestar, Altimeter, Strike Capital, 137 Ventures, 8090 and Expeditions.
The capital comes nine months after Onodrim’s €40M seed round in February, which Founders Fund, Lakestar and General Catalyst led. It adds to a wave of cash flowing into European defence tech .
Onodrim plans to use the money to buy control of established firms that make parts and products for aerospace, defence and industry. It says it will keep them for the long term, not sell them on. It will also give them tech, engineers and sales help so they can grow.
The company is looking for dual-use firms, which sell to both civil and military buyers. It also wants suppliers that can ease bottlenecks in Europe’s defence industry.
“We are bringing permanent capital, technology and world-class operators to Europe’s best companies,” said Aistis Šimaitis, Onodrim’s co-founder and chief executive.
Onodrim expects to name its first deals in the coming months, and it is also opening offices in Munich and Turin, which join its sites in Amsterdam, London and Vilnius.
Šimaitis previously worked at Palantir and advised the Lithuanian government. He co-founded Onodrim with Alexander Blessing, its tech chief and a former Palantir engineer. Christian Garrett, a partner at 137 Ventures, is the third co-founder.
“Europe needs a stronger industrial foundation to meet the security challenges ahead,” said Brandon Reeves, a partner at Lux Capital.
Onodrim said it wants to hear from owners of defence, aerospace, and factory firms who may want to sell. It is also hiring engineers.
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