NVM Ventures' $25.5M Fund Bets on Dual-Use Startups

Jan de Vries · 2026-10-06

NVM Ventures just made its first move, and it's a big one for Europe's dual-use tech scene. The firm announced a first close of €23.6 million (about $25.5 million) for its NVM Venture Lazio compartment. That's a fancy way of saying they've got a pile of cash ready to pour into early-stage companies. The plan? Build a portfolio of 10 to 15 dual-use companies at pre-Seed and Seed stage. These are startups working on STEP technologies—think aerospace, cybersecurity, AI for defense, and more. It's not just about making money; it's about backing the next generation of founders who are tackling some of the world's toughest problems. ### Who's Behind the Wheel? The fund was the brainchild of Andrea Bonabello and Niccolò Bienati, founding partners and Board Members of Ulixes Capital Lux. They're leading the strategic direction, joined by Fund Managers Giorgio Gulienetti and Alessandro Casiraghi. Together, they're betting big on emerging managers—people raising their first, second, or third fund. And they're not alone. According to the IPEM Allocation and Fundraising Trend Report 2027, 88% of Limited Partners are now interested in managers raising their first, second, or third fund. That's up from 65% the year before. Plus, 64% are willing to commit to a Fund I. Why the shift? Results. Research from the National Association of Investment Companies in the US found that emerging manager programs outperformed by 700 basis points. That's a huge edge. "Institutional investors are rediscovering emerging managers," says Bonabello. "NVM Ventures was created to meet this demand in Italy, with the goal of fostering a new generation of capable, ambitious managers who currently struggle to raise their first fund." ### The Money Trail Key investors include Lazio Innova, which committed €18.83 million (about $20.4 million) through Lazio Venture 2. That's the Lazio Region's fund of funds, co-financed by the ERDF Regional Programme 2021–2027. The new compartment was selected under this program, which shows serious institutional backing. This launch comes amid a surge in investment into European defense, dual-use, and strategic DeepTech. In 2026 alone, EU-Startups tracked approximately €1.73 billion (around $1.87 billion) across ten relevant defense and dual-use financings. These deals spanned autonomous systems, space, cybersecurity, drone defense, and advanced materials. Italy is right in the middle of it. Puglia-based Mirai Robotics raised €3.6 million (about $3.9 million) for dual-use maritime autonomy. Turin-based ORiS secured €5 million (around $5.4 million) for space and dual-use wireless power tech. And Rome-based Exein, a Physical AI cybersecurity company, raised €234 million (over $253 million) while hitting unicorn status. ### Why Lazio? Why Now? Lazio Innova has already backed another specialist vehicle this year, committing €16 million (about $17.3 million) to the €20 million Eureka! Fund II – Deep Tech Lazio. That fund targets early-stage STEP and DeepTech companies, just like NVM Venture Lazio. "With NVM Venture Lazio, we are further expanding the specialist expertise in dual-use frontier technologies within the regional venture capital platform," says Andrea Ciampalini, Director General of Lazio Innova. "Investing in a first-time fund also reflects our commitment to backing emerging managers with distinctive skills, helping build new professional and investment capabilities for the benefit of the entire ecosystem." NVM Venture Lazio invests in DeepTech startups with dual-use applications. Its core sectors include: - Aerospace - Maritime - Robotics and autonomous systems - Cybersecurity - AI for defense - Energy infrastructure - New materials - Advanced manufacturing - Biotechnology The multi-compartment structure lets NVM Ventures pair each investment thesis with a specialist team. It also gives emerging managers a shared framework for governance, risk management, and compliance. That's a smart way to scale. ### A Region Built for This Lazio isn't just any region. According to the fund, it's the only Italian region that hosts the entire aerospace value chain—from research to manufacturing to services. Lazio Region data shows more than 300 companies with around 23,000 employees in advanced technologies. Together, they generate annual revenues of over €5 billion (about $5.4 billion), including €1.6 billion (around $1.7 billion) in exports. That concentration of research, talent, industry, and institutions creates a real opportunity. It's the perfect environment to turn lab-born technologies into companies that can scale fast. And with NVM Ventures' new fund, those companies will have the capital they need to take off.