# Defence Tech investors in the Nordics (2026 list)

> 49 defence Tech investors in the Nordics, 88% active in the last 12 months. Led by General Catalyst, Bpifrance, Draper Associates. Ranked by what they funded.

Source: https://millionrounds.com/lists/defensetech-investors-in-nordics (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# Defence Tech investors in the Nordics

Updated 7 November 2026

Firms observed backing a defence Tech company in the Nordics in the last two years, wherever the firm is based.

[See all 49 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fdefensetech-investors-in-nordics)The top 25

**49** investors on the list No change this week

**937** cheques in 12 months *+7%* against the market

**$8.8M** median round they joined *+9%* against the market median

**88%** wrote a cheque in 12 months

**55%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (25)

- 1 [General Catalyst](https://millionrounds.com/fund/general-catalyst) *Deploying now* VC firm · United States **1,387** **$27M** median round **Nov 2026** last seen
- 2 [Bpifrance](https://millionrounds.com/fund/bpifrance) *Deploying now* Government · France **1,151** **$4.5M** median round **Oct 2026** last seen
- 3 [Draper Associates](https://millionrounds.com/fund/draper-associates) *Deploying now* VC firm · United States **370** **$6M** median round **Nov 2026** last seen
- 4 [Almi Invest](https://millionrounds.com/fund/almi-invest) *Deploying now* VC firm · Sweden **328** **$1.1M** median round **Nov 2026** last seen
- 5 [BlackRock](https://millionrounds.com/fund/blackrock) *Deploying now* Asset manager · United States **296** **$130M** median round **Nov 2026** last seen
- 6 [General Atlantic](https://millionrounds.com/fund/general-atlantic) *Deploying now* Private equity · United States **273** **$127M** median round **Oct 2026** last seen
- 7 [In-Q-Tel](https://millionrounds.com/fund/iqt) *Deploying now* Accelerator · United States **273** **$20M** median round **Nov 2026** last seen
- 8 [Sting](https://millionrounds.com/fund/sting) *Deploying now* VC firm · United States **219** **$1.5M** median round **Sept 2026** last seen
- 9 [TCV](https://millionrounds.com/fund/tcv) *Deploying now* Private equity · United States **200** **$100M** median round **Oct 2026** last seen
- 10 [Business Finland](https://millionrounds.com/fund/business-finland) *Deploying now* Accelerator · Finland **153** **$2.3M** median round **Sept 2026** last seen
- 11 [Lifeline Ventures](https://millionrounds.com/fund/lifeline-ventures) *Deploying now* VC firm · Finland **141** **$5.7M** median round **Nov 2026** last seen
- 12 [Inventure](https://millionrounds.com/fund/inventure) *Deploying now* VC firm · Finland **130** **$5.9M** median round **Nov 2026** last seen
- 13 [Seraphim Space](https://millionrounds.com/fund/seraphim-space) *Deploying now* VC firm · United Kingdom **125** **$6.4M** median round **Oct 2026** last seen
- 14 [NATO DIANA](https://millionrounds.com/fund/nato-diana) *Deploying now* Investment firm **67** **$417K** median round **Jul 2026** last seen
- 15 [10x Founders](https://millionrounds.com/fund/10x-founders) *Deploying now* VC firm · Germany **56** **$6.7M** median round **Sept 2026** last seen
- 16 [Propel Capital](https://millionrounds.com/fund/propel-capital) *Deploying now* Accelerator · Sweden **52** **$996K** median round **Sept 2026** last seen
- 17 [LIFTT](https://millionrounds.com/fund/liftt) *Deploying now* VC firm · Italy **51** **$3.1M** median round **Sept 2026** last seen
- 18 [Voima Ventures](https://millionrounds.com/fund/voima-ventures) *Deploying now* VC firm · Finland **47** **$4M** median round **Oct 2026** last seen
- 19 [Keen Venture Partners](https://millionrounds.com/fund/keen-venture-partners) *Deploying now* VC firm · Netherlands **35** **$9.6M** median round **Nov 2026** last seen
- 20 [Qatar Ban](https://millionrounds.com/fund/qatar-ban) *Deploying now* Growth equity · Qatar **33** **$548M** median round **Sept 2026** last seen
- 21 [Tesi](https://millionrounds.com/fund/tesi) *Deploying now* Government · Finland **29** **$17M** median round **Sept 2026** last seen
- 22 [Nokia](https://millionrounds.com/fund/nokia) *Deploying now* Corporate VC · Finland **21** **$433M** median round **Jun 2026** last seen
- 23 [DTCP](https://millionrounds.com/fund/deutsche-telekom-strategic-investments) *Deploying now* VC firm · Germany **20** **$50M** median round **Sept 2026** last seen
- 24 [NATO Innovation Fund (NIF)](https://millionrounds.com/fund/nato-innovation-fund) *Deploying now* VC firm · Netherlands **16** **$17M** median round **Sept 2026** last seen
- 25 [EIFO (Denmark)](https://millionrounds.com/fund/eifo) *Deploying now* Government · Denmark **13** **$16M** median round **Oct 2026** last seen

**24 more on this list**

All 49 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

[See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fdefensetech-investors-in-nordics)

