Funding rounds, new funds, M&A and market signals across our focus regions.
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Berlin and London-based Agon has raised $30 million — a $7M pre-seed led by Lakestar with 201 Ventures, D3 and Unity founder David Helgason, followed by a $23M seed from XYZ, Lux Capital and Northzone — to build a synthetic combat arena for training and testing AI-driven military systems; Lakestar's Klaus Hommels joins the board.
Investors Lakestar · 201 Ventures · D3 · David Helgason · XYZ · Lux Capital · Northzone
US-Ukrainian investment group MITS Capital publicly lists ten named portfolio companies across tactical communications, drone autonomy, UGVs, USVs and sensing — plus multiple undisclosed stealth investments — and has bundled several holdings into the Danish-Ukrainian platform MITS Industries.
Valeza Group has acquired 32 million shares (27.4% stake) in Prime ASI, a holding company focused on consolidating defense and dual-use companies across Central and Eastern Europe.
Ukraine's Ministry of Digital Transformation and NATO launched UNITE–Brave NATO, their first joint grant program: teams pairing a Ukrainian developer with a NATO-country company can receive up to €1 million per team (up to €500,000 per side) for counter-UAS and air-defence solutions, with selection run via Prozorro and testing through TEST in UKRAINE.
Karman Space & Defense agreed to acquire Walker Precision Engineering for approximately $94 million (£70 million), with the aim of expanding into European missile and defense programs.
Germany announced a strategy to invest state capital directly in defence startups, aiming to improve access to capital for emerging companies and strengthen the national defence-industrial base.
Lakestar closed its $300 million Resilience I fund targeting autonomous systems, defence AI, drones, space infrastructure, cybersecurity and advanced manufacturing, led by founder Klaus Hommels with an advisory board including Gen. Sir Nicholas Carter and Gen. Volker Wieker. Its disclosed resilience portfolio spans twenty companies that together have raised over $5 billion.
Ukraine and the Netherlands have launched a €20M joint fund focused on defense technology innovation, designed to leverage combat-tested feedback and Western R&D capabilities to accelerate defense-tech solutions.
Munich-based defence-AI company Helsing raised roughly $1.8 billion in a Series E round, valuing it at about $18 billion — Europe's largest-ever defence-startup round. Investor demand reportedly exceeded the available allocation.
UK-based Kraken Technology Group, maker of uncrewed surface vessels including the K3 SCOUT and K5 KRAKEN, raised a $175 million Series B led by DTCP at a $1 billion valuation, with Rheinmetall, the NATO Innovation Fund, British Business Bank and others participating, to scale production of maritime autonomous systems.
Investors DTCP · Rheinmetall · NATO Innovation Fund · British Business Bank · Inocea Group · HICO Ventures · Thesiger Capital Group · BOKA Capital · Supernova Invest · Hakluyt Capital
Expeditions, a defence-tech VC firm backed by BAE Systems and the NATO Innovation Fund, closed a €197 million ($225M) fund to develop sovereign military technologies across Europe.
Kyiv-based Trinity Robotics, maker of the Konyk ONE logistics and evacuation UGV deployed with 20+ Ukrainian units, raised more than €500,000 from Defence Builder Fund I and Swedish firms Front Ventures and Hede Capital to more than double monthly production.
Investors Defence Builder Fund I · Front Ventures · Hede Capital
Munich-based drone maker Quantum Systems raised a $1.2 billion Series D at a valuation of about $8 billion in July 2026, one of Europe's largest defence-tech rounds, as investor demand for autonomous defense platforms accelerates.
Investors Blackstone · Noteus · Airbus · Advent · BOND · Fidelity · Wellington Management · A.P. Moller Holding · Elephant Lake Ventures · Balderton Capital · HV Capital
UK-based Greenjets secured $40 million in Series A funding led by Blossom Capital with backing from NATO Innovation Fund and the National Security Strategic Investment Fund to scale production of propulsion systems and aircraft platforms for defense applications, including low-cost drone interceptor development under the UK Ministry of Defence's LCADE program.
