Amsterdam-based Onodrim Industries has raised a $300 million Series A led by Lux Capital, valuing the defence and industrial platform at $1.3 billion. The company plans to take controlling stakes in established European suppliers.
Announced in a press release on 9 November, the round will fund acquisitions across aerospace and defence and industrial manufacturing, using permanent capital. CEO Aistis Šimaitis said: “Europe has no shortage of exceptional companies. The challenge has been access to the resources needed to help them grow at the scale and speed the moment demands.”
General Catalyst, Lakestar, Altimeter, Strike Capital, 137 Ventures, 8090, and Expeditions also took part. The round follows a $45 million seed announced earlier this year. Bloomberg reported in September that Lux was in talks to join at a unicorn valuation, according to trade coverage of the deal.
Onodrim has not named any acquisition targets. It expects to announce its first in the coming months and is opening offices in Munich and Turin, joining existing sites in Amsterdam, London, and Vilnius.
Brandon Reeves, partner at Lux Capital, said: “Europe needs a stronger industrial foundation to meet the security challenges ahead.”
Šimaitis is a former adviser to the Lithuanian government and a technology leader at Palantir Technologies. Co-founder and CTO Alexander Blessing was a forward deployed engineer at Palantir. Christian Garrett, partner at 137 Ventures, is also a co-founder.
Trade coverage points to a crowded field, noting that Thales agreed in July to take over Exail for €3.9 billion and that Renk has agreed to acquire David Brown Defence.
