European defence, security and resilience startups raised a record $8.7 billion in venture capital in 2025, up 55% year-on-year. The capital base behind them is evolving too — dedicated military or defence tech funds are growing larger, dual-use and resilience investors are multiplying, and governments are entering the market through sovereign and state-backed vehicles.
This list focuses on firms for whom defence, national security, dual-use, or resilience is a core part of the mandate — not an occasional investment. From pre-seed checks to €30 million growth investments, these investors are building Europe’s defence capital stack.
Specialist defence, dual-use, security, and resilience investors
201 Ventures
HQ: Madrid, Spain
Stage: pre-see and seed
Selected portfolio: Delian, Ionlace, Hypersonica, Isembard
Founded in 2023 by former CIA officer Eric Slesinger, 201 Ventures backs early-stage defence, security, and dual-use startups across hypersonics, biosecurity, subsurface technologies, maritime sensing, and Arctic autonomy. Its first $22 million fund is backed by the NATO Innovation Fund, and the firm is reportedly raising Fund II.
Allied
HQ: London, the UK
Stage: early stages
Selected portfolio: Hadean, Nu Quantum, Wayland Additive, Living Optics, Ionech
Allied is an early-stage investor backing IP-rich dual-use deeptech. The team describes itself as “national security natives” and argues that resilience will depend on multiple technologies working together rather than any single solution. Its portfolio spans simulation, quantum networking, additive manufacturing, hyperspectral imaging, and energy hardware.
Angel One Fund
HQ: Lviv, Ukraine
Stage: seed
Ticket size: $50–200k
Selected portfolio: Swarmer, Frontline, Deftak, DoD Solution, Vigilant Works, NORDA Dynamics
Created by the Ukrainian Catholic University Foundation, Angel One backs Ukrainian founders with globally scalable technologies. The firm closed its second fund at approximately $3 million in 2026 and plans to invest in up to 12 startups during the year, split between civilian and defence technologies.
Archangel
HQ: London, the UK and Tallinn, Estonia
Stage: pre-seed to Series A
Selected portfolio: Kraken Technology Group, Labrys Technologies, Offset Labs, Project Q, LYSK, Sky Spy
Archangel describes itself as a €50 million early-stage fund focused on defence-first and defence-only companies across Europe. It invests from idea and MVP stages across autonomous systems, battlefield software, AI, and secure operational infrastructure. In September 2026, the firm signed a three-year agreement with the Estonian Defence Forces to align emerging technologies with military needs and support testing in Estonia.
Balnord
HQ: Luxembourg; Gdańsk, Poland and Berlin, Germany
Stage: pre-seed and seed, with follow-on investments at Series A and B
Ticket size: €500k–3M
Selected portfolio: Astrolight, SATIM, Microamp, ATMOS Space Cargo, Osavul
Balnord is an early-stage investor in frontier and dual-use technologies across the Baltic Sea region. Its Fund I surpassed its €70 million target and is working towards a €100 million final close, backing companies across space, industrial resilience, and other technologies supporting European autonomy.
BARYON
HQ: Capellen, Luxembourg and Bratislava, Slovakia
Stage: early stages, following technology validation
Selected portfolio: Airvolute, Airlogix
Founded in 2025, BARYON focuses on air, sea, space, and enabling technologies rather than pursuing a broad dual-use thesis, with particular attention to Eastern European and Ukrainian startups. The fund also helps companies scale manufacturing, navigate procurement and export controls, develop commercial partnerships, and raise follow-on capital. Its advisory board includes Oleksii Reznikov, Ukraine’s former minister of defence.
D3 Venture Capital
HQ: Kyiv, Ukraine
Ticket size: $500k–1.5M
Stage: pre-seed and seed
Selected portfolio: Buntar Aerospace, Zvook, Frontline Robotics
D3 is a $30 million early-stage defence fund investing in national security technologies from Ukraine and allied countries. Launched in 2023, it counts former Google CEO Eric Schmidt among its backers. The fund targets drones, electronic warfare, autonomy, sensors, AI, mission systems, and demining, while helping companies navigate approvals, engage with Ukrainian and NATO officials, and scale internationally.
