Europe's defence tech sector is attracting capital well beyond specialist defence funds. Increasingly, deeptech and generalist investors are stepping in and occasionally backing military technologies, autonomous systems, cybersecurity, space-based intelligence, and other dual-use solutions.
Here are deeptech and generalist VC firms investing in European defence and dual-use startups.
Adara Ventures
HQ: Madrid, Spain
Ticket size: €500k–5M
Defence or dual-use companies in the portfolio: SatVu, CounterCraft, Constella Intelligence
Adara Ventures is an early-stage deeptech investor backing founders from seed to growth in areas where, as it puts it, AI cannot commoditise the edge: proprietary data, trust, domain depth, and physical systems. It manages around €350 million, directing roughly three-quarters of its capital to Europe and the remainder to the Americas. Over twenty years, it has backed more than 60 companies, with a long-standing concentration in cybersecurity.
Air Street Capital
HQ: London, the UK
Ticket size: $500k–15M
Defence or dual-use companies in the portfolio: Delian Alliance Industries (formerly Lambda Automata), Modern Intelligence, Alta Ares
Air Street Capital invests in AI-first companies at the earliest stages, working closely with founders to shape product, market, and technology strategy. The firm closed its third fund at $232 million in March 2026, bringing its total capital raised across three vehicles to roughly $380 million. Fund III invests across Europe and North America, with select growth investments of up to $25 million. Defence and national security have become an explicit part of its investment strategy.
BlueYard Capital
HQ: Berlin, Germany
Ticket size: $500k–5M
Defence or dual-use companies in the portfolio: Castelion, STARK, Harmattan AI, ZeroPhase, AnySignal
Founded in 2016 by two former Earlybird partners, BlueYard is a deeptech investor managing around $500 million across three funds. It invests from pre-seed to Series A, typically leading or co-leading rounds. Rather than specialising exclusively in defence, BlueYard invests across four broad technology areas, including engineering, aerospace and defence, alongside computation and intelligence, biology and chemistry, and crypto.
Entropy Industrial Capital
HQ: London, the UK
Ticket size: $250k–1M
Defence or dual-use companies in the portfolio: Delian Alliance Industries, Cambridge Aerospace
Entropy Industrial Capital is a seed fund investing up to $1 million in founders transforming critical industries, with a focus on sustainability, sovereignty, and automation. The firm looks for engineering-led companies developing technologies for foundational sectors, including defence, industrial automation, manufacturing, and critical infrastructure.
Frst
HQ: Paris, France
Defence or dual-use companies in the portfolio: Comand AI, Dark Space, Unseenlabs
Frst is a seed-stage venture firm supporting French entrepreneurs with global ambitions. With over €200 million in assets under management, the firm invests early, often before a company is officially founded. Built by entrepreneurs, Frst offers strategic support and aligns its interests with founders over the long term. It has backed more than 50 companies, including Comand AI, a French defence tech startup developing AI-powered command-and-control software for military operations.
Hard2beat
HQ: Wrocław, Poland
Ticket size: Up to 3M PLN initially, up to 8M PLN with follow-ons
Defence or dual-use companies in the portfolio: DefendEye, Defguard
Hard2beat backs Polish deeptech startups at pre-seed and seed, looking for a defensible technical edge in software-driven and hardware-enabled companies while ruling out B2C products, marketplaces, and generic SaaS. It writes initial cheques of up to 3 million PLN and can commit up to 8 million PLN per company through follow-ons. Eligible startups must either be based in Poland or have a Polish operational connection. In September 2026, Hard2beat increased its capitalisation from 84 million PLN to 110.3 million PLN.
HCVC
HQ: Paris, France
Ticket size: €500k–2M
Defence or dual-use companies in the portfolio: Delian Alliance Industries, Alpine Eagle, Lendurai
HCVC is a venture capital firm dedicated to hardtech, backing companies that automate and digitise the physical world from inception through Series A. Working from Paris and San Francisco, it has raised $125 million across two funds: $50 million in 2018 and $75 million in 2023. The firm targets around ten deals annually across sectors including defence, space, robotics, climate, and aerospace. Its defence investments include Alpine Eagle, a German developer of airborne counter-drone systems, and Lendurai, an Estonian startup building autonomous drones capable of operating without GPS or radio connectivity.
HV Capital
HQ: Munich, Germany
Ticket size: €500k–€0M at early stage
Defence or dual-use companies in the portfolio: Quantum Systems
Founded in 2000, HV Capital invests across multiple growth stages, with early-stage investments ranging from €500,000 to €10 million, growth investments of up to €60 million, and follow-on investments reaching €100 million per company. In 2023, HV Capital announced Fund IX, exceeding €700 million and targeting startups from seed to Series D and beyond. Its defence exposure includes Quantum Systems, a German company developing unmanned aerial systems and aerial intelligence software for military and commercial customers.