## The Newest Cheques

Rounds this list's investors joined most recently

- **6** Nov **[Vensum Power](https://millionrounds.com/company/vensum-power)** Series A · $10M *Led by* [Lifeline Ventures](https://millionrounds.com/fund/lifeline-ventures)
- **6** Nov **[Ocient](https://millionrounds.com/company/ocient)** Series C · $100M *With* [In-Q-Tel](https://millionrounds.com/fund/iqt)
- **4** Nov **[Titan OS](https://millionrounds.com/company/titan-os)** Other · $46M *With* [BlackRock](https://millionrounds.com/fund/blackrock)
- **4** Nov **[Nooks](https://millionrounds.com/company/nooks)** Growth · $500M *Led by* [General Catalyst](https://millionrounds.com/fund/general-catalyst)
- **3** Nov **[SYNCERE](https://millionrounds.com/company/syncere)** Pre-seed · $11M *With* [Draper Associates](https://millionrounds.com/fund/draper-associates)
- **2** Nov **[Roleo](https://millionrounds.com/company/roleo)** Seed · $3.3M *With* [Inventure](https://millionrounds.com/fund/inventure)

## Stages This Year

839 rounds

- Seed **18%**
- Venture **17%**
- Series A **16%**
- Series B **8%**
- Other **7%**
- Other **33%**

## What They Backed

Sectors, last 12 months

- AI **310**
- Biotech **85**
- Aerospace & Space **66**
- Healthcare **50**
- Fintech **48**
- Software **39**

## Cheques by Quarter

Led Joined

189 Q1 25

250 Q2 25

258 Q3 25

256 Q4 25

288 Q1 26

266 Q2 26

227 Q3 26

62 Q4 26

The last bar is the quarter still running.

## Lists Like This

- [AI investors in North America 3,859](https://millionrounds.com/lists/ai-investors-in-north-america)
- [AI investors in Europe 2,283](https://millionrounds.com/lists/ai-investors-in-europe)
- [Fintech investors in North America 1,309](https://millionrounds.com/lists/fintech-investors-in-north-america)
- [Big Data & Analytics investors in North America 1,094](https://millionrounds.com/lists/big-data-investors-in-north-america)
- [AI investors in Asia 1,047](https://millionrounds.com/lists/ai-investors-in-asia)
- [Biotech investors in North America 1,001](https://millionrounds.com/lists/biotech-investors-in-north-america)
- [Energy investors in North America 864](https://millionrounds.com/lists/energy-investors-in-north-america)
- [Robotics investors in North America 848](https://millionrounds.com/lists/robotics-investors-in-north-america)
- [Construction investors in North America 791](https://millionrounds.com/lists/construction-investors-in-north-america)

[All investor lists *→*](https://millionrounds.com/lists)

## Reading for founders in government and defence

- The Hour of the Predator Giuliano da Empoli · 2025 3.94 from 5,140 ratings on Goodreads Government and defence About the book A chilling assessment of international politics in our time, from an internationally bestselling author whose work has sparked controversy and debate across the worldBlending the author’s personal insight with startling historical comparisons to the days of Machiavelli and the… On AmazonListen on Audible
- Written Out of History: The Forgotten Founders Who Fought Big Government Mike Lee · 2017 4.05 from 728 ratings on Goodreads Government and defence Company building About the book Senator Mike Lee tells the story of the Founders whose warnings about the dangers of an all-powerful federal government helped shape our Constitution--but are being ignored today. Today, most Americans are familiar only with the "big names" associated with the Founding -… On AmazonListen on Audible
- Unit X: How the Pentagon and Silicon Valley Are Transforming the Future of War Raj M. Shah · 2024 3.82 from 1,608 ratings on Goodreads Government and defence Company building Innovation About the book Shortlisted for the 2024 Financial Times Business Book of the Year “An exceedingly important book!”, General David Petraeus, US Army (Ret.), former Director of the CIA “Essential reading for understanding how technology will change the future of warfare.”, Chris Miller, New York… On AmazonListen on Audible
- The Sirens' Call: How Attention Became the World's Most Endangered Resource Christopher L. Hayes · 2025 3.93 from 8,942 ratings on Goodreads Government and defence About the book An Instant #1 New York Times BestsellerFrom the New York Times bestselling author and MSNBC and podcast host, a powerful wide-angle reckoning with how the assault from attention capitalism on our minds and our hearts has reordered our politics and the very fabric of our… On AmazonListen on Audible

More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&industry=government).

As an Amazon Associate we earn from qualifying purchases.

## Quick answers about defence Tech investors in the Nordics

### Who are the most active defence Tech investors in the Nordics?

By cheques observed, the most active are General Catalyst, Bpifrance, Draper Associates, Almi Invest and BlackRock.

### How many defence Tech investors in the Nordics are there?

49 are on record. 88% made an investment in the last 12 months and 55% have led a round.

### Which stages do defence Tech investors in the Nordics back?

Of the rounds with a named stage in the last 12 months, mostly Seed (25%) and Series A (22%).

### How big are the rounds defence Tech investors in the Nordics join?

The typical (median) round among the leading investors here is $6.7M.

### Which sectors do defence Tech investors in the Nordics back most?

In the last 12 months, mostly AI, Biotech and Aerospace & Space.

### Which defence Tech investors in the Nordics lead the most rounds?

General Catalyst (97 led), General Atlantic (32 led) and TCV (17 led).

### Where are defence Tech investors in the Nordics based?

Among the most active, most are based in the United States (7), Finland (6) and Sweden (2).

### What have defence Tech investors in the Nordics invested in recently?

Recent rounds include Vensum Power (Series A, Nov 2026, with Lifeline Ventures), Ocient (Series C, Nov 2026, with In-Q-Tel) and Titan OS (Other, Nov 2026, with BlackRock).

Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)