Lakestar Just Closed a $300 Million Fund for European Defense Tech

Jan de Vries · 2026-07-17

European venture capital firm Lakestar has officially closed its Lakestar Resilience I fund at $300 million (€262.2 million). The fund was oversubscribed, meaning investor demand far exceeded what the firm initially planned to raise. That kind of enthusiasm says a lot about where the market thinks defense and dual-use technology is headed. ### What Is This Fund All About? Lakestar describes Resilience I as Europe's largest institutional venture fund built exclusively for dual-use and defense technology companies. And here's the kicker: it was raised entirely from private capital, not government money. That's a big deal because it shows private investors are now willing to bet big on sectors they used to avoid. The firm also announced that some heavy hitters have joined its advisory board: - Sir Nicholas Carter, former UK Chief of the Defence Staff - General Volker Wieker, former Chief of Defence of Germany - Mike Pompeo, former US Secretary of State - Baroness Martha Lane Fox, British 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." ### A Quick Look at Lakestar Founded in 2012 by Dr. Hommels, Lakestar is a major pan-European venture capital firm. It manages over $6 billion (€5.2 billion) in assets. The firm invests across stages, from early-stage venture funding to growth-stage expansion. Its portfolio reads like a who's who of tech success stories: Airbnb, Isar Aerospace, Helsing, Spotify, Klarna, Revolut, SumUp, Coinbase, and Neko Health. Interestingly, just this week, Stockholm-based HealthTech company Neko Health closed a massive $700 million (€612.7 million) Series C round, with Lakestar participating. That shows the firm isn't just focused on defense; it's backing innovation across the board. ### Why Defense Tech Now? Lakestar Resilience I 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." He added that he outlined this mission in a 2019 keynote called "Cold War 2 and the Role of Tech." "This is the formalisation of a mission I first articulated in 2019," he wrote. "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 Investors Are Saying Ninja Struye de Swielande, Partner and Chief Communication Officer at Lakestar, noted that Resilience I marks an important milestone. In a LinkedIn post, she shared: "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 continued: "Investors increasingly recognise that European security requires long-term thinking, sustained investment, and strong technology champions." ### What This Means for the Industry This fund is a clear signal that defense and dual-use tech are no longer taboo for venture capital. With $300 million in private backing, Lakestar is betting that European startups in this space can deliver both security and returns. For founders working on critical technologies, this could open doors to patient, principled capital that wasn't available before. If you're building in defense, aerospace, or dual-use tech, this is a fund worth watching. And if you're an investor, it might be time to reconsider what "uninvestable" really means.