Temasek has invested in the Scaleup Europe Fund, managed by EQT, joining as an early and key investor.
The fund is targeting €5 billion to provide growth capital to European technology companies, helping them expand without having to seek financing outside the region.
Backed by the European Commission and institutional investors, it focuses on sectors including artificial intelligence, semiconductors, biotechnology and energy.
EQT manages the fund and makes individual investment decisions independently of its founding investors, including the European Commission. The Commission has committed €1 billion towards the fundraising target.
Nagi Hamiyeh, President of Temasek Global Investments, highlighted Europe’s innovation capabilities, industrial base and entrepreneurial talent.
However, he noted that many promising European companies still struggle to secure sufficient growth capital and often have to seek funding elsewhere to expand.
Hamiyeh said the investment reflects Temasek’s confidence in Europe’s long-term potential and its longstanding support for deeper capital markets and a stronger scale-up ecosystem in the region.
He added that Temasek invests in European companies directly, as well as through partners and fund managers with local networks and sector expertise.
In August 2026, EQT announced the fund’s first investment, revealing that it had co-led a financing round for Finnish satellite company ICEYE alongside General Atlantic.
ICEYE had announced the financing in June, with the round exceeding €1 billion, including secondary transactions.
Featured image credit: Edited by Fintech News Singapore, based on image by mrsiraphol via Magnific
