8 European defence rounds in the last 3 months

8 European defence rounds announced in the last 3 months. Not the full list, and that is the point.

The rounds

• TEKEVER, Portugal and UK, $580 million Series D first close at $6.4 billion. Autonomous surveillance. Led by UC Investments and Baillie Gifford.

• Cambridge Aerospace, UK, $300 million Series C at $3.4 billion. Low cost interceptors. Led by DFJ Growth.

• Valarian, UK, $50 million Series A. Sovereign digital infrastructure. Led by New Enterprise Associates (NEA).

• Agon, UK, $30 million seed. Synthetic battlefields for testing autonomous systems. Led by Lakestar.

• Project Q, Germany, €15 million Series A. Software to integrate defence systems. Led by Expeditions.

• TERASi, Sweden, €11 million. Jam resistant battlefield comms. Co-led by the NATO Innovation Fund.

• Ground A, Germany, €9 million. Laser counter drone. Led by Vsquared Ventures.

• Ossprey Security, UK, $2.7 million pre-seed. Software supply chain security. Led by Episode 1 Ventures.

2 new defence funds closed this month as well. DTCP at €455 million, and a €100 million vehicle from Final Frontier and Myriad.

Who led them

6 months ago you could hold this sector in your head. You cannot now, and anyone adding to this list is proving the point.

Look at who led the biggest rounds. DFJ Growth. UC Investments, the University of California’s endowment. NEA. Lux Capital and Accel alongside them.

The target list is not geographic

I said recently that European defence companies have to go to America for capital. It is changing, but not how I expected. American capital is coming here and leading the largest rounds on the continent.

If you are raising, your target list stopped being European or American a while ago. It is whoever already funded something like you.