Lakestar Raises $300 Million Fund for European Defense and Dual-Use Tech

Jan de Vries · 2026-07-17

European venture capital firm Lakestar just closed its Resilience I fund at $300 million, and here's the kicker: it was oversubscribed. Investors wanted in so badly that the fund's final size blew past its original target. That tells you something about the appetite for defense and dual-use technology in Europe right now. This isn't just another VC fund. Lakestar describes it as Europe's largest institutional venture fund built exclusively for dual-use and defense tech companies, and it's raised entirely from private capital. No government handouts here. The firm also announced that Sir Nicholas Carter, General Volker Wieker, former US Secretary of State Mike Pompeo, and Baroness Martha Lane Fox have joined its advisory board. That's a serious lineup of heavy hitters. ### What's Driving This Fund? Dr. Klaus Hommels, founder and chairperson of Lakestar, put it bluntly: "Freedom does not come for free. Europe needs sovereign technology capital in the defense and dual-use sectors." That's not just a soundbite. It's a conviction he's held for years. In a LinkedIn post, he shared that he made his first defense investments almost a decade ago, back when the category was considered uninvestable by many. He even gave a keynote called "Cold War 2 and the Role of Tech" in 2019, where he laid out the case for why sovereignty and advancing Europe's capabilities in critical technologies should be a core concern for everyone. Now, that vision has crystallized into a formal fund. Hommels added, "The founders we back have chosen to solve the hardest problems in the most consequential category of our time. They deserve a partner who is there for the long run, and capital that is patient, principled, and founder-centric." ### Lakestar's Track Record Founded in 2012, Lakestar is a leading pan-European VC firm with over $6 billion in assets under management. Its platform spans institutional venture funds and personal investments across stages and geographies. The firm invests from early-stage venture funding to growth, supporting companies with capital, expertise, and long-term partnerships. Its portfolio reads like a who's who of tech: Airbnb, Isar Aerospace, Helsing, Spotify, Klarna, Revolut, SumUp, Coinbase, and Neko Health. Speaking of Neko Health, the Stockholm-based HealthTech company just closed a $700 million Series C round earlier this week, with Lakestar participating. So the firm is clearly not just about defense; it's backing innovation across the board. ### Why Defense Tech Now? Ninja Struye de Swielande, Partner and Chief Communication Officer at Lakestar, noted that Resilience I marks an important milestone in the firm's mission to strengthen European resilience. In a LinkedIn post, she wrote, "Over the past months, we have been able to spend time with LPs across Europe and western allies. What struck me most in these conversations wasn't just the level of interest, but the depth of conviction behind it. Investors increasingly recognize that European security requires long-term thinking, sustained investment, and strong technology champions." - The fund is focused on companies developing technologies that strengthen Europe's security and strategic capabilities. - It's designed to support founders in dual-use and defense sectors with patient capital. - The advisory board includes military and political leaders who bring deep expertise. ### What This Means for Startups If you're building a dual-use or defense tech company in Europe, this fund could be a game-changer. Lakestar is signaling that it's in for the long haul, with capital that's patient and founder-centric. That's rare in a space where many investors have historically shied away. The oversubscription of the fund also suggests that limited partners are waking up to the strategic importance of these technologies. So, whether you're working on drone swarms, cybersecurity, or satellite communications, Lakestar Resilience I might be worth a look. The firm is actively looking for founders who are tackling the hardest problems in the most consequential category of our time. If that sounds like you, it might be time to reach out.