The State of Defence Tech 2025

Produced in partnership with Resilience Media, this report gives a comprehensive overview of defence, security and resilience tech in 2025.

Key findings

• Startups in NATO countries raised $9.1B of defence VC funding in 2025 through September, 1.4x the $6.5B raised in all of 2024.
• European defence VC funding is projected to grow 132% in 2025, the fastest of any European VC sector, ahead of fintech at 79% and security at 63%.
• Munich leads European cities with $2B of defence VC funding since 2019, more than four times London's $485M, driven by Helsing.
• Defence specialist funds took part in 34% of European defence rounds in 2025, up from 18% in 2024 and 1% in 2021.
• 14% of European defence tech founders have military or defence ministry experience, most of it from the UK, Germany and the Netherlands.