National · Estonia · SmartCap (Estonian state fund manager, under Ministry of Economic Affairs and Communications)
A EUR 100 million state-backed venture capital vehicle launched in January 2025 and managed by SmartCap, Estonia's national fund manager. It makes direct minority investments in seed, early-stage and growth-stage defence and dual-use companies, and commits EUR 3-20 million as an LP to up to four NATO-based defence investment funds. Recent deals include EUR 7 million into missile maker Frankenburg Technologies and participation in Farsight Vision's EUR 7.2 million round.
This is the largest dedicated national defence-tech equity pool in the Baltics and one of Europe's first defence-only sovereign VC programmes. If you can bring a private lead investor, SmartCap can anchor rounds from seed through growth up to EUR 10 million.
Danish Ministry of Defence / Danish Ministry of Defence Acquisition and Logistics Organisation (FMI/DALO)
The single largest pot of near-term Danish defence procurement money, with an explicit invitation for industry to propose what to buy. Speed to fielding is the main selection criterion.
German Federal Government (BMVg and BMI)
One of very few German vehicles paying companies directly for security and defence-relevant research, with multi-million-euro phased contracts. Procurement-law process means longer lead times; watch the partnering events.
Next deadline 6 Oct
Industrial Development Agency (Agencja Rozwoju Przemysłu S.A.), Polish state development agency
A flexible state lender willing to bank defence-industry companies that commercial banks often avoid, useful for contract financing and liquidity in scaling defence production. No fixed calls: financing is negotiated case by case.