Keen Venture Partners Secures Major Funding for DefenceTech
In a significant development for military technology investment, Keen Venture Partners, based in Amsterdam, has successfully closed the first round of its European defence and security technology fund, amassing over €150 million. This capital infusion positions it as the largest dedicated DefenceTech venture capital fund in Europe. Major contributors to this fund include the European Investment Fund (EIF) and pension fund PME, each committing €40 million. Notably, Keen Venture Partners is the first European VC to receive backing from the EIF through its newly initiated €175 million Defence Investment Programme.
The partners at Keen, Alexander Ribbink and Giuseppe Lacerenza, expressed their enthusiasm, stating that with the initial funding secured, they are well-prepared to support emerging technologies that enhance military capabilities. They highlighted the vital role of institutional support and the expertise of their advisory board, which includes professionals experienced in military operations and defence policy. According to them, while Europe possesses significant talent and technological innovation, it has been lacking in capital and access to defence customers, which their fund aims to address.
Other Funds Boosting European Defence Technology
In a parallel move, Expeditions Fund II, based in Warsaw, has raised more than €100 million in 2025, with aspirations to reach €150 million. This fund is focused on investments in cybersecurity, artificial intelligence, quantum technologies, and DefenceTech across Europe. Additionally, Balnord, based in Luxembourg, successfully closed a €70 million initial round for its Fund I, which aims to support pioneering technologies in the Baltic Sea region, targeting a final close of €100 million by mid-2026. Collectively, these three funds signify a commitment of approximately €210 million to the European DefenceTech and dual-use technology sectors in 2025.
Ribbink and Lacerenza conveyed a clear message to entrepreneurs engaged in developing impactful technologies for modern military operations, emphasizing the need for collaboration to strengthen Europe’s defence-tech landscape. They noted the urgency for Europe to invest in its technological capabilities to achieve strategic autonomy, especially in light of recent geopolitical tensions underscored by the conflict in Ukraine.
Investment Focus and Future Plans
Founded in 2016, Keen Venture Partners has cultivated a reputation for backing DeepTech ventures through a focused investment strategy. The firm operates from both Amsterdam and London, actively engaging with European technology entrepreneurs at early stages, even before formal investments are made. The fund will concentrate on critical DefenceTech sectors such as cybersecurity, autonomous systems, deterrent technologies, and space applications, with plans to invest in over 25 companies from Seed to Series B, primarily targeting Series A investments ranging from €1 to €10 million.
Previous investments in the defence and security sector include notable companies like EclecticIQ, Intelic (formerly Avalor AI), and Perciv AI. As Keen anticipates further growth, it plans to expand its team by hiring additional investment professionals, indicating a busy year ahead as it aims to foster innovation within Europe’s defence technology ecosystem. The strategic initiatives by Keen Venture Partners mirror a broader commitment to enhance Europe’s military and technological capabilities in an increasingly complex global landscape.
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