Iron Wolf Capital participates in Onodrim Industries’ $300 million Series A at a $1.3 billion valuation.
Onodrim Industries, an Amsterdam-based European defence and industrial scale-up platform, has raised a $300 million Series A at a $1.3 billion valuation.
Lux Capital led the round, with participation from new and existing investors including EstVCA member Iron Wolf Capital, General Catalyst, Lakestar, Altimeter, Strike Capital, 137 Ventures, 8090 and Expeditions. The round follows the $45 million seed round announced earlier this year. It is the largest Series A in European defence tech to date, and it makes Onodrim the second unicorn in Iron Wolf Capital’s portfolio.
Onodrim was founded just over a year ago. Its CEO, Aistis Šimaitis, is a former advisor to the Lithuanian Government and a former technology leader at Palantir Technologies. Its CTO, Alexander Blessing, was previously a Forward Deployed Engineer at Palantir. Both are co-founders, along with Christian Garrett, Partner at 137 Ventures.
Europe’s defence order books are at record highs, but the suppliers behind the large defence companies can’t scale fast enough. Onodrim takes controlling stakes in critical dual-use manufacturers, often founder-led family businesses, with permanent capital. It then gives them technology, operational and business development expertise to help them grow, with their founders still in charge.
“Europe has no shortage of exceptional companies. The challenge has been access to the resources needed to help them grow at the scale and speed the moment demands,” said Aistis Šimaitis, Co-Founder and CEO of Onodrim. “We are bringing permanent capital, technology and world-class operators to Europe’s best companies, giving them the resources to expand, compete and strengthen the continent’s defence industrial base.”
“When we first backed Onodrim, we spoke about the generational and international impact this team aims to have. Today’s round shows how quickly that ambition is becoming industrial capacity. Onodrim is our second unicorn, seeded from our €100M defence, sovereignty and resilience fund, which we launched just 18 months ago. We’re doubling down on the team and remain proud to back a Lithuanian co-founded company leading this work,” said Kasparas Jurgelionis, Managing Partner at Iron Wolf Capital. He added: “This is the largest Series A ever raised by a Baltic founder, and its significance goes well beyond one company. It shows that founders from our region can build European-scale companies in the sectors that matter most to Europe’s security. Our founders bring a first-hand understanding of what resilience requires, and today’s round shows global investors see that too. We expect Onodrim to inspire the next generation of Baltic founders to aim just as high, and we intend to be there to back them.”
The round shows how much investor attention is now going into Europe’s defence industrial base. It is also more than twice the size of the largest Series A ever raised by a Baltic startup, a milestone for founders from the region building companies in the sectors that matter most to Europe’s security.
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