Onodrim Raises $300M Series A to Buy Up Europe's Defense Suppliers
A Series A that will be spent on acquisitions, not software. Onodrim Industries, an Amsterdam company founded by two Palantir alumni, raised $300 million at a $1.3 billion valuation to buy controlling stakes in European aerospace, defense and industrial manufacturing businesses.
The round was led by Lux Capital, with General Catalyst, Lakestar, Altimeter, Strike Capital, 137 Ventures, 8090 and Expeditions participating. It follows a $45 million seed announced earlier this year. CEO Aistis Ε imaitis previously advised the Lithuanian government and was a technology lead at Palantir. CTO Alexander Blessing was a Palantir forward deployed engineer. Christian Garrett of 137 Ventures is also a co-founder.
The model is permanent capital: Onodrim buys a majority of an established, often dual-use manufacturer, keeps it rather than flipping it, and adds engineering teams to modernize products and factory operations. The first acquisitions are expected "in the coming months", and new offices are opening in Munich and Turin alongside Amsterdam, London and Vilnius.
Call it a roll-up with a Palantir accent. Europe has plenty of family-owned suppliers with customers and certifications but no software talent, and rearmament budgets are rising. The bet is that forward deployed engineers can do for a gearbox plant what they did for government databases. With zero deals announced, the $1.3 billion valuation is priced entirely on that thesis. The first two acquisitions will show whether this is a technology company or a private equity fund with better branding.
Source: https://www.prnewswire.com/news-releases/onodrim-industries-secures-300-million-series-a-at-1-3-billion-valuation-to-strengthen-europes-defence-and-industrial-foundations-302932791.html
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The round was led by Lux Capital, with General Catalyst, Lakestar, Altimeter, Strike Capital, 137 Ventures, 8090 and Expeditions participating. It follows a $45 million seed announced earlier this year. CEO Aistis Ε imaitis previously advised the Lithuanian government and was a technology lead at Palantir. CTO Alexander Blessing was a Palantir forward deployed engineer. Christian Garrett of 137 Ventures is also a co-founder.
The model is permanent capital: Onodrim buys a majority of an established, often dual-use manufacturer, keeps it rather than flipping it, and adds engineering teams to modernize products and factory operations. The first acquisitions are expected "in the coming months", and new offices are opening in Munich and Turin alongside Amsterdam, London and Vilnius.
Call it a roll-up with a Palantir accent. Europe has plenty of family-owned suppliers with customers and certifications but no software talent, and rearmament budgets are rising. The bet is that forward deployed engineers can do for a gearbox plant what they did for government databases. With zero deals announced, the $1.3 billion valuation is priced entirely on that thesis. The first two acquisitions will show whether this is a technology company or a private equity fund with better branding.
Source: https://www.prnewswire.com/news-releases/onodrim-industries-secures-300-million-series-a-at-1-3-billion-valuation-to-strengthen-europes-defence-and-industrial-foundations-302932791.html
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