Final Frontier Targets €100M Defence Fund
Final Frontier and Myriad are combining under one brand and targeting a €100 million defence-tech fund focused on the New Nordics and Ukraine.
Two specialist defence investors are combining into a larger platform as European defence venture capital becomes more institutionalised.
What happened
Final Frontier and Myriad are uniting under the Final Frontier brand and targeting a €100 million Fund II.
The vehicle will focus mainly on pre-seed and seed defence-technology companies across the New Nordics and Ukraine, with a first close expected by year-end.
Their combined existing portfolio includes 15 companies.
The €100 million figure is a fundraising target rather than capital already closed.
Why it matters
Defence startups face unusual financing challenges. Product development can be expensive, procurement cycles are slow and early commercial demand often depends on government customers.
Specialist investors can help founders navigate those constraints in ways that generalist seed funds may not be equipped to do.
A larger dedicated fund also gives the combined team more capacity to support companies beyond tiny first cheques.
The bigger picture
European defence VC is evolving from a small group of niche investors into a more formal asset class. Government procurement priorities, NATO spending and the war in Ukraine have created sustained demand for new technology. Final Frontier's planned fund is another sign that private capital is building specialist institutions around that opportunity rather than treating defence as a temporary thematic trade.