NATO Innovation Fund
also invests · investor profileFounded 2023 · 47 employees on LinkedIn · 2 known investors
The NATO Innovation Fund is a standalone venture capital fund backed by 24 NATO allies, deploying over €1 billion into deep tech startups. It invests in founders working on defence, security, and resilience challenges, including infrastructure protection, the climate and energy transition, and resilient supply chains.
Also known as NIF
Investors · 2
Company profile
researched Aug 2026The NATO Innovation Fund (NIF) is a multi-sovereign venture capital fund whose limited partners are NATO member states at government level. It closed a €1 billion fund in the summer of 2023, when 23 NATO Allies formally became limited partners, with Sweden's interest in joining welcomed at the time and its participation to take effect upon accession to the North Atlantic Treaty. The fund was set up to channel commercial innovation toward critical defence and security challenges, providing patient capital suited to the development timelines of deep tech companies.
NIF operates both as a direct investor into startups located in participating Allied nations and as a fund-of-funds making indirect commitments to deep tech venture funds with trans-Atlantic impact. Reported direct investments include German robotics company ARX Robotics, UK materials company iCOMAT, German space launch company Isar Aerospace, UK quantum sensing company Aquark Technologies (a €5m/$5.4m seed round led by NIF in 2024) and graphene photonics company CamGraPhIC (participation in a 2025 €25m/$27m Series A). Fund commitments reported include OTB Ventures, Vsquared Ventures, Madrid-based 201 Ventures, Munich-based Alpine Space Ventures and Vilnius-based Baltic Sandbox Ventures. As of October 2025 the fund's portfolio was described as comprising 19 companies and funds spanning AI, cyber, space, quantum, robotics, photonics and resilient communications. The fund has stated that it does not invest in ammunition manufacturers, positioning itself in the dual-use and defence technology space.
Business model
NIF operates as a venture capital fund: sovereign limited partners commit capital, which the fund deploys as direct equity investments into startups and as limited-partner commitments into other deep tech venture funds.
Traction
Closed €1 billion in commitments in summer 2023; reported portfolio of 19 companies and funds as of October 2025, including ARX Robotics, iCOMAT, Isar Aerospace, Aquark Technologies and CamGraPhIC, plus fund commitments to OTB Ventures, Vsquared Ventures, 201 Ventures, Alpine Space Ventures and Baltic Sandbox Ventures.
Latest developments
By October 2025 the fund's portfolio was reported at 19 companies and funds, including participation in CamGraPhIC's 2025 Series A and ARX Robotics' 2025 Series A.
▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies
Market position
Described as a critical vehicle for channelling capital into defence-relevant technology in Europe and across the Alliance, at a time of record NATO defence spending; distinguished from accelerator-type NATO initiatives and from private defence-focused venture firms.
A multi-sovereign structure with 23-24 NATO allies as limited partners at government level, a €1 billion pool, an explicitly patient-capital mandate, and a dual mandate covering both direct startup investment and fund-of-funds activity.
Technology
Investment focus areas cited include artificial intelligence, cyber, space and satellite systems, quantum sensing, navigation and timing, robotics and unmanned systems, advanced materials and photonics.
Go-to-market
Direct investment into startups across participating Allied countries combined with an indirect fund-of-funds programme backing European and trans-Atlantic deep tech venture managers.
Founders and startups based in participating Allied nations working on defence, security and resilience technologies, and venture fund managers investing in deep tech with trans-Atlantic impact.
Geography
Mandate covers participating Allied nations; reported portfolio spans the United Kingdom, Germany, Italy, Spain and Lithuania, with fund-of-funds activity described as trans-Atlantic in scope.
History
Twenty-three NATO Allies became limited partners of the fund in August 2023 as it prepared its first investments, closing a €1 billion vehicle that summer. In 2024 the fund experienced senior turnover: founding partner Thorsten Claus, who led fund-of-funds investment activity, departed in July 2024, and managing partner Andrea Traversone left in September 2024, leaving three of five founding members in place at a team of more than 20 people.
Risks & controversies
Senior leadership turnover within roughly a year of launch, with two of five founding partners departing in 2024 and no announced replacement for the managing partner role. The fund also operates amid debate in the investment community over dual-use versus pure defence investing, and has stated it does not invest in ammunition manufacturers.
Compiled by commissioned research from 5 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 5
launches, deals, and filingsGraphene photonics company CamGraPhIC, a subsidiary of 2D Photonics, raised €25 million ($27 million) in Series A funding with participation from the NATO Innovation Fund.
$27M source ↗
Managing partner Andrea Traversone, previously a managing partner at Amadeus Capital Partners for more than 19 years, left the fund in September 2024 to pursue other opportunities. Three of the five founding members remained at the firm.
Thorsten Claus, who headed the fund's fund-of-funds investment activities, left the fund in July 2024. The NIF confirmed the departure.
UK compact quantum sensing company Aquark Technologies raised €5 million ($5.4 million) in seed funding led by the NATO Innovation Fund.
$5.4M source ↗
Twenty-three NATO Allies officially became limited partners of the NATO Innovation Fund, a €1 billion multi-sovereign venture capital fund preparing its first investments later that year. Sweden's interest in joining was welcomed, to take effect upon its accession to the North Atlantic Treaty.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 5
primary sources listed
- NATO Innovation Fund — $1.0B Raised, Investors, Team & Alternativesstartuphub.ai · web
5 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does NATO Innovation Fund do?
- Multi-sovereign €1bn venture capital fund backed by NATO allies investing in defence, security and resilience deep tech.
- Who are NATO Innovation Fund's investors?
- NATO Innovation Fund's investors include Alpine Space Ventures, Tesi (Finnish Industry Investment Ltd).