A Nato-backed €1bn venture capital fund plans to inject some financial firepower into defence start-ups to boost the US-led military alliance’s technological edge and fend off competition from China.
The innovation scheme, which was launched last year, aims to fill a gap in funding for companies working on technology with military capabilities, amid fears that western start-ups lack the financial muscle provided by Beijing to their own companies.
“There’s a lack of venture capital for deep tech, especially in Europe,” Nato assistant secretary-general David van Weel told the Financial Times. “We wanted to provide more capital on our side to invest in these companies to avoid them having to turn to Chinese investors.”
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