The European Investment Fund (EIF, part of the EIB Group) reports that it has invested EUR 40m in Keen Venture Partners’ European defence and security tech fund under the European Union’s InvestEU programme. This investment represents the EIF’s first intervention in a venture capital fund dedicated exclusively to the European defence sector.
The fund, with a target fund size of EUR 125 million, will focus on innovative early-stage companies in defence and security technology, with a focus on cutting-edge solutions in areas such as information superiority, cyber defence, robotics, artificial intelligence, autonomous systems and space technologies.
The Keen Venture Partners team that will lead investments in this strategic sector also includes Italian partner Giuseppe Lacerenza, who joins Alexander Ribbink (former COO of Tom Tom), founder of Keen Venture Partners.
Keen Venture Partners has a strong knowledge in defence investments, gained through a network of leading advisors among former policy makers, industry leaders and former senior representatives of the European armed forces.
‘Recent conflicts have shown how crucial technological innovation is in the defence sector,’ Giuseppe Lacerenza said in a note. ‘Europe has a duty and a need to foster the development of its own ecosystem of start-ups and scale-ups in the defence sector to protect its security and compete globally. Italy, with its long and important industrial history in this sector, can play a leading role’.
Marjut Falkstedt, CEO of the EIF, says: “Our investment in the Keen European Defence and Security Tech fund underlines our commitment to strengthening the European security landscape. By supporting innovative companies in this critical area, we not only promote technological progress but also improve Europe’s overall security and resilience.”
Alexander Ribbink, co-founder and general partner of Keen Venture Partners, adds: ‘The appointment of Giuseppe Lacerenza strengthens our positioning in the defence and security sector in Europe, and underlines the fund’s special focus on Italy, which represents Europe’s leading venture capital initiative in defensetech.
The fund will focus on investments from the seed stage up to series B rounds, supporting entrepreneurs who, despite having innovative and efficient solutions, often struggle to access a market characterised by complex procurement processes and long qualification cycles. (photo by Frederick Shaw on Unsplash)
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