Funding Roundup: Onodrim Hits Unicorn Status, SRTD Biotech Lands Seed

Defence took the biggest cheque today, while seed rounds in biotech, space and niche software showed that smaller bets are still moving. Here is the recap for 2026-11-10.

Series A and growth rounds

• Onodrim: $300M Series A at a $1.3B valuation, led by Lux Capital. The Dutch defence and industrial platform follows a $45M seed round earlier this year, with General Catalyst and Lakestar returning.
• Arka Fincap: Rs 525 Cr initial investment from The Rise Funds, the impact arm of TPG. A further Rs 275 Cr could follow in a later tranche, subject to milestones and regulatory approvals.

Onodrim builds by acquiring controlling stakes in businesses across critical supply chains, which makes it closer to a rollup than a classic software startup. Arka Fincap, a Kirloskar Group-promoted NBFC, plans to use the money to expand its reach and invest in technology and risk management.

Seed and early-stage rounds

• SRTD Biotech: EUR 32M oversubscribed Seed round for precision mRNA therapeutics, led by Merieux Equity Partners. NRW.BANK and Boehringer Ingelheim Venture Fund joined as co-leads.
• Marble Imaging: EUR 6M Seed extension led by Cherry Ventures, to build Germany's first commercial very-high-resolution satellite constellation.
• Memora: EUR 2M (DKK 13M) led by True Collective, to connect cemetery managers, gardeners and families on one platform.
• Crowd Threat: GBP 1M for a platform that gathers threat reports from local people around the world. The lead investor was not named in the item.

The seed list is a good reminder of how varied early-stage work is. One company is working on mRNA drugs, another on satellites, another on the daily administration of cemeteries. Memora also said Chris Evans, formerly of Kahoot!, will join as CTO in early 2027.

Debt and grants

• Yoco: $100M credit facility from Victory Park Capital, to expand merchant cash advances through its payments platform. The South African fintech says its Yoco Capital arm has advanced more than $395M to over 40,000 merchants since 2018.
• Calogena: EUR 40M grant from the European Commission's Innovation Fund, to build its first commercial small modular reactor for district heating. It is the first time European funding has gone to an SMR earmarked for direct construction of a commercial facility.

Not every raise is equity. Yoco is taking on debt so it can control pricing and risk on its own loans, and Calogena is funded by public money as it moves into construction.

What today's raises signal

The pattern is fairly clear. The largest cheque went to defence, and the capital that moves fastest is going to areas where governments and large buyers have urgent needs: defence, energy, satellite data and security. At the same time, fintech and lending companies are leaning on structured capital, such as credit lines and tranches tied to milestones, rather than simple equity. That feels like a more cautious style of investing, where money is released as results arrive.

For founders, the lesson is practical. Investors still write big checks, but they want a clear reason why the market needs the company now. Small seed rounds are still available for focused teams with a specific problem, and that may be the more useful signal than any single headline number.