Lakestar closes €262M fund as defence tech becomes institutional VC

Lakestar has closed Resilience I at €262.2 million, creating one of Europe’s largest privately financed venture funds dedicated exclusively to defence and dual-use technology.

What happened

The fund exceeded its original target and will invest in companies that support European security, industrial resilience and strategic autonomy. Lakestar manages more than €5.2 billion and has previously backed companies including Helsing and Isar Aerospace.

The new vehicle gives the firm a dedicated pool of capital rather than requiring defence investments to compete with consumer or software deals inside a generalist fund. It is expected to support companies across technologies relevant to security and sovereignty, although the firm has not disclosed a complete deployment schedule or portfolio construction plan.

Why it matters

Defence startups need more than seed capital. Hardware development, testing, certification and government procurement can require large follow-on rounds over many years. A specialist fund can build the expertise and reserves needed to support those companies through that cycle.

The close also signals that institutional investors increasingly view defence technology as a mainstream venture category rather than a niche or reputationally difficult sector.

The bigger picture

Europe has attracted a growing number of defence startups, but capital alone will not create a durable ecosystem. Companies still need faster procurement, repeat orders and clearer routes from pilot programmes into scaled deployment.

The fund’s real impact will therefore depend on whether its portfolio can convert private financing into government and industrial demand. It also reflects a broader shift: strategic autonomy is becoming an investable theme across software, space, robotics, manufacturing and critical infrastructure.