Luxembourg-based Join Capital has launched its third fund, aiming to raise €235 million to back European deeptech startups working on defence, dual-use, security, and space technologies. The European Investment Fund (EIF) has committed €50 million, its largest investment in the defence sector to date.
- Founded in 2017, Join Capital manages pan-European venture funds from offices in Berlin, London, and Milan. The firm focuses on startups that provide asymmetric technological advantages, strengthening Europe’s resilience and strategic autonomy. Its portfolio spans enterprise, industrial, space, and defence sectors, with 36 companies backed to date and five successful exits.
- Fund III will support around 25 startups, helping them scale solutions that enhance military capabilities while offering commercial applications. The investment is structured through the InvestEU Defence Equity Facility, a €175 million initiative co-financed by the European Defence Fund, designed to attract private funding for disruptive defence technologies. The facility is expected to mobilize more than €500 million for European companies.
"This investment is not only funding. The EIF credibility also acts as a seal of approval signalling to other investors the relevance of the aerospace and security and defence sector. With this backing, we are confident that additional investments will follow, helping Europe in building a robust ecosystem for innovative defence solutions," explains Marjut Falkstedt, Chief Executive at EIF.
