Lakestar Raises $300 Million to Back European Defense and Dual-Use Tech Startups

Jan de Vries · 2026-07-17

European venture capital firm Lakestar has officially closed its Lakestar Resilience I fund at $300 million. The fund was oversubscribed, meaning investor demand far exceeded the initial target. That kind of response signals something important: the appetite for defense and dual-use technology is no longer niche. It's becoming mainstream. ### What Makes This Fund Different Lakestar calls Resilience I Europe's largest institutional venture fund built exclusively for dual-use and defense tech companies. And it's raised entirely from private capital. That's a big deal. Traditionally, defense startups relied heavily on government contracts. Now, private investors are stepping up. The fund also announced a high-profile advisory board. Members include: - Sir Nicholas Carter, former UK Chief of the Defence Staff - General Volker Wieker, former Chief of Staff of the German Armed Forces - Mike Pompeo, former US Secretary of State - Baroness Martha Lane Fox, British entrepreneur and philanthropist This mix of military, political, and tech expertise gives the fund serious credibility. ### Why Now? Dr. Klaus Hommels, founder and chairperson of Lakestar, put it bluntly: "Freedom does not come for free. Europe needs sovereign technology capital in the defence and dual-use sectors." That quote captures the urgency. With geopolitical tensions rising, Europe is realizing it can't rely solely on allies for critical defense tech. Founded in 2012 by Dr. Hommels, Lakestar manages over $6 billion in assets. The firm invests across stages, from early-stage to growth. Its portfolio reads like a who's who of European tech: Airbnb, Isar Aerospace, Helsing, Spotify, Klarna, Revolut, SumUp, Coinbase, and Neko Health. ### The Bigger Picture This isn't Lakestar's first foray into defense. Dr. Hommels made his first defense investments almost a decade ago, when the category was "considered uninvestable." In a 2019 keynote, he laid out a vision he called "Cold War 2 and the Role of Tech." That conviction is now paying off. Earlier this week, Neko Health, a Stockholm-based HealthTech company in Lakestar's portfolio, announced a $700 million Series C round. Lakestar participated. That shows the firm isn't just about defense. It's backing a broad range of critical technologies. ### What Lakestar Resilience Invests In The fund focuses on companies developing technologies that strengthen Europe's security and strategic capabilities. Think advanced materials, cybersecurity, space tech, and autonomous systems. The goal is to build a more self-sufficient European defense ecosystem. Ninja Struye de Swielande, Partner and Chief Communication Officer at Lakestar, said the fund marks an important milestone. She noted that conversations with investors revealed "the depth of conviction" behind the mission. European security, she said, requires "long-term thinking, sustained investment, and strong technology champions." ### What This Means for Founders For founders building in defense or dual-use, this fund is a signal. There's now dedicated capital available, and it comes with strategic support. The advisory board alone could open doors to government contracts and international partnerships. But it's not just about money. Dr. Hommels emphasized that founders need "a partner who is there for the long run, and capital that is patient, principled, and founder-centric." That's exactly what Lakestar Resilience aims to provide. ### The Bottom Line Lakestar's $300 million fund is more than a financial milestone. It's a statement that European defense tech is ready for prime time. With geopolitical instability on the rise, the timing couldn't be better. For investors and founders alike, this is a space to watch.