Darkstar
HQ: Tallinn, Estonia
Stage: pre-seed and seed
Ticket size: €500k–1.5M
Selected portfolio: Farsight Vision, Deftak, Stratis
Darkstar is a pan-European fund targeting €25 million for military-use and selective dual-use technologies, including single-use weapon systems. It typically backs products at TRL 7 or above across weapon systems, air defence, communications, ISR, and electronic warfare. The fund works directly with more than 50 Ukrainian combat units on testing and feedback and has made nine investments, three of which are public
HQ: Hamburg, Germany
Stage: early-growth and growth-stage, with a particular focus on Series B and later
Ticket size: €10–30M
Selected portfolio: Kraken Technology Group, Six Robotics
DTCP launched its first dedicated defence fund in January 2026 and reached a €455 million first close in September against a €500 million target. Its Europe-led, NATO-aligned strategy backs early-growth and growth-stage companies across AI, autonomous systems, cyber defence, secure communications, and space.
Double Tap Investments
HQ: Helsinki, Finland
Stage: pre-seed and seed
Ticket size: $100–300k
Selected portfolio: Black Forest Systems, G-Next Intelligence (formerly Griselda), Hard Cat Drones, The Fourth Law
Founded in 2023, Double Tap Investments is a Finnish-Ukrainian investment company backing Ukrainian defence, cybersecurity, and AI startups. It combines capital and advisory support with access to Finland’s defence ecosystem, helping teams scale beyond Ukraine. In 2026, DTI signed an MoU with Patria and the Lviv-based IRON cluster covering information exchange, joint testing, and shared projects.
EDT Ventures
HQ: London, the UK
Stage: Series A and later
Founded in 2025 by former Molten Ventures CEO Martin Davis and former NSSIF managing partner Hugo Jammes, EDT Ventures targets UK and European dual-use technologies from Series A onwards. Its focus includes quantum, AI, engineering biology, advanced manufacturing, commercial space, secure communications, semiconductors, and advanced computing.
E2D
HQ: Berlin, Germany and Paris, France
Stage: growth stage
Ticket size: ~€25M
Selected portfolio: Alta Ares
Launched in June 2026 by Earlybird and AVP in June 2026, E2D is a European defence and dual-use growth fund targeting €500 million. It plans to back around 20 companies across space, air, land, maritime, and subsurface technologies. Airbus Defence and Space is an anchor LP, while Alta Ares is its first investment.
Expeditions
HQ: Warsaw, Poland and London, the UK
Stage: pre-seed to Series A
Ticket size: €250k–5M
Defence or dual-use companies in the portfolio: UForce, Orqa, Cambridge Aerospace, Frankenburg Technologies
Founded in 2021, Expeditions is an early-stage investor in European defence, security, and dual-use deeptech. It closed its €197 million Fund II in July 2026 and backs companies addressing critical capability gaps across autonomy, AI, cybersecurity, quantum, communications, and space.
Final Frontier
HQ: Copenhagen, Denmark
Stage: pre-seed and seed
Ticket size: €100–500k
Selected portfolio: Farsight Vision, Dropla, Stormborn, G-Next Intelligence, Robotto, Shotling
Final Frontier and Myriad joined forces under the Final Frontier brand in September 2026, combining portfolios of 15 companies. The firm is targeting €100 million for Fund II to back pre-seed and seed defence-tech companies across the New Nordics and Ukraine, with a first close expected by the end of 2026.
FNX Ventures
HQ: Liege, Belgium
Stage: pre-seed and seed
Ticket size: around €200k at pre-seed and €500k+ at seed; up to €2M per company
Selected portfolio: Sentinel Photonics, Seaber, Original Custom Components
Launched in 2024 by FN Browning Group and Wallonie Entreprendre, FNX is a €20 million early-stage fund investing in security technologies across Europe. It backs cybersecurity, protection tech, dual-use technologies, and advanced materials, combining capital with FN Browning’s industrial and market expertise.