Investors Blossom Capital · NATO Innovation Fund · National Security Strategic Investment Fund · Tanglin Ventures · NSFO Family Office
Munich-based loitering-munitions maker STARK raised about €500 million in a round led by Sequoia Capital and Founders Fund, valuing the two-year-old company above €3.5 billion and lifting total capital raised to roughly €660 million. Backers across its rounds include 8VC, Thiel Capital, the NATO Innovation Fund, In-Q-Tel, Project A and Döpfner Capital.
Investors Sequoia Capital · Founders Fund · 8VC · Thiel Capital · NATO Innovation Fund · In-Q-Tel · Project A · Döpfner Capital
Stockholm-based Nordic Air Defence (NAD) raised an additional $3 million pre-seed led by Inflection, bringing its total raised to $4.4 million to scale its European drone-defence technology.
French counter-drone software and hardware startup Alta Ares raised €50M in Series A funding led by Air Street Capital to scale production of its battle-tested AI-powered interceptor systems, including the X-Lock and Black Bird variants, which have already secured multi-million-euro government contracts across Europe, the Middle East, and Asia.
Investors Air Street Capital · Cherry Ventures · OTB Ventures · Harpoon Ventures
Finnish SAR-satellite operator ICEYE raised €450 million in primary Series F funding led by General Atlantic at a valuation above €10 billion — with secondaries, the round exceeds €1 billion. Backers include Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, Nokia, Qatar Investment Authority and TCV.
Munich-based TYTAN Technologies raised €30 million in Series A co-led by Armira and the NATO Innovation Fund to scale production of autonomous interceptor drones across Germany, Ukraine, and allied markets.
Investors Armira · NATO Innovation Fund · Visionaries Club · OTB Ventures · Lakestar · Magnetic · D3 · 10x Group
Defence-tech startup Dropla Tech secured backing from MITS Capital to expand production and grow into the NATO market. The company was founded with Ukrainian battlefield experience behind its drone systems.
Analysis reports that defence startups pulled around €8 billion into what has become Europe's most active tech-investment hub, underscoring how sharply capital has rotated toward the sector.
Finnish Kelluu raised €15 million led by the NATO Innovation Fund to scale autonomous airship platforms for NATO intelligence and surveillance missions.
Investors NATO Innovation Fund · Keen Venture Partners · Gungnir Capital · Tesi
Estonian state investor SmartCap manages a €100 million DefenceTech Fund targeting growth of the sector from about €500M to €2B by 2030. It has invested in Ukrainian-Estonian defence-tech company Farsight Vision.
Kyiv-based Buntar Aerospace raised $10.4 million to expand UAV platforms and scale deployment of its Copilot system for reconnaissance, intelligence, and real-time situational awareness operations.
Croatian Orqa raised €12.7 million in Series A backed by Lightspeed and Expeditions to expand manufacturing capacity of FPV drones used in defence and industrial applications.
Investors Expeditions · AYMO Ventures · Lightspeed · Taiwania Capital · Radius Capital
Uforce, uniting nine Ukrainian battlefield-tested companies, raised $50 million in seed funding led by Lakestar and Shield Capital at a valuation above $1 billion to expand production of unmanned air, land, and sea systems.
Investors Lakestar · Shield Capital · Ballistic Ventures · Iron Wolf Capital
Venture capital deployed into Lithuanian, Latvian and Estonian startups reached €607 million in 2025, up from €505 million in 2024, with AI and defence investments driving a more focused regional ecosystem.
Tallinn-based Frankenburg Technologies raised a €30 million Series A led by Plural, with participation from SmartCap, to scale production of its low-cost Mark I short-range interceptor missiles and build manufacturing capacity in the UK and Germany.
Amsterdam-based Onodrim Industries raised €40 million in seed funding to scale its defence manufacturing, multi-domain sensing, and networked systems for border security and military interoperability.
