Who backs the 25 best-funded defence companies?
The 25 best-funded private defence companies have raised $35.5B. 17 are American and 7 European. Since 2024, Andreessen Horowitz has backed 6 of them; Accel and General Catalyst follow with 5.
By Boris Bavinck and Dealroom Next-Gen API · Since 2024, Andreessen Horowitz has backed 6 of the 25 best-funded defence companies, more than any other investor
Investors on equity rounds since January 2024 in 3 or more of the 25
United States
Europe
IL
Investor
Anduril
Shield AI
Saronic
Castelion
Mach
Chaos
True Anomaly
Skydio
Forterra
Long Wall
Epirus
Hermeus
Ursa Major
Neros
Onebrief
Redlattice
Saildrone
Helsing
ICEYE
Quantum Systems
TEKEVER
Stark
Uforce
Cambridge Aerospace
Kela
Of 25Venture funds10
Andreessen Horowitz
6
Accel
52 EU
General Catalyst
52 EU
8VC
41 EU
Founders Fund
41 EU
Sequoia
41 EU
Lux Capital
31 EU
NightDragon
3
Space VC
3
Thiel Capital
32 EU
Growth & private equity2
Advent International
42 EU
Washington Harbour Partners
3
Government-backed1
In-Q-Tel
31 EU
Banks & corporates1
JPMorgan
31 EU
Angels1
Elad Gil
32 EU
11 of these 15 investors have backed both American and European companies since 2024. Accel, General Catalyst, Advent International, Elad Gil and Thiel Capital each backed two or more of the 7 European names. In-Q-Tel, the CIA’s venture arm, is the only government-backed investor on the list.
What this means
Defence tech has its own set of backers. A handful of venture funds sit on many of the leading companies, and American investors are already in most of Europe’s.