Keen Venture Partners announces the first close of €150M fund focused on defence tech in Europe.
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Amsterdam-based venture capital firm Keen Venture Partners has completed the first close of its European fund for defence and security technology. The fund has secured over €150M and will provide capital to startups and scale-ups working on defence and security projects in NATO countries in Europe.
NATO Secretary General Mark Rutte says Europe must move faster to strengthen its defence capabilities, with greater investment in European technology to reach strategic autonomy.
He mentions that the war in Ukraine shows that software-driven tools such as AI and autonomous systems now shape modern warfare, and European startups are building such systems. However, only a small share of defence budgets stay within the EU, leaving innovators short on funding and initial defence customers.
Investors supporting Keen Venture Partners
The investment came from private and institutional backers who see a need to expand the European defence technology market. The European Investment Fund (EIF) and pension fund PME each committed €40M.
Keen is the first venture capital fund in Europe to receive EIF support under the new €175M Defence Investment Programme.
Additional investors include TNO, the research institute in the Netherlands with long-standing work in defence and deeptech, along with ABN AMRO and LIOF, the development agency for Limburg.
The mix of research bodies, financial institutions, and regional groups signals broad involvement in efforts to build out the European defence technology landscape.
Alexander Ribbink and Giuseppe Lacerenza, partners at Keen Venture Partners, mention, “With the first close completed, we’re now operating at full speed. We have institutional support from the EIF and PME, and an advisory board with deep experience in military operations and defence policy.”
“Europe has the talent, the technology, and the ambition. What was missing was capital and access to the first defence customers. We’re closing that gap.”
Their message to founders is direct: teams building technology for the modern battlefield or for strengthening Europe’s resilience and deterrence are invited to engage with Keen. The goal is to bring more entrepreneurs into the European defence technology field and to support the growth of a stronger and more innovative ecosystem.
Capital utilisation
Keen Venture Partners plans to invest in companies that develop dual-use technology as well as defence-first firms that build capabilities for defence needs.
The fund covers several areas in defence technology, including cybersecurity, autonomous systems, deterrence, and space.
The Dutch venture capital firm expects to back more than 25 companies from seed to Series B, with a focus on Series A deals and investment ranges between €1M and €10M.
Earlier work by Keen in defence and security includes investments in EclecticIQ, Perciv AI, and Intelic, previously known as Avalor AI. The firm expects to work closely with other European venture funds through joint investments and shared deal flow in the coming years.
To support this phase, Keen is increasing its team size and hiring additional investment staff.
Brief about Keen Venture Partners
Keen Venture Partners operates as a venture capital firm with offices in Amsterdam and London. The firm supports teams and European technology companies from seed to Series B and has built expertise in defence and deeptech.
Its advisory board includes European military leaders, industry figures, and policymakers who guide defence and technology issues.
Keen follows a thesis-driven approach by identifying opportunities linked to long-term trends in specific technology fields. When Keen meets founders, the firm shares its network, operational experience, and domain knowledge, regardless of whether an investment is made. The current portfolio includes more than 30 startups and scale-ups across Europe.
