Defence tech startup Destinus is in talks to raise around €200m ahead of a planned IPO, according to reports.
The Netherlands-headquartered company, which develops drones and cruise missiles, is reportedly seeking a valuation north of €5bn based on forecast annual revenues of roughly €500m.
Founded in 2021 by CEO Mikhail Kokorich, Destinus has rapidly expanded through acquisitions and fundraising.
Last year, the company agreed to acquire Swiss autonomous pilot startup Daedalean for $225m, in one of Europe’s largest defence tech acquisitions to date. The deal was aimed at strengthening Destinus’s AI and autonomous flight capabilities as it develops strike drones and aircraft.
The raise would mark another major milestone for one of Europe’s fastest-growing defence startups as investors continue pouring capital into military technologies amid heightened geopolitical tensions.
Destinus kicked off fundraising talks in recent weeks, Bloomberg reported on Friday, citing people familiar with the matter.
The fundraising comes amid a broader boom in European defence tech. German startups Helsing and Quantum Systems have both been reported to be raising large rounds in recent months, while dealmaking activity across the sector continues to accelerate.
