Dutch Venture Fund Raises €150 Million for European Defense Technology Startups
Maastricht, Tuesday, 16 December 2025.
Keen Venture Partners secured €147 million to invest in European defense and security startups, marking a significant push for technological independence from non-European suppliers. The fund will back over 25 companies with investments between €1-10 million, focusing on cybersecurity, autonomous systems, and aerospace technologies across European NATO countries. Major investors include the European Investment Fund and Dutch pension fund PME, each committing €40 million to strengthen Europe’s defense innovation ecosystem.
Strategic Timing Amid European Security Concerns
The fund’s completion comes at a critical juncture for European defense capabilities. Keen Venture Partners announced the ‘first close’ of its European defense and security tech fund in November 2025, securing over €150 million in commitments [1]. The timing aligns with broader European initiatives to strengthen defense technology independence, as evidenced by concurrent fund launches across the continent. In December 2025, Spanish VC firm Kibo Ventures launched a €120 million fund to support next-generation European tech, while Polish investment vehicle PFR Ventures committed €62 million across four new VC funds on December 12, 2025 [2]. These parallel developments underscore the growing recognition among European investors that technological sovereignty in defense sectors requires substantial capital deployment.
Investment Strategy and Target Companies
Keen’s investment approach focuses on dual-use and defense-first technology companies across European NATO countries, with particular emphasis on four critical sectors: cybersecurity, autonomous systems, deterrence, and aerospace [1]. The fund plans to invest in more than 25 companies, targeting Series A investments ranging from €1 million to €10 million, though the investment scope extends from seed to Series B stages [1]. This strategy builds upon Keen’s existing portfolio of over 30 startups and scale-ups across Europe, including previous investments in EclecticIQ, Perciv AI, and Intelic (formerly Avalor AI) [1]. The Amsterdam and London-based firm’s partners, Alexander Ribbink and Giuseppe Lacerenza, emphasized their commitment to entrepreneurs developing battlefield-relevant technologies, stating: “Our message to entrepreneurs: if you’re building technology that can make a difference on the modern battlefield or strengthen Europe’s resilience and deterrence, we need to talk” [1].
Major Institutional Backing Signals Confidence
The fund secured significant institutional support, with the European Investment Fund (EIF) and Dutch pension fund PME each committing €40 million to the initiative [1]. Additional investors include TNO (Netherlands Organisation for Applied Scientific Research), ABN AMRO bank, and LIOF (Limburg Development and Investment Company) [1]. This institutional backing represents more than just financial commitment; it signals confidence in Europe’s defense technology ecosystem and the potential for commercial returns in dual-use technologies. The involvement of the EIF, which typically provides risk capital to support European innovation, particularly validates the fund’s strategic importance to broader European Union objectives around technological autonomy and defense capabilities.
Building European Defense Tech Ecosystem
Keen Venture Partners positions itself as a catalyst for expanding Europe’s defense technology ecosystem rather than merely providing capital. The firm anticipates intensive collaboration and co-investments with other European VC funds in the coming years and is actively expanding its team to support this growth [1]. This collaborative approach reflects the complex nature of defense technology development, where cross-border partnerships and shared expertise often prove essential for creating scalable solutions. The fund’s emphasis on Series A investments - typically ranging between €1 million to €10 million - targets companies that have moved beyond initial proof-of-concept stages but require significant capital to scale their technologies for broader military and civilian applications. As Ribbink and Lacerenza noted, the initiative focuses on “adding entrepreneurs to the European defense tech ecosystem and building a stronger, more innovative Europe together” [1].