Lakestar Raises $300 Million for European Defense Tech — Here's Why It Matters

Jan de Vries · 2026-07-17

European venture capital firm Lakestar just closed its Resilience I fund at $300 million (€262.2 million). The fund was oversubscribed — meaning investor demand blew past expectations. That's a big deal for a sector that was once considered uninvestable. ### What Makes This Fund Different? Lakestar describes Resilience I as Europe's largest institutional venture fund built exclusively for dual-use and defense technology companies. And it's raised entirely from private capital. That's unusual. Most defense-related funds rely on government backing. This one doesn't. To help guide the fund, Lakestar also brought in heavy hitters for its advisory board: - Sir Nicholas Carter, former UK Chief of Defence Staff - General Volker Wieker, former German Chief of Defence - Mike Pompeo, former US Secretary of State - Baroness Martha Lane Fox, British entrepreneur and crossbench peer 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." ### A Fund Built on Conviction Founded in 2012 by Dr. Hommels, Lakestar manages over $6 billion (€5.2 billion) in assets. It invests across stages — from early seed funding to growth rounds — backing companies with capital, expertise, and long-term partnerships. Its portfolio includes household names like Airbnb, Spotify, Klarna, Revolut, and Coinbase. But also defense-focused companies like Isar Aerospace and Helsing. In a LinkedIn post announcing the fund, Dr. Hommels shared: "Almost a decade ago, I made my first defense 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: "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." ### Why Now? The Shift in Defense Tech Investing For years, venture capital largely avoided defense and dual-use tech. The stigma was real. But geopolitical tensions — from Russia's war in Ukraine to rising competition with China — have changed the calculus. Ninja Struye de Swielande, Partner and Head of IR at Lakestar, explained: "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 recognize that European security requires long-term thinking, sustained investment, and strong technology champions." ### A Busy Week for Lakestar Earlier this week, Neko Health — a Stockholm-based healthtech company in Lakestar's portfolio — closed a $700 million (€612.7 million) Series C round. Lakestar participated. So the firm is clearly active across multiple sectors, not just defense. ### The Bottom Line Lakestar's Resilience I fund signals a major shift in European VC. Defense tech is no longer taboo. It's becoming a priority. For founders building in this space, having a patient, principled partner like Lakestar could be the difference between scaling or stalling. And for investors? The message is clear: European security needs technology champions. And capital is finally flowing their way.