Front Ventures
HQ: Stockholm, Sweden
Stage: seed to Series A
Selected portfolio: Aeromotors, Black Forest Systems, SkyHunter, Molfar Defence Technologies, Trinity Robotics
Front Ventures is a listed Swedish investment company that shifted its strategy towards defence technology in August 2025. It backs Swedish and Ukrainian companies with proven, scalable products, focusing on drones, components, air defence software, and manufacturing. The firm helps connect Ukrainian defence innovation with European production capacity and NATO markets.
Green Flag Ventures
Locations: Kyiv, Ukraine, Los Angeles, California, and Stockholm, Sweden
Stage: early stages, typically pre-seed and seed; TRL 5+
Ticket size: $150k–1M for Fund I; Fund II not disclosed
Selected portfolio: Swarmer, HIMERA, Kara Dag Technologies, Teletactica, Falcons
Founded in 2023, Green Flag Ventures backs defence, dual-use, AI, and cyber companies whose technologies have been validated in Ukraine. $20 million Fund I invested in nine companies, while Fund II extends the strategy across the EU and NATO’s eastern flank, with its first investments planned for Q1 2027.
Gungnir Capital
HQ: Stockholm, Sweden
Stage: pre-seed to Series A
Ticket size: €200k–1M
Selected portfolio: Kelluu, Monava, Acodyne, Creoir
Founded in 2025, Gungnir Capital is a specialist European defence and dual-use investor backing companies across autonomy, AI, cybersecurity, sensors, communications, and space. It invests across the Nordics, wider Europe, and Ukraine, with its third Fund I closing currently underway.
Helantic
HQ: Munich, Germany
Stage: seed and Series A
Ticket size: €1M–5M
Selected portfolio: SpiNNcloud, Fernride, HyImpulse, LiveEO
Founded in 2025 and run by a team of founders and defence industry veterans, Helantic is an early-stage fund investing at the intersection of security, technology, and strategic sovereignty. Working from a €100 million fund, it backs companies across autonomy, AI, space, and cybersecurity, together with enabling technologies in energy, materials, and advanced manufacturing.
Hyperion
HQ: Madrid, Spain
Stage: growth equity
Selected portfolio: Pangea Aerospace, Gutmar, Sateliot
Hyperion is a €150 million growth-equity fund focused on European defence, aerospace, cybersecurity, and AI-enabled dual-use technologies. It takes minority stakes in industrial companies and supports their expansion and participation in the consolidation of Europe’s defence supply chain. The firm has also announced plans for a second €500 million defence vehicle.
Keen Venture Partners
HQ: Amsterdam, the Netherlands and London, the UK
Stage: pre-seed to Series B, with an emphasis on Series A
Ticket size: €1M–10M
Selected portfolio: EclecticIQ, Intelic, Perciv AI, Kelluu, AirHub, ATMOS Space Cargo
Keen’s European Defence and Security Tech Fund has reached €180 million towards a €200 million target, making it one of Europe’s largest dedicated defence tech vehicles. The fund plans to invest in more than 25 companies across cybersecurity, autonomous systems, deterrence technologies, and space.
Lakestar Resilience I
HQ: Zurich, Switzerland; London, the UK and Munich, Germany
Stage: early stages through growth
Selected portfolio: Helsing, ARX Robotics, Auterion, Frankenburg Technologies, UFORCE, Kela, Onodrim, Cambridge Aerospace
Closed at $300 million in July 2026, Lakestar Resilience I is a dedicated fund for defence and dual-use companies across Europe and NATO-allied markets. It backs founders from their early rounds through subsequent growth across autonomous systems, defence software, drones, missile technology, space, and maritime platforms.
