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Over the past three years, defence tech startups and scaleups have raised $3bn in venture capital, according to the report. This means that the sector now accounts for 1.8% of the total European VC funding — having more than tripled since 2022.
Germany in the lead
Germany, the UK, and France dominate investments, having captured 87% of the total funding. Specifically, the three countries have raised $2.2bn between them since 2018.
Over the past six years, investments in Germany alone have surpassed those of the UK, the Nordics, the Netherlands, and Switzerland combined.
Munich has attracted most of the capital among all European cities, partly thanks to Helsing’s $487mn fundraise in 2024. Bristol and Paris follow as the next major investment hubs.
Alongside Bristol, five more UK locations make it to the top ten, including London (4th), Reading (5th), Oxford (6th), Leeds (8th), and Cambridge (9th).
NATO countries are betting big
VC investment in Europe’s defence tech startups is outpacing the growth of investments across the wider NATO group by 25%, the report found.
But an increasing flow of capital is evident across all member countries, with the US holding the leading position.
Overall, venture capital investment among NATO countries has increased fourfold since 2018. The alliance is now on track to close 2024 with $5.9bn. This will bring the total investment in defence tech raised by startups within the NATO area to $18bn since 2018.
There are now 370 VC-backed startups in NATO countries with a combined enterprise value of $161bn.
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Publish date : 2024-09-25 16:01:00
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