Investors Founders Fund · Lakestar · General Catalyst
A Dealroom and NATO Innovation Fund report found European defence, security and resilience startups secured a record $8.7 billion in venture capital in 2025 — up 55% year-on-year and roughly four times the level of five years earlier.
German/UK startup Hypersonica raised €23.3 million in Series A led by Plural to advance testing and scale development of hypersonic missiles for European long-range strike capabilities.
Investors Plural · SPRIND · General Catalyst · 201 Ventures
The European Investment Fund and the national fund managers of Estonia, Latvia and Lithuania signed an agreement to establish a €225 million Baltic Innovation Fund 3 (BIF 3), strengthening regional VC where AI and defence dominate deal flow.
Investors European Investment Fund · SmartCap · ALTUM · ILTE
Poland launched a dedicated defence-tech accelerator to support early-stage startups, as national defence spending and industry turnover climb sharply.
Paris-based Harmattan AI raised $200 million in Series B funding backed by Dassault Aviation to scale AI-driven UAVs and command-and-control software for NATO and allied forces.
Finnish Sensofusion raised €45 million in Series B to scale deployment of counter-drone detection, tracking, and neutralisation systems across defence and critical infrastructure.
NATO's Defence Innovation Accelerator for the North Atlantic (DIANA) selected 150 companies from 24 member countries for its 2026 Challenge Programme across ten defence and security challenge areas.
Ukrainian-founded startup Sky Spy raised $1.6 million in 2025 from Expeditions Fund and Superangel with additional backers including Freedom Fund, Sunfish Partners, Crosscourt Ventures, and Material Ventures, to launch and scale production of radio reconnaissance modules for UAVs.
Investors Expeditions · Superangel · Freedom Fund · Sunfish Partners · Crosscourt Ventures · Material Ventures
Finnish synthetic-aperture radar satellite operator ICEYE raised €150m in Series E to expand its constellation and next-generation sensing capabilities for defense and maritime security applications.
Ukrainian miltech startup HIMERA raised $150,000 from United Angels Network in January 2025 and over $2.5 million in December 2025 led by Green Flag Ventures with participation from multiple Ukrainian funds and angels, to develop encrypted tactical communication systems resistant to electronic warfare.
Investors United Angels Network · Green Flag Ventures · Nezlamni · Freedom Fund · Bulava Capital · UA1 · Big Defence · VYTACH · Varangians
Lviv-based Norda Dynamics raised $150,000 from Angel One in 2025 and $1 million total by year-end to scale production of autonomous UAV control modules and inertial navigation systems that enable drones to operate without GPS in jamming environments.
Investors Varangians · Angel One · MITS Capital · Unpopular VC
Munich-based Quantum Systems raised a €160 million Series C led by Balderton Capital in May 2025, reaching unicorn status, then added a €180 million extension in November 2025 that tripled its valuation to €3 billion.
Investors Balderton Capital · Airbus · Hensoldt · Bullhound Capital · LP&E · Porsche SE · Peter Thiel · HV Capital · Project A · Notion · Omnes Capital · DTCP
Dutch VC firm Keen Venture Partners raised €150 million for its European Defence and Security Tech Fund — Europe's largest dedicated defence-tech fund at close — to back 20–25 European startups from early stage to Series B.
American-Ukrainian startup Vermeer raised $10 million in October 2025 led by Draper Associates with participation from AeroX Ventures, Boscolo Intervest, High Point Ventures, Rockaway Ventures, and US Air Force Techstars, to develop optical and infrared-based navigation for drones in jamming environments.
Investors Draper Associates · AeroX Ventures · Boscolo Intervest · High Point Ventures · Rockaway Ventures · US Air Force Techstars
Ukrainian startup Swarmer raised $15 million in Series A funding led by Broadband Capital and others in September 2025, plus $500,000 from Oppenheimer Acceleration Fund in November 2025, to scale AI development for coordinated multi-drone operations.