IQ Capital
HQ: Cambridge, the UK
Ticket size: £500k–10M
Defence or dual-use companies in the portfolio: Alpine Eagle, QuadSAT, Isembard
Based in the UK and closely connected to the Cambridge technology ecosystem, IQ Capital focuses on early-stage deeptech investments. It invests in areas including computer science, energy, space, advanced engineering, and cybersecurity, with follow-on investments of up to £30 million through its Growth Fund. Its portfolio also includes QuadSAT, a provider of RF testing solutions for satellite communications and defence, and Isembard, which manufactures precision components for aerospace and defence customers.
K Fund
HQ: Madrid, Spain
Ticket size: €100k–15M
Defence or dual-use companies in the portfolio: XRF
K Fund invests in technology companies across Southern Europe and Latin America, from pre-seed to Series B. Founded in 2016, it manages more than €500 million across six funds, including K3, a €70 million vehicle raised in 2024 for founders in Spain, Italy, and Portugal. Its defence portfolio includes XRF, a Spanish company developing extended reality and AI-based technologies for military planning, training, command and control, and emergency response.
Kima Ventures
HQ: Paris, France
Ticket size: €150k
Defence or dual-use companies in the portfolio: Comand AI
Kima Ventures, headquartered in Paris with an office in London, is one of the most active early-stage investors globally, typically making two to three investments per week. The firm generally invests €150,000 per company and backs around 100 new startups annually across industries. Rather than focusing on a specific technology or sector, Kima invests broadly in ambitious founders at the earliest stages. Its portfolio includes Comand AI, the French defence technology company developing AI-powered command-and-control systems for military planning and decision-making.
Lemonade Stand
HQ: Tallinn, Estonia
Ticket size: €50k–300k
Defence or dual-use companies in the portfolio: SensusQ, Black Swan
Lemonade Stand is an early-stage venture capital firm backing B2B startups with founders from the Baltics and Eastern Europe. It invests across industries, supporting companies with the ambition to scale internationally. Its defence portfolio includes SensusQ, an Estonian company developing intelligence management software for military and security organisations. SensusQ's technology helps military units collect, analyse, and share intelligence from multiple sources, with applications in NATO countries and Ukraine.
Lightspeed Venture Partners
HQ: London, the UK (European office); Menlo Park, the US (global headquarters)
Ticket size: $1M–100M
Defence or dual-use companies in the portfolio: Helsing, Anduril, RobCo
Lightspeed Venture Partners, founded in 2000, is a global venture capital firm with around $18 billion in assets under management. Operating across the US, Europe, Israel, India, China, and Southeast Asia, Lightspeed invests in sectors ranging from enterprise software and consumer technology to healthcare and fintech. Defence has become an increasingly significant part of its portfolio. In July 2026, Lightspeed co-led a $1.8 billion Series E round for German defence tech company Helsing, valuing it at $18 billion in the largest defence startup financing round recorded in Europe.
OTB Ventures
HQ: Warsaw, Poland and Amsterdam, the Netherlands
Ticket size: €1M–7M
Defence or dual-use companies in the portfolio: ICEYE, Hydrosat, Alta Ares
Launched in 2017, OTB Ventures is a CEE-focused deeptech investor managing over $350 million across two funds. Its second, a $185 million vehicle closed in March 2024, was backed by investors including the NATO Innovation Fund, the European Investment Fund, Isomer Capital, and the Foundation for Polish Science. OTB mainly invests at Series A and reserves more than half of its capital for follow-on rounds. Its strategy spans enterprise data and AI, physical AI and space technologies, and next-generation computing.
Plural
HQ: London, the UK
Ticket size: €1M–€10M
Defence or dual-use companies in the portfolio: Helsing, Hypersonica
Plural is an early-stage venture capital firm founded by experienced entrepreneurs who invest in companies tackling complex technological and societal challenges. The firm has closed a €400 million fund to support founders working across AI, frontier technologies, climate and energy, and health and biotech. Its model combines capital with hands-on support from founders who have previously built and scaled technology companies. Plural's defence portfolio includes Helsing, the German AI defence company, and Hypersonica, which is developing hypersonic missile technologies in Europe.
Project A
HQ: Berlin, Germany
Ticket size: €1M–10M
Defence or dual-use companies in the portfolio: ARX Robotics, Labrys, Quantum Systems
Project A Ventures is an early-stage technology investor focusing on climate and energy, resilience and defence, financial technology, and global supply chains. Beyond funding, Project A operates an extensive support platform covering technology, growth, data, and talent. Since 2012, it has backed more than 130 companies, primarily in Europe. Its defence portfolio includes ARX Robotics, which develops autonomous ground systems for military applications, and Labrys, a platform supporting organisations operating in complex and high-risk environments.
