Keen Venture Partners is taking a major step in the development of Europe’s defence technology ecosystem. The European venture capital fund announces that it has completed its first closing of a new fund focused on defence and security technology – a closing of €150 million. This makes the fund the largest of its kind in Europe, with a clear focus on supporting European startups and scaleups developing critical defence technologies within NATO countries.
This investment marks a new phase in European defense tech, where private and institutional investors are now actively committed to strengthening both innovative power, strategic autonomy and security.
Europe needs to strengthen its defense capabilities
NATO Secretary General Mark Rutte has repeatedly raised the need for Europe to take greater responsibility for its own defense capabilities. The war in Ukraine has changed the dynamics of the modern military environment and demonstrated how crucial software-driven technology, AI, rapidly scaling systems and autonomous solutions are for both national and regional security.
Europe has a growing number startups that build such technology. Despite this, a majority of European funds for defence procurement disappear outside the EU, creating a critical funding gap. Entrepreneurs are often left without capital, pilot customers and strategic support – something Keen Venture Partners now wants to change.
Strong support from private and institutional investors
The fund was made possible by commitments from strong private players and institutions that see the urgency of strengthening the defense tech ecosystem. The European Investment Fund (EIF) and the pension fund PME have both invested EUR 40 million each, signaling high confidence in Keen's strategy.
Keen Venture Partners will also become the first European venture capital firm to receive support through the EIF's new Defence Investment Programme, a framework that includes 175 million In addition, TNO, the Netherlands' leading applied research institute, and the major bank ABN AMRO are also participating.
This broad financial support clearly shows that the market considers European defense technology as a future-critical investment that can no longer be ignored.
Keen: We build bridges between contractors and defense customers
“With this first close completed, we are ready to accelerate,” said Alexander Ribbink and Giuseppe Lacerenza, partners at Keen Venture Partners, emphasizing that Keen now has both capital, institutional weight, and an advisory board with extensive military and technical credentials.
Keen has a clear message for entrepreneurs in Europe:
If you are building technology that can make a difference on tomorrow's battlefields or strengthen Europe's resilience, then we want to talk to you.
Sweden and the Nordics are specifically mentioned as priority markets. The region has a strong entrepreneurial climate within defense and dual-use tech, and Keen plans both investments and local recruitment.
Capital ready to be invested in over 25 companies
The fund focuses on both dual-use technology and companies developing pure defense solutions. Key areas include:
• Cybersecurity
• Autonomous systems
• Deterrence technology
• Space applications
• AI for decision support and military logistics
Keen Venture Partners plans to invest in more than 25 companies from seed to Series B, with a particular focus on Series A. Investments will range between EUR 1 and 10 million per company. The goal is to give European entrepreneurs faster access to capital, customers and international networks.
Previous investments in defense and security include EclecticIQ, Perciv AI and Intelic (formerly Avalor AI), and Keen expects significant co-investment with other European funds as the market grows.
A growing team and a clear strategy
To meet the increasing interest and growing project portfolio, Keen Venture Partners will strengthen its team with more investment experts. Their investment philosophy is based on a theory-driven method where investments are shaped based on clear technological trend shifts.
The company already has a portfolio of over 30 companies within deep tech and has established itself as a central player for entrepreneurs who are looking for capital, support and strategic partners in European tech.
About Keen Venture Partners
Keen Venture Partners is a venture capital firm based in Amsterdam and London. The company works closely with founders and offers support even before a investment becomes relevant, through networks, operational expertise and experienced advisors with a background in European military organizations and defense policy.
Read more at: www.keenventurepartners.com
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