News Summary

The NATO Innovation Fund (NIF), after securing $1 billion in commitments from over 20 countries, is undergoing significant changes with the arrival of two new partners Ulrich Quay and Sander Verbrugge, and the departure of its penultimate founding team partner, Kelly Chen. This restructuring comes in a context of increased military spending among NATO members and a significant rise in investments in dual-use technology, which now accounts for 10% of all VC funding in Europe. Since its inception, NIF has made 19 investments, including seven into funds like OTB Ventures and 12 into startups such as Space Forge and Tekever. The fund aims to empower deep tech founders to address challenges in defense, security, and resilience. Despite criticisms for not investing in Ukraine or pure defense, NIF remains committed to its broader thesis and is expanding its support for startups and ecosystem building. The new partners were selected through a rigorous process by NIF’s board and LPs, aiming to ensure long-term success and effective collaboration.