UPTEC startup is the new Portuguese unicorn

Tekever, a company based at UPTEC – Science and Technology Park of the University of Porto, is Portugal’s latest “unicorn” company, surpassing one billion dollars in valuation. The status was achieved thanks to a new round of funding, the amount of which has not been disclosed, fully subscribed by current investors.

“This milestone is the result of the exceptional talent, integrity and spirit of the entire Tekever team, which is now one thousand strong. (…) Our strong culture, based on principles such as empathy, problem-solving, speed and agility, has brought us here and will continue to drive us forward in the future”,  says Ricardo Mendes, co-founder and CEO.

Founded in 2001, the TEKEVER group develops innovative technologies for the aerospace, defence and security markets, with operations in six European countries. It has engineering centres in the UK, Portugal and France, production facilities in various European markets and operational support teams throughout Europe.

Its systems are used in missions by the European Border and Coast Guard Agency (Frontex) and various European navies and armed forces, as well as providing direct operational support to Ukraine.

Among the investors participating in TEKEVER’s latest funding are Ventura Capital, a global technology investment company, the NATO Innovation Fund, Portugal’s Iberis Capital, and Crescent Cove, a US-based asset manager specialising in technology and defence investments.

The announcement of the new status comes immediately after Tekever announced a new £400 million investment in the UK market over the next five years, leading to the creation of 1,000 jobs in the country.

The business group is now the seventh Portuguese “unicorn”, joining Talkdesk, Feedzai, Outsytems, Remote, Anchorage and Sword Health.