Tekever hits a $6.4bn valuation and plans acquisitions with its new round
The fund raise is precisely designed to support that growth, not only organically, developing new technology, but through acquisitions.
Ricardo Mendes, founder and chief executive of Tekever, said that in an interview with Bloomberg Television on Wednesday. He said he expects the defence technology market to go through tremendous consolidation over the next few years.
Surveillance drone maker Tekever announced the first close of a $580m Series D the same day. The round values the company at $6.4bn.
Who is paying
UC Investments, the investment arm of the University of California, led the round with Baillie Gifford. Tekever said it is UC Investments’ first direct investment in Europe. Baillie Gifford is an existing backer.
Merlyn Advisors joined as a new strategic investor. Sir Ben Wallace, the former UK defence secretary, works there as a portfolio manager. Crescent Cove, Ventura Capital and Iberis Capital, which already held stakes, also invested again.
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