Keen Venture Partners is taking a major step in developing Europe’s defence technology ecosystem. The European venture capital firm today announced the first close of a new fund focused on defence and security technologies, completing a €150 million first close. This makes the fund the largest of its kind in Europe, with a clear mission to back European startups and scaleups developing critical defence technologies within NATO member states.
This initiative ushers in a new phase for European defence tech, where private and institutional investors are actively working to strengthen innovation, strategic autonomy and collective security across the continent.
Europe must strengthen its defence capabilities
NATO Secretary General Mark Rutte and other leaders have repeatedly emphasized Europe’s need to take greater responsibility for its own defence capabilities. The war in Ukraine has changed the dynamics of modern military environments and highlighted how vital software-driven solutions, AI, rapidly scalable systems and autonomous technologies are for national and regional security.
Europe hosts a growing number of startups building these technologies. Despite this, much of the funding for defence procurement flows outside the EU, creating a critical financing gap. Entrepreneurs often lack capital, pilot customers and strategic guidance—gaps Keen Venture Partners aims to close.
Strong backing from private and institutional investors
The fund was enabled by commitments from prominent private and institutional backers who recognize the urgency of building the defence tech ecosystem. The European Investment Fund (EIF) and the PME pension fund have each committed €40 million, signaling strong confidence in Keen’s strategy.
Keen Venture Partners is also the first European VC to benefit from EIF’s new Defence Investment Programme, a framework covering €175 million. In addition, the fund counts participation from TNO, the Netherlands’ leading applied research organisation, and major bank ABN AMRO.
This broad financial support underscores market recognition that European defence technology is a strategic, future-proof investment that can no longer be ignored.
Keen: bridging entrepreneurs and defence customers
“With this first close complete, we are ready to accelerate,” say Alexander Ribbink and Giuseppe Lacerenza, partners at Keen Venture Partners. They stress that the firm now has capital, institutional weight and an advisory board with deep military and technical expertise.
Keen has a clear message to European founders:
If you are building technology that can make a difference on tomorrow’s battlefield or strengthen Europe’s resilience, we want to talk to you.
Sweden and the Nordic region are highlighted as priority markets. The area has a strong entrepreneurial climate in defence and dual-use technology, and Keen plans targeted investments and local hiring to support growth there.
Capital ready to fund more than 25 companies
The fund will back both dual-use technologies and pure defence solutions. Key focus areas include:
• Cybersecurity
• Autonomous systems
• Deterrence technologies
• Space applications
• AI for decision support and military logistics
Keen Venture Partners plans to invest in over 25 companies, from seed through Series B, with particular emphasis on Series A rounds. Typical investments will range between €1 million and €10 million per company. The goal is to provide European founders with faster access to capital, customers and international networks.
Past defence and security investments include EclecticIQ, Perciv AI and Intelic (formerly Avalor AI). Keen also expects significant co-investment from other European funds as the market grows.
A growing team and a clear strategy
To meet increasing interest and a growing pipeline of projects, Keen Venture Partners will expand its team with additional investment professionals. Their investment approach is theory-driven, shaped by identifiable technological trend shifts.
Keen already manages a portfolio of more than 30 deep tech companies and has established itself as a central partner for entrepreneurs seeking capital, operational support and strategic partnerships within European tech.
About Keen Venture Partners
Keen Venture Partners is a venture capital firm based in Amsterdam and London. The firm works closely with founders, offering support before investments are made through its network, operational expertise and advisors with backgrounds in European military organisations and defence policy.
Learn more at: www.keenventurepartners.com