The $300 Million Bet That Could Reshape European Defense Tech

Jan de Vries · 2026-07-17

European venture capital firm Lakestar just closed its Resilience I fund at $300 million. And here's the thing: they raised way more than they originally planned. Investors were practically lining up. This isn't just another fund announcement. It's a signal that the landscape for defense and dual-use technology in Europe is shifting in a big way. ### What Makes This Fund Different Lakestar calls it Europe's largest institutional venture fund built exclusively for dual-use and defense tech. That's a mouthful, but it matters. Dual-use means technologies that work for both civilian and military applications. Think satellites, cybersecurity, advanced materials. What's unusual? This fund was raised entirely from private capital. No government money. That's a big deal in a sector that's historically relied on public funding. ### The Heavy Hitters on the Advisory Board The firm also announced some serious names joining its advisory board: - Sir Nicholas Carter, former UK Chief of the Defence Staff - General Volker Wieker, former Chief of Staff of the German Armed Forces - Mike Pompeo, former US Secretary of State - Baroness Martha Lane Fox, British entrepreneur and crossbench peer That's a mix of military, political, and business expertise. It tells you they're not playing small. ### Dr. Klaus Hommels on Why This Matters "Freedom does not come for free. Europe needs sovereign technology capital in the defence and dual-use sectors," said Dr. Klaus Hommels, founder and chairperson of Lakestar. He's been at this for a while. In a LinkedIn post, he mentioned making his first defense investments almost a decade ago, back when the category was considered "uninvestable" by many. He even gave a keynote called "Cold War 2 and the Role of Tech" years before it became mainstream. "This is the formalisation of a mission I first articulated in 2019," he added. "The founders we back have chosen to solve the hardest problems in the most consequential category of our time." ### What Lakestar Actually Does Founded in 2012, Lakestar manages over $6 billion in assets. They invest across stages, from early-stage to growth. Their portfolio includes names you've probably heard of: - Airbnb - Spotify - Klarna - Revolut - Coinbase - Isar Aerospace - Helsing - Neko Health That last one just raised $700 million in a Series C round this week, with Lakestar participating. It's a Stockholm-based HealthTech company. ### The Bigger Picture: European Resilience Ninja Struye de Swielande, Partner and Head of IR at Lakestar, summed it up well. "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 added that investors increasingly recognize European security requires long-term thinking, sustained investment, and strong technology champions. ### Why This Matters for Startups If you're building a defense or dual-use tech company in Europe, this fund is a signal. There's now serious private capital available for you. It's patient, principled, and founder-centric, according to Hommels. This could mean more startups tackling hard problems in areas like cybersecurity, aerospace, and critical infrastructure. And with an advisory board that includes former military leaders and a former US Secretary of State, these companies will have access to serious strategic guidance. ### The Bottom Line The $300 million Resilience I fund is more than just a number. It represents a shift in how Europe thinks about defense tech. Private investors are stepping up. Founders are getting backed. And the continent is building its own sovereign technology capabilities. As Hommels put it, "Freedom does not come for free."