German armed drone startup Stark has secured a fresh round of undisclosed funding that reportedly boosts its valuation above €1bn, Manager Magazin reports.

The new valuation was confirmed to Sifted by a person close to the company.

„Stark is worth more than one billion,” they tell Sifted, adding that the company’s valuation is likely to increase further once a new agreement with the German armed forces has been signed.

The fundraising comes as European governments — including Germany’s — expand defence procurement, with planned purchases of strike drones potentially worth hundreds of millions of euros.