Lakestar's $300M Bet on European Defense Tech

Jan de Vries · 2026-07-17

European venture capital firm Lakestar has closed its Resilience I fund at $300 million, signaling a major shift in how investors view defense and dual-use technology. The fund was oversubscribed, meaning demand from investors far exceeded what Lakestar initially planned to raise. ### A Fund Built for a New Era Lakestar describes Resilience I as Europe's largest institutional venture fund focused exclusively on dual-use and defense technology companies. What makes this fund stand out is that it was raised entirely from private capital, not government sources. 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. 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." ### Who Is Lakestar? Founded in 2012 by Dr. Hommels, Lakestar is a pan-European venture capital firm with over $6 billion in assets under management. The firm invests across stages, from early seed funding to growth rounds, and its portfolio includes household names like Airbnb, Spotify, Klarna, Revolut, and Coinbase. It also backs defense-focused companies like Isar Aerospace and Helsing. Earlier this week, Stockholm-based HealthTech company Neko Health, a Lakestar portfolio company, closed a $700 million Series C round with Lakestar's participation. ### Why Defense Tech Now? Defense technology hasn't always been a popular category for venture capital. In a LinkedIn post, Dr. Hommels reflected on his early investments in the space: "Almost a decade ago, I made my first defense investments, at a time when the category was considered uninvestable by many." He added: "This is the formalization of a mission I first articulated in 2019. 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." ### What This Means for European Startups The fund's success reflects a growing recognition among investors that European security requires long-term thinking and sustained investment. Ninja Struye de Swielande, Partner and Chief Communication Officer at Lakestar, noted: "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." For founders building in defense and dual-use tech, this fund represents a new source of patient capital. It's a signal that venture capital is taking national security seriously, and that the stigma around investing in defense technology is fading. ### Key Takeaways - Lakestar closed its Resilience I fund at $300 million, oversubscribed from private capital. - The fund focuses exclusively on dual-use and defense technology companies in Europe. - Advisory board includes former US Secretary of State Mike Pompeo and military leaders. - Lakestar has over $6 billion in assets under management. - The firm's portfolio includes major tech companies like Airbnb, Spotify, and Klarna.