DefenseTech

201 Ventures Fund I is a $22 million early-stage venture capital fund launched in January 2024 and managed by solo General Partner Eric Slesinger, a former CIA officer. Headquartered in Madrid, the fund is dedicated to advancing freedom and autonomy across Europe by investing in pre-seed and seed-stage companies developing cutting-edge technologies in defense, intelligence, and dual-use sectors. The fund has garnered support from the NATO Innovation Fund, underscoring its strategic significance in bolstering European technological sovereignty. The fund's investment thesis centers on identifying and supporting founders with deep technical expertise and a strong drive to solve complex problems. 201 Ventures seeks out companies that embrace technical risk and ambition, focusing on areas such as hypersonics, biosecurity, subsurface mapping, maritime sensing, and Arctic autonomy. By targeting startups with innovative products and unique advantages in large, strategic markets, the fund aims to build a diversified portfolio that can effectively manage risk and deliver substantial returns. 201 Ventures Fund I has already made notable investments in companies like Delian Alliance Industries (Greece), Ionlace (Sweden), Deep Earth (Germany), and Isembard (UK), reflecting its pan-European focus. The fund's proactive approach includes active involvement in its portfolio companies, providing not just capital but also strategic guidance to help them reach cash flow breakeven and achieve clear exit strategies. This hands-on methodology is designed to add value beyond financial investment, fostering the growth of companies that contribute to Europe's strategic autonomy.

Since its founding in 1999, Arlington Capital Partners has carved out a specialty in investing in companies operating in regulated, mission‑critical industries such as defence, aerospace, government services and healthcare IT. With Fund VII, the firm builds on its legacy by raising an unprecedented US$6 billion in commitments—a marked increase over its prior fund—demonstrating the strength of investor conviction around structural trends in national security, supply‑chain reshoring, and government‑technology modernization. Fund VII will deploy capital into platform investments across sectors including manufacturing and supply‑chain resiliency, mission‑critical government software, next‑generation defence technologies, cybersecurity, commercial aviation, advanced medical devices and healthcare IT. The fund aims to partner with management teams in companies with strong regulatory barriers, recurring government demand, and defensible business models, leveraging Arlington’s domain expertise in regulated markets. The geographic focus is principally in the U.S. and allied markets, consistent with the firm’s strategy of backing companies operating in the context of rising defence budgets and national‑security imperatives. By targeting assets in sectors with high certainty of long‑term demand and regulatory anchoring, the fund seeks to generate attractive returns while also aligning with public‑policy tailwinds. From a financial‑characteristics perspective the fund is targeting middle‑market companies—investments are expected to be in companies with enterprise values typically in the range of US$50 million to US$1 billion, and equity investments (platform check sizes) in the ballpark of US$200 million to US$500 million.

The European Defence and Security Tech Fund is a €125 million venture capital vehicle launched by Keen Venture Partners to back early-stage technology companies innovating in defence, security, and space. Anchored by a €40 million investment from the European Investment Fund (EIF) under the European Commission’s Defence Equity Facility, the fund is one of the first dedicated initiatives aimed at enhancing Europe’s strategic autonomy in defence innovation. The fund targets 20 to 25 companies operating at the seed to Series B stages, focusing on advanced technologies such as cyber defence, artificial intelligence, autonomous systems, robotics, and space security. Keen Venture Partners aims to identify and support startups that can contribute to Europe's dual-use capabilities and resilience in an increasingly complex geopolitical environment. Operating out of Amsterdam and London, Keen Venture Partners brings a thesis-driven, founder-centric approach. The team’s previous track record in deeptech investments and partnerships with institutional actors positions the fund to become a central actor in the European defence tech ecosystem. The vehicle is open to startups across the EU, the UK, Norway, and Turkey.

Marathon Fund III is the latest €75 million seed-stage fund from Athens-based Marathon Venture Capital. The firm continues its mission to be a “Day One partner” to Greek tech founders, focusing on those building globally competitive companies from the outset. This new vehicle brings Marathon’s total assets under management to €175 million, reflecting the firm’s growing influence in the European venture ecosystem. Marathon’s investment thesis centers on founders addressing complex challenges in significant markets. These challenges often require specialized knowledge, such as advanced research expertise, or navigating regulated and overlooked industries like power grid management. The firm emphasizes capital efficiency and resilience, qualities inherent in the Greek tech community, enabling startups to serve global markets effectively from their inception. The firm has a track record of successful investments, including the acquisition of Augmenta by CNH Industrial for $110 million and a secondary sale of shares in Hack the Box to The Carlyle Group. These exits underscore Marathon's ability to identify and support startups with significant growth potential and global appeal.

TBD VC Fund II is a $35 million early-stage venture capital fund launched by David Citron and Alan Buch, focusing on supporting Israeli deep tech founders. The fund aims to invest in approximately 20 startups, primarily at the pre-seed and seed stages, with initial checks of around $1 million. TBD VC emphasizes a founder-first approach, particularly targeting first-time entrepreneurs building companies in sectors like enterprise AI, cloud infrastructure, cybersecurity, and software-enabled defense technology. The firm operates with a global perspective, leveraging a network of over 45 venture partners, including senior operators from companies such as GitHub, American Express, Epic Games, and Netflix. This network assists portfolio companies in product development and go-to-market strategies, aiming for rapid commercialization. TBD VC's investment philosophy centers on backing deeply technical founders from day one, focusing on long-term value creation over short-term trends. Beyond financial returns, TBD VC is committed to social impact. A portion of the fund's profits is dedicated to supporting organizations that help discharged Israeli soldiers transition into tech careers, reflecting the founders' personal experiences and dedication to national resilience.