Lakestar Raises $300M Resilience Fund for European Defense Tech

Jan de Vries · 2026-07-17

European venture capital firm Lakestar just closed its Lakestar Resilience I fund at $300 million. And here's the thing: investor interest was so strong that the fund ended up oversubscribed. That tells you something about where smart money is flowing right now. Lakestar calls this Europe's largest institutional venture fund built exclusively for dual-use and defense technology companies. It's raised entirely from private capital, which is a big deal. Typically, defense tech funding relies heavily on government contracts, but this signals a shift. ### Who's Backing This? The fund also announced some heavy hitters joining 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 - Mike Pompeo, former US Secretary of State - Baroness Martha Lane Fox, UK entrepreneur and philanthropist 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." ### Lakestar's Track Record Founded in 2012 by Dr. Hommels, Lakestar is a leading pan-European VC firm. It manages over $6 billion in assets. Their platform covers both institutional funds and personal investments across stages and geographies. They invest from early-stage venture funding all the way to growth. Their portfolio includes some pretty recognizable names: - Airbnb - Spotify - Klarna - Revolut - Coinbase - SumUp - Isar Aerospace - Helsing - Neko Health Speaking of Neko Health, that Stockholm-based HealthTech company just closed a $700 million Series C round earlier this week. Lakestar participated in that round too. ### Why Defense Tech Now? Lakestar Resilience focuses on companies building technologies that strengthen Europe's security and strategic capabilities. This isn't just about weapons systems — it's about everything from cybersecurity to dual-use technologies that have both civilian and military applications. In a LinkedIn post, Dr. Hommels shared some backstory: "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." He added: "This is the formalisation 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." ### What Investors Are Saying Ninja Struye de Swielande, Partner and Chief Communication Officer at Lakestar, noted that Resilience I marks an important milestone. In her 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." ### The Bigger Picture This fund comes at a time when European defense spending is rising sharply. The war in Ukraine, combined with shifting geopolitical dynamics, has made "strategic autonomy" a buzzword in Brussels. But beyond the politics, there's a real business opportunity here. Dual-use technologies — think drones, AI surveillance, secure communications — are attracting serious venture capital. And Lakestar's Resilience I fund is positioning itself at the center of that trend. The message is clear: European defense tech is no longer taboo for VCs. It's becoming a core investment thesis.