Keen Reaches €150 Million First Close for European Defence-Tech Fund
Keen Venture Partners has announced the first close of its €150 million fund, which is expected to reach €200 million at final closing, dedicated to defence, security and dual-use technologies, marking one of Europe’s largest specialist vehicles in the sector.
The Amsterdam-based firm aims to support early-stage companies developing capabilities in areas such as cybersecurity, autonomous systems, AI-driven intelligence tools, advanced sensors and space technologies.
The fund arrives as European governments and industry place greater emphasis on technological sovereignty and more resilient defence supply chains. Venture investment in defence-related fields has grown steadily since Russia’s full-scale invasion of Ukraine, but specialist capital remains limited compared with the United States. Keen’s partners argue that Europe needs more targeted funding to help early-stage founders scale technologies with both military and civilian applications.
The new vehicle is expected to back around 20 to 25 companies from seed to Series B. It includes commitments from a mix of institutional investors, including the European Investment Fund and PME PensioenfondsDealroom has a profile for this one. Try Dealroom →, and private capital from family offices and strategic investors that see long-term demand for technologies underpinning security, resilience and critical infrastructure.
Keen describes the fund as a response to the rapid evolution of modern defence needs, where software-heavy systems, automation and data-driven capabilities are reshaping procurement and operational priorities.
The firm points to an emerging cohort of European founders building dual-use technologies with export potential, but who often lack access to investors comfortable operating in defence markets.
Sources:
Keen Venture Partners
Resilience Media
Silicon Canals
EU Startups
J.V.
