This $300 Million Fund Just Bet Big on Europe's Defense Tech Future

Jan de Vries · 2026-07-17

European venture capital firm Lakestar just closed its Lakestar Resilience I fund at $300 million. That's a huge deal, especially since investor interest was way higher than the fund's original target. They actually had to turn money away. ### What Makes This Fund Different? This isn't just another VC fund. Lakestar calls it Europe's largest institutional venture fund built exclusively for dual-use and defense technology companies. And here's the kicker: it was raised entirely from private capital, not government money. That's rare in this space. The firm also stacked its advisory board with some serious heavyweights: - 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 member of the House of Lords ### Why Now? 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." He's been saying this for years. In a LinkedIn post announcing the fund, Hommels revealed he made his first defense investments almost a decade ago, back when most VCs wouldn't touch the category. "I called it 'Cold War 2 and the Role of Tech' in a keynote two years later," he wrote. "Sovereignty and advancing Europe's capabilities in critical technologies should be a core concern for all of us. We backed founders on that belief, long before it became consensus." ### The Bigger Picture Founded in 2012, Lakestar manages over $6 billion in assets. Their portfolio reads like a who's who of European tech: Airbnb, Spotify, Klarna, Revolut, Coinbase, and Helsing. They invest across stages, from early seed rounds to growth-stage companies. Just this week, one of their portfolio companies, Stockholm-based Neko Health, closed a $700 million Series C round. Lakestar participated in that round too, showing they're not just talking about defense — they're actively backing health tech as well. ### A Mission Formalized Hommels described Resilience I as "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. They deserve a partner who is there for the long run, and capital that is patient, principled, and founder-centric." Ninja Struye de Swielande, Partner and Chief Communication Officer at Lakestar, echoed that sentiment. "What struck me most in conversations with LPs wasn't just the level of interest, but the depth of conviction behind it," she wrote on LinkedIn. "Investors increasingly recognize that European security requires long-term thinking, sustained investment, and strong technology champions." ### What This Means for Founders If you're building a dual-use or defense tech company in Europe, this fund is a signal. Patient capital exists. Sovereign tech funding is real. And Lakestar is betting that the next generation of European defense champions will come from private markets, not just government contracts. The fund's focus on resilience — technologies that strengthen Europe's security and strategic capabilities — aligns with a broader shift. As geopolitical tensions rise, investors are waking up to the idea that defense tech isn't just necessary; it's potentially lucrative. For US-based professionals watching European startup incorporation trends, this fund matters. It shows that European VCs are serious about building sovereign tech capabilities, and that the ecosystem is maturing fast. If you're considering expanding into Europe or partnering with European defense startups, the capital is there — and it's patient.