Keen Venture Partners launched the European Defence and Security Fund
Today, Keen Venture Partners announces that it has completed the ‘first close’ of its European defence and security technology fund. The fund has raised more than €150 million and is now the largest defence-tech venture capital fund in Europe. Keen is fully operational and deploying capital into startups and scale-ups, building defence and security technology in European NATO countries.
The Urgent Need for European Strategic Autonomy
NATO Secretary-General Mark Rutte made clear that Europe can no longer wait to strengthen its own defence capabilities. Investing more in European technology is essential for achieving strategic autonomy.
- The war in Ukraine has demonstrated that scalable, software-driven technologies, including artificial intelligence and autonomous systems, now significantly impact effectiveness on the modern battlefield.
- European startups are also building these technologies.
- Yet only one quarter of European defence procurement budgets currently stays within the EU.
- As a result, innovators lack both capital and access to initial defence customers.
Private and Institutional Investors Stepped Up
The ‘first close’ was made possible by commitments from private individuals and institutional investors who recognise the urgency of strengthening Europe’s defence-tech ecosystem.
- The European Investment Fund (EIF) and pension fund PME each committed €40 million.
- Keen is the first European VC fund to receive a commitment from the EIF under its new €175 million Defence Investment Programme.
- Other investors include TNO, the Netherlands’ largest applied research organization with deep expertise in defence and deep tech, and ABN AMRO, signalling strong support from the broader financial ecosystem.
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“With the first close completed, we are firing on all cylinders,” say Alexander Ribbink and Giuseppe Lacerenza, partners at Keen Venture Partners. "We have institutional backing from the EIF and PME, and an advisory board with deep experience in both military operations and defence policy. Europe has the talent, the technology and the ambition. What was missing was capital and access to launching defence customers. That is the gap we are closing.”
“Our message to entrepreneurs is clear: If you are building technology that can make a difference on the modern battlefield or strengthen the resilience and deterrence of Europe, we need to talk. This is about adding entrepreneurs to Europe’s defence-tech ecosystem and building a stronger, more innovative Europe together.”
Capital Ready to Be Deployed
Keen backs companies that develop dual-use technology as well as defence-first companies building critical capabilities directly for defence.
- Fund Focus Areas: cybersecurity, autonomous systems, deterrence technologies, and space applications.
- Investment Strategy: Keen aims to invest in more than 25 companies from seed to Series B, with the emphasis on Series A.
- Investment Size: Investments ranging from €1 to €10 million.
- Previous Investments: EclecticIQ, Intelic (formerly Avalor AI), and Perciv AI.
Keen expects extensive collaboration and co-investment with other European VC firms over the coming years. To support this next phase of growth, Keen is ramping up the team and hiring additional investment professionals.
