TEKEVER in talks for €500M round at €5.5B valuation
What's the deal? Portuguese surveillance dronemaker TEKEVER is in talks to raise as much as €500 million ($577 million) at a €5.5 billion valuation, according to an August 13 Bloomberg report. The company is seeking funds from new and existing backers to fund acquisitions and expansion, according to people familiar with the matter cited in the report. The valuation is a fivefold jump from last year.
What TEKEVER does: Founded in Lisbon in 2001, the company started with software before building aircraft for reconnaissance and data collection. Its drones are also used for maritime surveillance, with deals to monitor coastlines for the UK Home Office and the European Maritime Safety Agency. Baillie Gifford, Ventura CapitalDealroom has a profile for this one. Try Dealroom →, and the NATO Innovation FundDealroom has a profile for this one. Try Dealroom → are among its investors.
Why now? European nations have poured historic sums into defense after Russia's full-scale invasion of Ukraine and a wavering US commitment to NATO. That spending has driven investor interest in defense startups, many of them focused on drones — now a critical tool in the Russia-Ukraine war.
How big is this? The round ranks in the 99th percentile of all-time Series D rounds for hardware companies in Portugal, based on a sample of 83 deals. It is a standout even in a sector raising at a rapid clip.
What's the endgame? TEKEVER markets its drones as cheaper, more agile alternatives to gear from traditional military contractors. It has been active in Ukraine since 2022 and in the UK since 2013. On July 25, the UK Ministry of Defense said it would spend as much as £400 million over the next decade on TEKEVER's AR5 drones, designed to carry up to 50kg of equipment and meant to replace Thales SADealroom has a profile for this one. Try Dealroom →'s Watchkeeper.
The company has been expanding aggressively. In May 2025, it announced plans to invest £400 million ($540 million) over five years on UK drone production. It has acquired two Portuguese software firms and agreed in 2025 to buy West Wales AirportDealroom has a profile for this one. Try Dealroom → as a testing site.
TEKEVER does not disclose revenue. Chief executive officer Ricardo Mendes told Bloomberg last year that the company had been profitable "for some time."
The signal: European drone valuations are climbing fast. Germany's Quantum Systems raised $1.2 billion at an $8 billion valuation in July; Helsing announced US$1.16B round that same month. TEKEVER's talks show defense capital continuing to concentrate around unmanned aircraft.
Read more: Bloomberg (August 13)
Image credit: TEKEVER
