Keen Venture Partners has completed the first close of its European defense and security technology fund, securing more than €150 million to back startups and scaleups across European NATO countries. With this milestone, the Amsterdam and London based firm now manages what it describes as the largest dedicated defense-tech venture capital vehicle in Europe. The fund is already operational and deploying capital into companies building technologies that address the continent’s security, resilience, and deterrence needs.
Strategic Context for European Defense
The launch comes against a backdrop of mounting pressure on Europe to assume greater responsibility for its own defense and strategic autonomy. NATO Secretary General Mark Rutte has underlined that European governments can no longer delay investment in homegrown technology if they want to reduce dependency on external suppliers. The war in Ukraine has further highlighted how software-led capabilities, including artificial intelligence and autonomous systems, now shape modern warfare and will determine effectiveness on future battlefields.
Closing the Funding and Procurement Gap
Despite the strategic importance of these technologies, a relatively small share of European defense procurement currently benefits EU based innovators. Only around a quarter of defense procurement budgets remains within the European Union, limiting the flow of both capital and early customers to local startups. Keen’s fund is explicitly positioned as part of the solution to this gap, channeling private money into European founders who have historically struggled to access defense buyers at scale.
Investor Commitments and EIF Milestone
The first close has been anchored by a mix of private and institutional investors who see defense technology as both a strategic and financial priority. The European Investment Fund and Dutch pension fund PME have each committed €40 million, giving the vehicle a substantial institutional core and signaling confidence in its mandate. Keen is also the first European venture fund to secure backing from the EIF under its new €175 million Defence Investment Programme, a landmark commitment designed to catalyze more private capital into the sector.
Broad-based Support from Research and Finance
Additional commitments have come from TNO, the Netherlands’ largest applied research organization with deep roots in defense and deep tech, alongside Dutch bank ABN AMRO and regional development agency LIOF. This blend of research institutions, commercial banks, and regional investors underlines the breadth of support for scaling a European defense technology ecosystem. Together, these backers are betting that focused venture capital, combined with industrial and policy expertise, can speed up the path from lab to deployment for critical security technologies.
Fund Focus and Deployment Strategy
Keen’s new fund will target both dual-use technologies, which have civilian and military applications, and defense-first companies building capabilities directly for armed forces and security agencies. The firm plans to invest between €1 million and €10 million per deal, backing more than 25 companies from seed to Series B, with a particular emphasis on Series A rounds where many European founders still face a financing gap. Priority themes include cybersecurity, autonomous systems, deterrence technologies, and space based applications, all viewed as foundational for Europe’s long-term security posture.
Track Record and Ecosystem Ambitions
The firm is not entering the defense and security space from a standing start, having already invested in companies such as EclecticIQ, Perciv AI, and Intelic, formerly known as Avalor AI. Its advisory board includes senior figures from European militaries, industry, and policy circles who provide guidance on operational realities and regulatory dynamics. Keen expects to co-invest extensively with other European venture funds, while scaling its own team by hiring additional investment professionals to handle growing deal flow across the continent.
Partners Alexander Ribbink and Giuseppe Lacerenza frame the fund as an effort to match Europe’s engineering talent and ambition with the capital and customer access it has long lacked. Their message to founders is straightforward, encouraging teams building battlefield relevant technologies or systems that strengthen resilience and deterrence to engage with the firm. As the fund ramps up deployment, its performance will offer an early test of whether focused private capital can help Europe build a more robust and sovereign defense technology base.