MD One Ventures
HQ: London, the UK
Stage: pre-seed to Series A
Selected portfolio: XTEND, Valarian, Greenjets, Cydome, Milvus
Founded in 2021, MD One Ventures describes itself as Europe’s first VC firm dedicated to defence and national security. It backs applied deeptech companies across the UK, Europe, and allied nations, with capital reserved for two subsequent rounds. Its portfolio spans cyber, autonomous systems, drones, space, advanced materials, and life sciences.
MITS Capital
HQ: Kyiv, Ukraine
Stage: pre-seed to Series A
Ticket size: $500k–3M for MITS Lightning Fund
Selected portfolio: Teletactica, NORDA Dynamics, Tencore, Aeromotors, M-Fly
Founded in 2024, MITS Capital is an American-Ukrainian investment group combining venture funding, acceleration, and financial advisory. Its Lightning Fund backs Ukrainian defence startups, focusing on drone warfare technologies and components that reduce Ukraine’s and NATO’s reliance on Chinese supply chains. The portfolio spans autonomy, tactical communications, ground robotics, propulsion, and sensing.
NUNC Capital
HQ: Amsterdam, the Netherlands
Stage: early stages; also builds and acquires established companies
Ticket size: €250k–1M
Selected portfolio: AnGard Microwave, Planck Dynamics, COBBS, PACPROTECT
NUNC Capital is a private investment and venture-building firm rather than a conventional VC fund. It builds, acquires, and scales defence companies across AI, electronic warfare, advanced materials, quantum technologies, and unmanned systems. In 2025, NUNC announced a €20 million early-stage initiative to build and invest in Ukrainian defence technology companies
Resist.UA
HQ: Kyiv, Ukraine
Stage: seed to Series A
Ticket size: $250k–2M
Selected portfolio: Farsight Vision, M-Fly
Founded in 2023, Resist.UA backs Ukrainian defence and dual-use companies. Its first fund, backed by Ukrainian capital, invested in seven companies and built a portfolio valued at more than $10 million. In 2026, the firm launched the Estonia-based Resist 2.0, targeting up to €50 million from international investors to scale battlefield-tested technologies into European and allied markets.
ScaleWolf
HQ: Vilnius, Lithuania
Stage: pre-seed to Series A
Selected portfolio: LUNA Robotics, PowerUP, Aktyvus Photonics, Neural AI
ScaleWolf combines venture capital and acceleration to support defence and dual-use companies from early development through deployment. Created under Lithuania’s €13.5 million MILInvest initiative, it provides grants, acceleration, and equity funding while helping companies access NATO and allied markets. Its portfolio spans drones, robotics, tactical AI, photonics, and resilient energy systems.
Sisyphus Ventures
HQ: London, the UK
Stage: early stages
Selected portfolio: Stendr, ZeroPhase, Tiberius Aerospace
Founded by Louise Boucher, Sisyphus Ventures is an early-stage fund dedicated to European defence technology. The firm focuses on companies developing military capabilities rather than pursuing a broad generalist technology strategy.
Sunfish Partners
HQ: Berlin, Germany and Warsaw, Poland
Stage: pre-seed
Ticket size: €150k–300k
Selected portfolio: Sky Spy, Liftero, DefendEye, Hellion Tech, Zaitra, HyperBUNKER, Orbital Matter, SI Robotics
Founded in 2016, Sunfish Partners backs space and defence startups founded by entrepreneurs from Central and Eastern Europe. It invests in both hardware and software with the aim of strengthening Europe’s technological autonomy. The focus grew out of the firm’s broader deeptech strategy and became more prominent with its second vehicle, Sunfish CEE II, launched in 2024.
Twin Track Ventures
HQ: London, the UK
Stage:pPre-seed and seed
Ticket size: £150k–£500k
Selected portfolio: Hadean, SE3 Labs, Oshen, Uplift360
Led by former Royal Air Force officer Nicola Sinclair, Twin Track Ventures backs dual-use deeptech across NATO countries. Its focus spans computing, communications, sensors, and supply-chain resilience, including energy, materials, and manufacturing. Backed by the NATO Innovation Fund and Allocator One, it helps founders secure early defence customers and translate that traction into wider commercial markets.
