Jul 11, 2024 - Business

Helsing raises $490 million to protect NATO countries near Russia

Dan Primack

Illustration of the NATO, US and EU flags against a distressed background. — Illustration: Shoshana Gordon/Axios

Helsing, a German defense-tech startup focused on NATO's Eastern flank, has raised €450 million in new venture capital funding at a reported €4.95 billion valuation.

Why it matters: Russia's invasion of Ukraine has opened the floodgates of defense-tech investment in Europe, where U.S. startups sometimes struggle to get contracts.

It also makes Helsing one of Europe's most valuable startups.

Details: Existing investor General Catalyst led, and was joined by Elad Gil, Accel, Saab, Lightspeed, Plural, and Greenoaks.

Helsing is Accel's first defense-tech deal, while General Catalyst is already an investor in U.S.-based Anduril.
In dollar terms, the Series C round is worth around $490 million at a $5.38 billion valuation.

What it does, via Bloomberg: "Helsing makes software designed to boost weapons capabilities, such as drones and jet fighters, and improve battlefield decisions ... Alongside the financing, Helsing announced a new entity in Estonia and committed to spend €70 million on Baltic defense projects over the next three years."

Go deeper: Check out the first edition of Axios' new Future of Defense newsletter, and video of the kick-off event.

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Helsing raises $490 million to protect NATO countries near Russia

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