SFC Capital
HQ: Northwich, the UK
Ticket size: £100k–300k
Defence or dual-use companies in the portfolio: Marble Aerospace
SFC Capital is a UK-based venture capital firm investing in early-stage startups through partnerships with universities, spin-outs, accelerators, and angel investors. With more than £150 million in assets under management, it operates one of the UK's leading SEIS investment platforms, building diversified portfolios across sectors including software, fintech, medtech, and green technology. Among its dual-use investments is Marble Aerospace, a British company developing autonomous UAV systems for maritime surveillance and intelligence gathering.
SMRK
HQ: Kyiv, Ukraine
Ticket size: around $1.5M
Defence or dual-use companies in the portfolio: Osavul
SMRK is a Ukrainian venture capital fund founded in 2013, investing primarily in seed and early-stage technology companies with global ambitions. The firm backs software businesses across B2B and B2C markets, focusing on teams with strong products, scalable business models, and international potential. Its defence-related portfolio includes Osavul, a Ukrainian AI company developing technologies to detect and analyse disinformation, coordinated influence operations, and hybrid threats. SMRK was an early investor in Osavul, whose technology is used by government and defence institutions, including NATO.
Tiny VC
HQ: London, the UK
Ticket size: Approximately €150k–250k
Defence or dual-use companies in the portfolio: Comand AI, Starcloud
Tiny VC backs technology startups at their earliest stages, primarily across Europe. Since 2017, it has supported more than 450 companies, typically investing in pre-seed and seed rounds. Rather than specialising in defence, Tiny operates as a high-volume generalist investor, rarely leading rounds or taking board seats. Its team and a network of more than 900 founders support portfolio companies with fundraising, hiring, and strategic decisions. Its investments include French defence startup Comand AI, which develops AI-powered military command-and-control software.
Vsquared Ventures
HQ: Munich, Germany
Ticket size: €500k–5M
Defence or dual-use companies in the portfolio: Lendurai, Isar Aerospace, The Exploration Company
Founded in 2020 as the successor to Vito Ventures, Vsquared backs European deeptech companies from pre-seed to Series A. The firm manages roughly €450 million across two funds after closing a €214 million second vehicle above its original €165 million target. It typically backs around 25 companies per fund. Its investment strategy covers space, robotics, advanced manufacturing, computing, energy, and AI. Its defence and dual-use portfolio includes Lendurai, an Estonian startup developing autonomous UAVs designed to navigate GPS-denied environments.
ZAS Ventures
HQ: Kyiv, Ukraine, and San Francisco, the US
Ticket size: $50k–200k
Defence or dual-use companies in the portfolio: Mantis Analytics
ZAS Ventures is an early-stage venture firm backing startups with Ukrainian founders, primarily focused on SaaS and cloud technologies targeting the US market. Operating between Kyiv and San Francisco, it invests at pre-seed and seed and also runs ZAS Angels, a syndicate of more than 70 investors. Its portfolio includes Mantis Analytics, an AI-powered intelligence platform developed to identify and analyse disinformation, coordinated influence operations, and other information warfare threats. The investment gives ZAS exposure to security-related technologies beyond its traditional SaaS focus.
360 Capital
HQ: Paris, France and Milan, Italy
Ticket size: €150k–€10M
Defence or dual-use companies in the portfolio: Unseenlabs, Exotrail; Preligens (exited)
Founded in 1997, 360 Capital is a pan-European early-stage VC firm based in Paris and Milan, investing across deeptech, climate tech, and digital businesses. With around €700 million in assets under management, it writes cheques ranging from €150,000 to €2 million at pre-seed and seed and from €2 million to €10 million at Series A and B. One of its most notable defence investments was Preligens, the French AI intelligence company acquired by Safran for €220 million in 2024 and subsequently renamed Safran.AI.
6 Degrees Capital
HQ: London, the UK and Antwerp, Belgium
Ticket size: €1M–€7.5M
Defence or dual-use companies in the portfolio: Disruptive Industries
6 Degrees Capital is a European venture capital firm investing in AI, SaaS, and fintech companies from seed to Series B. In December 2025, the firm closed its third fund at €154 million, expanding its capacity to back technology companies across Europe and selected emerging markets. Its portfolio includes Disruptive Industries, a UK-based intelligence technology company developing AI-powered risk intelligence capabilities for sectors including cybersecurity, defence, C5ISR, and supply chain security.
7percent Ventures
HQ: London, the UK
Ticket size: $250k–$2M
Defence or dual-use companies in the portfolio: Castelion, True Anomaly, Magdrive, Cambridge Aerospace
Founded in 2014 by two former entrepreneurs, 7percent Ventures invests in early-stage deeptech companies pursuing ambitious technological breakthroughs. Its investment strategy is organised around four themes: future compute, defence and dual-use, smart planet, and humantech. Working from London and San Francisco, it typically joins a startup's first or second funding round with cheques of $250,000 to $2 million. The firm has backed more than 150 companies that have gone on to raise over $2.3 billion in follow-on capital.
