NATO's New Capital Network: 20 European Investors You Should Know

Jan de Vries · 2026-09-21

### NATO's New Capital Network: What It Means for European Startups NATO's Defence Innovation Accelerator for the North Atlantic (DIANA) just made a move that could reshape how European defense and dual-use startups get funded. They've announced the first 24 investors joining the NATO DIANA Capital Network (NDCN), and 20 of them are European-based. That's a big deal. Think about it. For years, European defense tech has been seen as a tough sell for venture capital. But now, with NATO backing a curated network of investors, the game is changing. The NDCN isn't just about money—it's about connecting the right capital with the right innovators to scale solutions critical to Allied security. ### Why This Matters for the Startup Ecosystem According to Jyoti Hirani-Driver, Acting Managing Director of NATO DIANA, "The NATO DIANA Capital Network is a critical enabler of the Alliance's technological and defensive edge. By connecting NATO-aligned capital and promising innovators, the network helps the best technologies move to real-world capabilities in a secure and values-based ecosystem." That's a mouthful, but it boils down to this: NATO wants to speed up the path from lab to battlefield. And the timing couldn't be better. In 2026 alone, we've seen massive capital flowing into European defense and dual-use tech. Just look at these deals: - Munich-based Quantum Systems raised a $1.1 billion Series D (€1 billion) - Finland's ICEYE closed a $487 million Series F (€450 million) - London's Kraken Technology Group secured a $165 million Series B (€152.9 million) That's over $1.8 billion across just ten financings. And smaller rounds are backing everything from missile manufacturing to drone-defense lasers. ### The Investors Behind the Network So who are these 20 European investors? They come from across the continent, representing a mix of sovereign funds, venture capital firms, and family offices. Here's the breakdown by country: - **France**: Bpifrance, Expansion Ventures - **Germany**: Alpine Space Ventures, DTCP, Project A, Sunfish Partners, Vsquared VC - **Luxembourg**: Tech Horizons - **Netherlands**: NATO Innovation Fund (NIF), SecFund Netherlands - **Norway**: Investinor - **Poland**: Expeditions, OTB Ventures - **Türkiye**: METU70 Ventures / ODTÜ70 - **United Kingdom**: Archangel, EDT Ventures, MD One Ventures, National Security Strategic Investment Fund (NSSIF), Twin Track VC, WatchKeeper Ven Several of these investors are already active in the space. DTCP led investments in Kraken and Norway's Six Robotics. The NATO Innovation Fund participated in rounds for Kraken, Greenjets, and Uplift360, and led Kelluu's $16.3 million Series A (€15 million). Kelluu, by the way, is a direct product of DIANA—it completed two phases of the accelerator before its 2026 financing. ### What the NDCN Offers The NDCN isn't just a list of names. It's a curated, NATO-screened community launched in April 2026. Members get structured access to DIANA's pipeline of screened companies, direct connections to other Alliance investors, invitations to closed-door meetings with NATO leadership, and a zero-fee model from DIANA itself. That's a pretty sweet deal. And it's part of a broader trend. We've seen dedicated defense and resilience funds pop up in 2026, like DTCP's $543 million Project Liberty (€500 million), the $543 million E2D fund (€500 million), and Lakestar's $284.8 million Resilience I Fund (€262.2 million). Clearly, specialized capital for European defense is on the rise. ### What's Next? DIANA plans to welcome more investors to the NDCN towards the end of the year. And as the network grows, it will give members more opportunities to engage with DIANA-validated innovators—companies whose technologies have already been tested and de-risked against NATO and Allied capability needs. For European startups in defense and dual-use tech, this is a golden opportunity. Not only does it provide access to capital, but it also offers a direct line to NATO's network and expertise. If you're building something that could enhance Allied security, this is a space to watch. In short, NATO's new capital network is a signal that European defense tech is no longer a niche—it's becoming a priority. And with 20 European investors on board, the continent is well-positioned to lead the charge.