TYR.vc
HQ: Copenhagen, Denmark
Stage: pre-seed to Series A
Ticket size: €500k–2M
Selected portfolio: Sonair, Occam Industries, Air Reach, Triton Depth
TYR backs IP-protected dual-use technologies across Northern Europe, focusing on companies moving from prototype to production. Alongside equity, it helps founders pursue co-development agreements with defence contractors and industrial customers, using milestone-based payments to finance development while limiting dilution. The firm is already investing while working towards a €30 million fund.
Unmanned.vc
HQ: Tallinn, Estonia
Stage: pre-seed
Ticket size: €50k–150k
Selected portfolio: NeuralAgent, Rebelvolt, SUBmerge Baltic
Unmanned.vc is the investment unit of Finnish defence and deeptech company Modirum, backing European pre-seed startups in unmanned and autonomous systems. Its scope includes AI, robotics, cybersecurity, space, and field-ready energy technologies, with capital complemented by technical expertise and access to Modirum’s defence network.
Varangians
HQ: Stockholm, Sweden
Stage: working prototype onwards, typically TRL 5-6+
Ticket size: $100k-1M
Selected portfolio: HIMERA, Norda Dynamics, Sine Engineering
Varangians invests primarily in Ukrainian defence tech companies, across both military and civil defence. It closed its first vehicle at around $11 million in 2026 and has backed four companies to date, working across unmanned systems in all domains, drone components, electronic warfare, secure communications, demining, and intelligence.
Public-sector investors
Public capital is playing a growing role in Europe’s defence investment market. Governments are moving beyond grants by creating funds that invest directly in startups, co-invest with private investors, and commit money to specialist VC funds.
Here are the public-sector investors backing European defence and dual-use startups.
Coinvest Capital
HQ: Vilnius, Lithuania
Stage: stage-agnostic, primarily very early stages to Series A
Ticket size: up to €1.5M
Selected portfolio: Unmanned Defense Systems, Airvolve, LUNA Robotics
Coinvest Capital is Lithuania’s state-backed evergreen VC fund, investing public capital alongside business angels and private investors. Although sector- and stage-agnostic, it currently prioritises defence, miltech, dual-use, deeptech, climate, and life sciences. Its mandate allows it to invest directly in both dual-use and single-use defence technologies.
NATO Innovation Fund
HQ: Amsterdam, the Netherlands
Stage: seed to Series B, with follow-on funding through later rounds
Selected portfolio: Kraken Technology Group, Kelluu, Greenjets, STARK, Space Forge, TERASi, ARX Robotics
Created under NATO’s 2030 initiative, the NATO Innovation Fund is a standalone €1 billion venture fund backed by 24 allied nations. It invests in deeptech that strengthens defence, security, and resilience, typically leading rounds and reserving capital for follow-on investments. NIF also commits capital to specialist venture funds across participating NATO countries.
SmartCap Defence Fund
HQ: Tallinn, Estonia
Stage: seed to growth and expansion capital
Ticket size: €500k–10M
Selected portfolio: Farsight Vision, Frankenburg Technologies; Darkstar (fund commitment)
Established in 2024 and opened for investments in 2025, SmartCap’s €100 million Defence Fund combines direct company investments with commitments to specialist venture and private equity funds. It backs military and dual-use companies from seed to expansion, prioritising Estonia while also investing elsewhere in NATO when there is clear strategic value for the Estonian defence ecosystem.
SecFund
HQ: Tilburg, the Netherlands
Stage: early stages to scaleup
Ticket size: €150k–5M
Selected portfolio: Tective, Touchwaves, emproof, Fiducial, P-X Systems
SecFund is a Dutch public co-investment fund supporting startups, scaleups, and innovative SMEs developing dual-use technologies. Established by the Ministry of Defence and managed by the Brabant Development Agency together with the country’s regional development agencies, it is targeting €100 million in capital. SecFund invests on the same terms as private co-investors, with public sources covering up to half of a company’s financing requirement.
