Venture capital in defense technology is booming, driven by growing geopolitical instability and Europe’s push for greater security resilience. In a historic move, the European Investment Fund (EIF) has invested €40 million in Keen Ventures Partners new European Defense and Security Tech Fund—marking the EIF’s first investment under its Defense Equity Facility and the InvestEU Space mandate.
The fund is targeting a €125 million raise to back early-stage startups across critical sectors like AI, cyber defence, robotics, autonomous systems, and space tech. With a pan-European lens, the fund will invest in defence innovators not just in the EU, but also in the UK, Turkey, and Norway.
Backing Founders Building the Future of European Defense
Keen Ventures, founded in 2014 and operating out of Amsterdam and London, is known for its “radically human” approach to venture investing. The firm partners early with mission-driven founders and typically invests €5M–€10M in Series A and B rounds. The new defence-focused fund builds on Keen’s existing expertise but targets a growing market where agility and innovation are increasingly vital.
The fund’s strategic edge comes from a powerhouse advisory board of 13 members, including NATO’s former Secretary General Jaap de Hoop Scheffer and former Dutch Defence Minister Kajsa Ollongren. Their experience anchors the fund’s dual mission: supporting breakthrough technologies while aligning with European security priorities.
With General Partners Ben Verwaayen (ex-BT and Alcatel-Lucent) and Alexander Ribbink (ex-TomTom) at the helm, Keen’s leadership blends deep telecom, tech, and operational experience. That foundation positions the firm to guide startups building complex defence systems through growth and scale.
Europe’s Defense Tech Surge Reflects Global Momentum
Keen’s announcement follows a string of major funding rounds in defence tech across Europe and beyond in 2025:
- Quantum Systems raised €160M to scale its AI-powered drones, with backing from Balderton Capital, Hensoldt, and Airbus Defence and Space.
- Tekever, the AI defence unicorn, hit a £1B+ valuation and secured £400M to accelerate UK expansion and ecosystem development.
- ARX Robotics, a Munich-based robotics firm, closed a €31M Series A to develop scalable autonomous defence systems.
- Arondite, based in London, raised $12M to link autonomous systems across defence operations, led by Index Ventures.
- Shield AI, the U.S.-based AI pilot developer, hit a $5.3B valuation with a $240M raise led by L3Harris, Hanwha Aerospace, and Andreessen Horowitz.
These deals reflect a global trend: defence innovation is no longer the sole domain of governments. Venture capital is now a key force in accelerating the development of next-gen defence infrastructure.
Marjut Falkstedt, Chief Executive of the EIF, summed up the stakes: “Our investment in the Keen European Defense and Security Tech Fund underscores our commitment to strengthening the European security landscape. By supporting innovative companies in this critical sector, we are fostering technological advancements and enhancing Europe’s overall security and resilience.”
And Keen’s own team sees this as a pivotal moment. Alexander Ribbink and Giuseppe Lacerenza added: “Europe needs the resourcefulness and grit that only entrepreneurs can bring. A stronger and safer continent depends on backing the next wave of defense tech builders—and we’re proud to help lead that charge.”
As Europe faces new threats, the fusion of tech innovation and defense investment is no longer a niche trend—it’s a strategic imperative.
