Onodrim Industries has raised a $300 million Series A at a $1.3 billion valuation to buy established aerospace, defense and industrial manufacturing businesses, Tech.eu reported on November 9. Lux Capital led the financing.
Amsterdam-based Onodrim seeks controlling stakes in businesses that supply Europe's defense industry, using permanent capital to hold and develop them over the long term. The company says shared engineering teams will help acquired businesses modernize factories and develop products, while operational and business-development support will help them take on larger programs.
The round follows a $45 million seed financing announced earlier this year. In its February 13 launch announcement, Onodrim outlined plans to use that initial funding for product development, engineering hires and new manufacturing and research capabilities across Europe. General Catalyst and Lakestar, which co-led the seed with Founders Fund, also joined the Series A.
Onodrim expects to announce its first acquisitions in the coming months. It is also adding offices in Munich and Turin to locations in Amsterdam, London and Vilnius.