EIF announces €40 million investment in Keen Venture Partners’ European defence and security Tech fund under InvestEU

• EIF commitment is backed by the InvestEU programme, which aims to trigger more than €372 billion overall in investment supporting EU policy priorities, until 2027
• This investment is the EIF’s first investment in a dedicated European defence fund
• The Fund targets early-stage companies across the EU, focusing on information superiority, cyber defence, space, autonomy and robotics among others
• This investment aligns with the EIB Group's strategy to strengthen European security and defence amid geopolitical challenges

Luxembourg/Amsterdam/Brussels: As Europe faces an unprecedented level of security threat, innovation in defence, security, and space technologies has become a strategic imperative. The EIB Group has stepped up its support to the security and defence industry in 2024, widening the scope of defence and security projects eligible for financing earlier this March.

The European Investment Fund (EIF) today announced a pioneering effort to enhance the availability of capital for defence-focused ventures in Europe, with a €40 million investment in Keen’s European Defence and Security Tech Fund. The fund, with a focus on early-stage companies within the defence and security technology sector, aims to support companies that are pioneering solutions in areas such as information superiority, cyber defence, robotics, AI, autonomous systems and space technologies such as securing satellite communications, satellite image analysis, and defence of space assets. The Fund’s investments will be pan-European, with exposure to the United Kingdom, Turkey and Norway.

Executive Vice-President for Prosperity and Industrial Strategy StephaneSéjourné said: “Strengthening Europe’s defence technological and industrial base is about securing our strategic autonomy and protecting our citizens—on land, at sea, in the air, in cyberspace, and in space. It’s about ensuring that European companies can deliver the technologies we need. We are moving from declarations to delivery, with investments to match our ambition.”

Commissioner Andrius Kubilius commented: “We are proud to collaborate with the EIF on the deployment of the Defence Equity Facility, which is a cornerstone instrument to foster the development of an ecosystem of private funds investing in defence in the EU. The investment in Keen Ventures is an important milestone, which demonstrates our ambition to improve access to finance for the defence industry, an in particular new defence players.”

Marjut Falkstedt, Chief Executive of the EIF, stated, "Our investment in the Keen European Defence and Security Tech Fund underscores our commitment to strengthening the European security landscape. By supporting innovative companies in this critical sector, we are not only fostering technological advancements but also enhancing Europe’s overall security and resilience."

This investment is the first of its kind under the Defence Equity Facility and the InvestEU Space mandate and builds upon EIF's previous investments in generalist venture capital funds with a partial focus on defence.

Alexander Ribbink, and Giuseppe Lacerenza Partners at Keen Venture Partners: ‘The team at Keen has a long commitment to and investments in defence and defence technology. The opportunity to add the power of tech entrepreneurs with the full support of venture capital to the European defence ecosystem is huge. A stronger and safer Europe needs the resourcefulness and grit that only entrepreneurs can bring. We are proud to be at the forefront of this trend, and to be strongly supported by the EIF’.

More information on the EIB Group investments in security and defence are available here.

Background information

The European Investment Fund(EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized enterprises (SMEs) by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, the EIF fosters EU objectives in support of sustainability, innovation, research and development, entrepreneurship, growth and employment.

Keen Venture Partners is a radically human venture capital firm based in Amsterdam and London. Keen backs exceptional teams and fast-growing European tech companies from seed to Series B. Keen has built strong expertise in defence and deep tech, supported by an advisory board of European military leaders, industry veterans, and policymakers. The firm invests through a thesis-driven approach, formulating investment ideas based on fundamental trends in specific areas of technology. When getting to know founders, Keen shares its network of operators, experience, and capabilities even before investing. The portfolio consists of 30+ startups and scaleups across Europe. You can find more information at: www.keenventurepartners.com.

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable economy. It helps generate additional investments in line with EU policy priorities, such as the European Green Deal, the digital transition and support for small and medium-sized enterprises. InvestEU brings all EU financial instruments together under one roof, making funding for investment projects in Europe simpler, more efficient, and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners who invest in projects using the EU budget guarantee of €26.2 billion. This guarantee increases their risk-bearing capacity, thus mobilising at least €372 billion in additional investment.

The European Defence Fund (EDF) is the Commission’s instrument to support research and development in defence. With its €7.3 billion budget between 2021 and 2027, the EDF supports companies across Member States to develop competitive and collaborative defence projects that will deliver innovative and interoperable defence technologies and equipment. As part of the EDF, the EU Defence Innovation Scheme (EUDIS) encompasses funding and support measures tailored to support SMEs, including start-ups. EUDIS supports innovators through grants (SMEs calls, spin-in calls, technological challenges, disruptive technology calls) and other measures such as business coaching, hackathons, business accelerator and matchmaking. It also supports, though the Defence Equity Facility (implemented by the European Investment Fund), the development of an ecosystem of private funds investing in innovative defence SMEs and small mid-caps. 

Press contacts

Keen Venture Partners:       

Alexander Ribbink | alexander@keenventurepartners.com | +31612340000

Giuseppe Lacerenza | giuseppe@keenventurepartners.com | +31612048616

EIB Group:                           

Serena Sertore | s.sertore@eib.org | tel.: +352 437 970 859

Website: www.eif.org/ | Press Office: +352 4379 21000 — press@eib.org

European Commission:       

Quentin Cortes | +32 2 291 32 83 | quentin.cortes@ec.europa.eu