Session Description

For years, most venture capital in defence focused on “dual-use” technologies, skirting the political and financial barriers around pure-play defence startups. That era is ending. Today, a new generation of defence-first funds are raising capital with a clear mandate: invest directly in companies building for security and deterrence. Equally striking, some limited partners now refuse to back funds unless defence is part of the portfolio.

This panel brings together Lital Leshem (Protego Ventures), Nicholas Nelson (Archangel), and Sille Pettai (SmartCap) to explore how this shift is reshaping venture capital in NATO countries. They’ll discuss what kinds of startups are now fundable, how LP sentiment is changing, and what this means for the future of innovation and the defence of democracy.