Lakestar's $300M Bet on European Defense Tech

Jan de Vries · 2026-07-17

European venture capital firm Lakestar just closed its Resilience I fund at $300 million (€262.2 million). And here's the thing—investor demand was so strong the fund was oversubscribed. That's a big deal because it shows how quickly defense tech has gone from taboo to must-have in the startup world. ### What Makes This Fund Different Lakestar calls Resilience I Europe's largest institutional venture fund built exclusively for dual-use and defense technology companies. And it's all raised from private capital—no government money involved. That matters because it signals a shift in where institutional investors are willing to put their money. The firm also announced some serious firepower for its advisory board: - Sir Nicholas Carter, former UK Chief of the Defence Staff - General Volker Wieker, former Chief of Staff of the German Armed Forces - Former US Secretary of State Mike Pompeo - Baroness Martha Lane Fox, British entrepreneur and philanthropist This mix of military, political, and business experience gives Lakestar a unique edge in navigating the complex world of defense tech investing. ### Why Now? The Strategic Case Dr. Klaus Hommels, Lakestar's founder and chairperson, put it bluntly: "Freedom does not come for free. Europe needs sovereign technology capital in the defense and dual-use sectors." He's been on this mission for a while. In a LinkedIn post, he mentioned making his first defense investments almost a decade ago, "at a time when the category was considered uninvestable by many." He even gave a keynote called "Cold War 2 and the Role of Tech" two years later, laying out his conviction that sovereignty and advancing Europe's capabilities in critical technologies should be a core concern. ### Lakestar's Track Record and Reach Founded in 2012 by Dr. Hommels, Lakestar is a leading pan-European VC firm with over $6 billion (€5.2 billion) in assets under management. Its portfolio includes some names you'll recognize: - Airbnb - Spotify - Klarna - Revolut - Coinbase - Helsing (defense AI) - Isar Aerospace - Neko Health Just this week, Stockholm-based Neko Health closed a $700 million (€612.7 million) Series C round with Lakestar participating. That's a healthtech company, but the same principles apply—dual-use technology that can serve both civilian and defense purposes. ### The Human Side of Resilience Ninja Struye de Swielande, Partner and Head of IR at Lakestar, shared her perspective on LinkedIn: "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." She emphasized that investors increasingly recognize 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 signal. The stigma around defense investing is fading fast. Investors are actively looking for founders solving hard problems in security, sovereignty, and strategic capabilities. Lakestar Resilience I invests across stages, from early-stage venture funding to growth. They're not just writing checks—they're offering capital, expertise, and long-term partnerships. For founders in this space, that kind of patient, principled support can make all the difference. ### The Bigger Picture This fund closure isn't just about one VC firm. It's part of a broader shift in how Europe thinks about technology and security. The war in Ukraine, rising geopolitical tensions, and the need for technological sovereignty are driving capital toward defense tech in ways that would have been unthinkable five years ago. Dr. Hommels summed it up: "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." For those watching European startup news, this is a fund to keep an eye on. It could shape the next generation of defense tech companies coming out of Europe.