Lakestar's $300 Million Fund Signals a New Era for European Defense Tech

Jan de Vries · 2026-07-17

European venture capital firm Lakestar just closed its Resilience I fund at $300 million. That's a big number, but what's more interesting is that investors actually wanted to put in more money than the fund could take. It was oversubscribed, which tells you something about the appetite for defense and dual-use technology in Europe right now. ### What Is Lakestar Resilience I? Lakestar calls this Europe's largest institutional venture fund built exclusively for dual-use and defense tech companies. And it's all raised from private capital, not government money. That's a key distinction. The fund also announced some serious heavyweights joining its advisory board: Sir Nicholas Carter, General Volker Wieker, former US Secretary of State Mike Pompeo, and Baroness Martha Lane Fox. Dr. Klaus Hommels, founder and chairperson at Lakestar, put it bluntly: "Freedom does not come for free. Europe needs sovereign technology capital in the defence and dual-use sectors." ### Lakestar's Track Record Founded in 2012 by Dr. Hommels, Lakestar has grown into a leading pan-European VC firm with over $6 billion in assets under management. Their platform spans institutional venture capital funds and personal investments across different stages and geographies. They invest from early-stage venture funding all the way to growth, supporting companies as they scale through capital, expertise, and long-term partnerships. Their portfolio is a who's who of successful startups: - Airbnb - Isar Aerospace - Helsing - Spotify - Klarna - Revolut - SumUp - Coinbase - Neko Health Just this week, Stockholm-based HealthTech company Neko Health announced a $700 million Series C round, with Lakestar participating. That's a pretty strong signal that Lakestar knows how to pick winners. ### Why Defense Tech Matters Now Lakestar Resilience invests in companies developing technologies that strengthen Europe's security and strategic capabilities. In a LinkedIn post, Dr. Hommels shared some context: "Almost a decade ago, I made my first defence investments, at a time when the category was considered uninvestable by many. Two years later, in a keynote I called 'Cold War 2 and the Role of Tech', I laid out a conviction that has guided me ever since: sovereignty and advancing Europe's capabilities in critical technologies should be a core concern for all of us. We backed founders on that belief, long before it became consensus." He added: "This is the formalisation of a mission I first articulated in 2019 and outlined to many of you in a letter last October. 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." ### Investor Sentiment Is Shifting Ninja Struye de Swielande, Partner and Chief Communication Officer at Lakestar, called Resilience I 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 recognise that European security requires long-term thinking, sustained investment, and strong technology champions. I am proud of having contributed and helped raise this fund, following Lakestar's and Klaus' focus and mission for strengthening European resilience." ### What This Means for Startups If you're building a defense or dual-use tech company in Europe, this fund is a big deal. It means there's now serious private capital available for your kind of work. And it's not just about the money. Lakestar brings deep expertise, a strong network, and a long-term perspective that's rare in venture capital. The fact that they've been investing in this space for almost a decade before it became popular says a lot about their conviction. For US-based professionals watching European tech, this is another sign that the transatlantic startup ecosystem is becoming more interconnected. Defense tech is no longer a niche. It's becoming a mainstream category with real institutional backing.