Investors Broadband Capital Investments · R-G.AI · D3 · Green Flag Ventures · Radius Capital · Network VC · UA1 · Oppenheimer Acceleration Fund
Munich-based STARK, maker of the Virtus AI-powered loitering munition, raised about $62 million led by Sequoia Capital — the firm's first European defense investment — valuing the 18-month-old company at roughly $500 million.
Estonian-Ukrainian startup Teletactica raised $1.5 million from MITS Capital and Green Flag Ventures in July 2025 to scale production of encrypted tactical communication systems and hardware that operate reliably in electronic warfare conditions.
Kyiv-based Tencore received $3.74 million in seed funding from MITS Capital in 2025, the first foreign direct investment in a Ukrainian defense company under the Diya.City regime, to expand production of TerMIT tracked robots from 800 to 2,000 units annually.
Look Up Space, a France-based space situational awareness startup, closed a Series A round of approximately €50 million comprising equity, bank debt, and public grants to expand its ground-based radar network for space surveillance and orbital debris tracking.
Investors ETF Partners · KFund Leadwind · European Commission · CosmiCapital · Karista · MIG Capital · Geodesic Expansion · France 2030 · French Tech Seed
British modelling and simulation software company Skyral raised USD 20 million (£14.8 million) in Series A funding led by NOIA Capital, with participation from Accrete Capital, to expand R&D and accelerate deployment of its digital twin technology across defence, national security, and other sectors.
Netherlands-based Destinus secured €140 million via convertible instruments and shareholder loans in 2025 to fund hypersonic and autonomous military aircraft development.
German drone maker Quantum Systems led a seed investment in Ukrainian robotics developer Frontline, taking a roughly 10 percent stake to scale manufacturing of its reconnaissance drones and robotic defense systems — a rare direct strategic investment by a European prime-scale drone company into a Ukrainian startup.
Kyiv-based M-FLY raised $1.3 million in early 2025 from Resist.UA, MITS, Freedom Fund, and private angels, plus $1.4 million in Brave1 grants, to develop laser target designators and semi-active guidance systems for converting conventional ordnance into precision weapons for drones.
Tartu-based deeptech startup GaltTec has secured €1 million in pre-seed funding to advance micro-tubular solid oxide fuel cell technology for drones and IoT devices, with backing from venture investors and state/military grants including NATO DIANA and the Estonian Ministry of Defense.
Investors 2C Ventures · DefCAP OÜ · Bitsick OÜ · ModulEnergy OÜ · Estonian Business and Innovation Agency · European Space Agency · Estonian Ministry of Defense · NATO DIANA
Ukrainian startup Huless raised $1 million in January 2025 from private defense investors, state bank loan proceeds, and Brave1 grant to develop and scale production of Highline-T tethered drones that serve as aerial repeaters and communication nodes in jamming-heavy environments.
Kyiv-based Frontline, developer of the Zoom reconnaissance drone, Linza bombers and the BURIA robotic weapon station, closed an $800,000 seed round from Ukrainian and international backers including Nezlamni, Startup Wise Guys, Angel One and Freedom Fund, alongside a $150,000 Angel One syndicate investment.
Investors Nezlamni · Startup Wise Guys · Angel One · Freedom Fund
Vilnius-based Broswarm, which develops mine detection technology using radio waves mounted on drones, raised €800,000 in venture funding to advance field testing and deployment.
Riga-based Origin Robotics raised €4 million in pre-seed funding — €2.4 million led by Change Ventures plus €1.6 million in grants from the EU and the Latvian Ministry of Defence — to accelerate production of BEAK, its drone-launched precision-guided ISR weapon system.
Munich-based ARX Robotics, a spin-off from the German Armed Forces developing autonomous unmanned ground systems, secured €9.0 million in seed funding for team expansion and production scaling.
Investors Project A · Discovery Ventures · NATO Innovation Fund
Vilnius-based Unmanned Defense Systems secured €3.2 million in funding to advance its battlefield-tested UAV swarm detection and AI-driven integration capabilities for modern military systems.
Investors Vytenis Buzas · Ernestas Kalabuckas · Coinvest Capital
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