Amsterdam’s Keen Venture Partners Secures €150M First Close For Europe-Focused Defence And Security Fund

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 has urged Europe to accelerate efforts to strengthen its defence capabilities, emphasising the need for greater investment in homegrown technologies to achieve strategic autonomy.

He noted that the war in Ukraine has demonstrated how software-driven tools including AI and autonomous systems now define modern warfare and that European startups are actively building these technologies.

Despite this progress, only a small portion of defence spending remains within the EU leaving many innovators without sufficient funding or early defence customers.

The €150M investment comes from a mix of private and institutional backers aiming to expand Europe’s defence technology sector. The European Investment Fund (EIF) and pension fund PME each committed €40M, making Keen the first European VC fund supported under the €175M Defence Investment Programme.

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Additional investors include TNO, ABN AMRO, and LIOF, highlighting a broad coalition of research bodies, financial institutions, and regional organisations committed to strengthening Europe’s defence tech ecosystem.

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.”

Keen’s message to founders is clear teams developing technologies for the modern battlefield or for enhancing Europe’s resilience and deterrence are encouraged to connect with the firm. The aim is to attract more entrepreneurs into the European defence technology space and help build a stronger, more innovative ecosystem.

Keen Venture Partners plans to back both dual-use technology companies and defence-first startups developing capabilities for modern security needs. The fund targets areas such as cybersecurity, autonomous systems, deterrence, and space, and expects to invest in more than 25 companies from seed to Series B primarily Series A with ticket sizes ranging from €1M to €10M.

Keen’s previous defence and security investments include EclecticIQ, Perciv AI, and Intelic (formerly Avalor AI). The firm also intends to collaborate closely with other European venture funds through co-investments and shared deal flow. To support this expansion, Keen is growing its team and hiring additional investment professionals.

Keen Venture Partners is a venture capital firm with offices in Amsterdam and London, backing European technology companies from seed to Series B with a strong focus on defence and deeptech. Its advisory board features senior military leaders, industry experts and policymakers who offer strategic guidance on defence and technology matters.

The firm uses a thesis-driven investment approach, targeting opportunities aligned with long-term technological trends. Keen actively supports founders with its network, operational expertise, and sector insights even when no investment is made. Its portfolio now comprises more than 30 startups and scale-ups across Europe.

About Keen Venture Partners

Keen Venture Partners, founded in 2024, is a radically human venture capital firm supporting exceptional European founders from Seed to Series B. The firm invests in deeptech and defence innovation, offering strategic guidance, operational expertise and networks to help startups scale, while maintaining a founder-focused, hands-on, and thesis-driven approach.