Govtech and defence investors
Govtech and defence investors back companies that sell to governments, public services and militaries, and companies whose technology has both civil and defence use. The buyers are large, slow and durable, and the procurement rules are the product's first obstacle.
The firms on this list name government, public sector or defence as a focus on their own website. Several are specialist funds formed in the last few years as the sector opened to venture. Each cites its own site as the source for what is written here.
Founder Institute is a pre-seed startup accelerator that offers structured accelerator programs to help entrepreneurs launch and grow technology startups. It provides a core program…
Goanna Capital focused on private companies in the global Internet, software, consumer, and financial technology industries. The company manages a large pool of discretionary capital…
Protagonist is an investment firm that invests in ambitious founders and startups. It highlights portfolio companies and financing rounds, including pre-seed and seed-stage deals in…
Balderton Capital is a pillar of the European venture ecosystem, originally established as the European arm of Silicon Valley's Benchmark Capital before becoming independent. The firm…
Breyer Capital is an independent global venture capital and private equity investor. Founded by Jim Breyer in 2006, it makes long-term, idea-driven investments.
We are a team of former serial founders managing $1.5bn across a number of funds, with offices in Tel Aviv, London and New York, investing in early to growth-stage startups.
The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its member states. It is the EU’s lending arm and is described as the world’s…
Everywhere Ventures (The Fund) is a first-of-its-kind early-stage venture fund created by founders for founders to support the next generation of entrepreneurs. Everywhere Ventures…
Evolution VC Partners invest and partner with disruptive companies with a strong team, product, and market opportunity. They help entrepreneurs build great companies and consider…
Forum Ventures is a B2B pre-seed fund, accelerator, and AI venture studio focused on supporting early-stage startups. It combines capital with structured programming and resources…
Franklin Resources is a global investment management organization known as Franklin Templeton Investments. They have an extensive global presence, including offices in 35 countries…
General Catalyst is a venture capital firm that provides early-stage and growth equity investments. The company provides ongoing momentum that accelerates ideas, careers, and…
Heartcore is a venture capital firm that invests in companies that use technology to change people's lives for the better.
HighSage Ventures is a Boston-based investment firm backed by permanent capital. Founded by Jonathan S. Jacobson, the firm invests in public and private companies across industries…
Upfront Ventures is proud to be an early investor and long-term partner to the most exciting founders and startups. Founded in 1996 in Los Angeles with investing professionals based…
Founded in 2022, Booz Allen Ventures LLC is the corporate venture arm of McLean, VA-based Booz Allen Hamilton. Booz Allen Ventures strategically invests in early-stage companies…
Cedar Pine is a private investment firm specializing in strategic, long-term assets. Headquartered near Chicago, its team seeks to create value by applying and building on decades of…
We help connect the world's leading tech and Internet companies with the perfect investors
Coformaco is the family office of Belgian entrepreneur Conny Vandendriessche. It is being set up by Conny together with her son Mathijs, her husband Wim, and their team, with further…
DenizBank is a privately owned commercial bank operating in Turkey, headquartered in Istanbul. It provides a range of retail and commercial banking products and services including…
FedTech started in 2013 as a part of the DC I-Corps program. Since then Fed Tech has developed a process where innovations in federal labs are matched with entrepreneurs who conduct…
GrowthX is an organization focused on helping and investing in B2B founders in rising cities. Its platform emphasizes support for startup revenue acceleration and partnerships with…
GSBackers opertres has a investment firm.
What govtech and defence investors look for
A route through procurement.
Which contract vehicles, which agencies, which programmes. Investors in this sector know the rules in their markets and expect founders to know them better.
Dual use, where it applies.
Technology that sells to commercial customers as well as government carries less concentration risk and often reaches revenue sooner. Investors look for the second market.
Mission credibility.
Founders and advisers who have served in or sold to the institutions they are targeting. The buyers are careful about who they work with, and investors reflect that.
Compliance as capability.
Security clearances, certifications and the ability to handle sensitive data are prerequisites, and having them is a moat. Investors ask what the company holds and what it is pursuing.
Patience with the sale, and a plan for it.
Government sales take years. Investors want to see a pipeline with programmes and stages, pilots that convert, and enough runway to survive the cycle.
Raising in govtech and defence
The investor set for this sector is smaller than for most and more specialised. Some generalist funds will not invest in defence at all, and founders should filter for the ones whose sites say they do, which is what this page is for.
Have ready: the procurement strategy by market, the pilots and contracts in place with their stages, the compliance and clearance position, the commercial market where one exists, and the export and regulatory constraints on selling abroad.
Government grants, innovation programmes and small business contract vehicles fund a large share of early companies in this sector. Investors expect founders to use them and will ask which have been won.
Questions
What is govtech?
Technology sold to governments and public services: software for agencies, cities and public bodies, and the infrastructure they run on. It overlaps with defence where the buyer is a military or security institution.
Do venture investors fund defence companies?
A growing number do, and several funds now specialise in it. Others exclude it by policy. The firms on this list name the sector on their own sites, so a founder can see which is which.
What does dual use mean?
Technology with both civil and military applications. Investors like it because the commercial market can fund the company while government sales mature.
How long does a government sale take?
Often years, through pilots, procurement and budget cycles. Investors in the sector expect it and size rounds so companies can survive it.
Can a company sell to governments outside its home market?
Often, with export controls and local procurement rules to manage. Investors will ask about the constraints in each target market before crediting revenue from it.
Govtech and defence investors by country
Govtech and defence investors by city
Govtech and defence investors by stage