NVM Ventures' $26M Bet on Europe's Dual-Use Startup Boom

Jan de Vries · 2026-10-06

NVM Ventures just launched with a $26 million first close for its NVM Venture Lazio compartment. The fund is targeting 10 to 15 dual-use companies at pre-Seed and Seed stage, all working on STEP Technologies. That's a fancy way of saying they're backing startups whose tech can serve both commercial and defence purposes. It's a bold move in a space that's heating up fast. And it's not just about the money — it's about who's behind it. ### The People Behind the Fund Andrea Bonabello and Niccolò Bienati, founding partners and board members of Ulixes Capital Lux, are leading the charge. They've brought on Giorgio Gulienetti and Alessandro Casiraghi as fund managers for the Lazio compartment. Here's what Bonabello said about the moment: > "Institutional investors are rediscovering emerging managers. 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, up from 65% the year before, and 64% are willing to commit to a Fund I. This interest is also driven by strong results: research conducted in the United States by the National Association of Investment Companies found that emerging manager programmes outperformed by 700 basis points. 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." That 700 basis points outperformance? That's the kind of stat that makes LPs sit up and pay attention. ### Why Dual-Use, Why Now Europe's defence and dual-use sector is on fire. EU-Startups tracked around $1.9 billion across ten defence and dual-use financings in 2026 alone. We're talking autonomous systems, space, cybersecurity, drone defence, advanced materials — the whole spectrum. Italy is right in the middle of it: - Mirai Robotics in Puglia raised $4 million for dual-use maritime autonomy - ORiS in Turin secured $5.5 million for space and dual-use wireless power tech - Exein in Rome raised $255 million and hit unicorn status The Lazio region itself is a powerhouse. It's the only Italian region with the entire aerospace value chain, from research to manufacturing to services. Over 300 companies with around 23,000 employees generate more than $5.5 billion in annual revenue, including $1.7 billion in exports. ### The Lazio Innova Connection Lazio Innova committed $20.5 million through Lazio Venture 2, the region's fund of funds co-financed by the ERDF Regional Programme 2021–2027. They've also backed another specialist vehicle this year — the $21.7 million Eureka! Fund II – Deep Tech Lazio. "With NVM Venture Lazio, we are further expanding the specialist expertise in dual-use frontier technologies within the regional venture capital platform," said 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." ### What NVM Venture Lazio Actually Invests In The fund targets DeepTech startups with dual-use applications. Core sectors include: - Aerospace and maritime - Robotics and autonomous systems - Cybersecurity and AI for defence - Energy infrastructure and new materials - Advanced manufacturing and biotechnology The multi-compartment structure lets NVM pair each investment thesis with a specialist team, while giving emerging managers a shared framework for governance, risk, and compliance. This concentration of research, talent, and industry creates a real shot at turning lab-born technologies into companies that scale fast. And with emerging managers proving their worth, NVM Ventures might just be onto something big.