Investment in Europe’s booming defence technology start-ups has surged since Russia’s full-scale invasion of Ukraine, as venture capital firms abandon earlier caution and pile in to military businesses.
Companies in the sector have raised €2.4bn since the start of 2022 including €1.4bn in the first seven months of this year alone, up from just €30mn in 2020 and €150mn in 2021, according to data compiled for the Financial Times by PitchBook.
The figures are the latest evidence of the strength of investor appetite for the wave of new companies developing everything from unmanned mini-submarines and autonomous drones to “bio-robotic” cockroaches.
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