Destinus Drone Maker Seeks €100M Funding at €1.5B Valuation

Destinus, a Dutch drone company founded by a former Russian national, is in talks to raise funds valuing the firm at up to €1.5 billion. The company plans to raise €100 million before year-end and is considering an IPO. Destinus generates €75 million in annual EBITDA and supplies Ukraine with weapons. The fund raising comes amid a surge in investor interest in European defense startups, driven by a changing geopolitical landscape and massive rearmament programs.

Dutch drone company Destinus, founded by former Russian national Mikhail Kokorich, is in talks to raise €100 million in funding, valuing the firm at up to €1.5 billion. The company, based in the Netherlands, is holding discussions with new and existing investors to sell a minority stake [1].

Destinus, which was established in 2021, specializes in developing hypersonic aircraft and military unmanned aerial vehicles. It supplies Ukraine with a range of weapons, including long-distance strike drones, loitering munitions, and interceptors. The company aims to raise the funds before the end of the year [1].

The fund-raising effort comes amidst a surge in investor interest in European defense startups, driven by a changing geopolitical landscape and massive rearmament programs. Germany, for instance, is moving toward spending 5% of its economic output on defense [1].

Destinus generates annual earnings before interest, taxes, depreciation, and amortization (EBITDA) of about €75 million. The company is also considering an initial public offering (IPO) in the coming years [1].

Kokorich, who renounced his Russian citizenship in 2024 due to his opposition to the war in Ukraine, founded Destinus. His prior company, Momentus Inc., faced a Securities and Exchange Commission suit regarding fraud claims, for which he agreed to pay a $2 million civil penalty and a five-year ban on acting as an officer of a US-listed company [1].

The fund-raising comes amid increasing interest in European defense startups, with companies like Tekever Ltd. and Quantum Systems recently securing significant funding. Tekever Ltd. raised funds at a valuation of over £1 billion ($1.4 billion) after winning a deal to produce drones for the Royal Air Force, while Quantum Systems, a German manufacturer of surveillance drones backed by Peter Thiel, raised €160 million in new financing [1].

References:
[1] https://www.bloomberg.com/news/articles/2025-06-06/dronemaker-destinus-said-to-seek-new-funds-at-unicorn-valuation