AMSTERDAM (Reuters) – Keen Venture Partners said on Tuesday it was raising 125 million euros ($128 million) for a fund focused on providing additional capital for growth to European defence startups.
“The changed geopolitical landscape has created a crucial need for Europe to become more self-sufficient at defence and safety,” partner Alexander Ribbink of the Amsterdam-based venture capital firm said in a statement.
The new fund will offer Series B funding – larger rounds of funding typically led by venture capitalists or growth equity investors – to firms in European NATO member countries, with a focus on drone and radar technology.
Keen is an investor in Avalor AI, which makes software used to oversee complex military missions involving drones and is working with the Netherlands’ Ministry of Defence.
Other Keen investments include cyber-threat intelligence firm EcleticIQ and radar perception firm PercivAI.
($1 = 0.9750 euros)
(Reporting by Toby Sterling; Editing by Emelia Sithole-Matarise)
