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National Security Strategic Investment Fund

Venture Capital · Founded 2012 · London, United Kingdom

#491 LP Ranking #36 of 2,413 LPs

The National Security Strategic Investment Fund (NSSIF) is the UK Government's corporate venturing arm for dual-use advanced technologies, in partnership with the British Business Bank

65 VC firms backed
$100M AUM
01 · Background

Who National Security Strategic Investment Fund is.

Historical Background
The National Security Strategic Investment Fund (NSSIF) was established in 2018 as a joint initiative between the UK Government and the British Business Bank. It functions as the government's corporate venture capital arm, focusing on dual-use advanced technologies.
Source of Capital
The fund is backed by the UK Government. As of June 2023, the NSSIF has committed £220m to funds supported by the British Business Bank.
Major Events
The UK's 2021 Integrated Review of Security, Defence, Development and Foreign Policy included an expansion of the NSSIF to further invest in companies addressing national security and defence capability requirements.
Allocation Strategy
The fund's primary focus is on venture capital investments in early-stage companies. It targets UK-based companies developing advanced technologies with dual-use applications, meaning they have potential for both commercial and national security use. The NSSIF invests commercially alongside private sector investors, who have contributed £718m alongside the fund's investments as of June 2023.
02 · Fund commitments

The funds National Security Strategic Investment Fund backs.

National Security Strategic Investment Fund is a limited partner in 65 funds. 6 of them place in the Power Law Investor Ranking; those lead, best-ranked first.

Balderton Capital
United Kingdom
#59 Power Law
Seedcamp
United Kingdom
#94 Power Law
Passion Capital
United Kingdom
#174 Power Law
Episode 1 Ventures
United Kingdom
#353 Power Law
OurCrowd
Israel
#434 Power Law
Amadeus Capital Partners
United Kingdom
#466 Power Law
7percent Ventures
United Kingdom
Accelerated Digital Ventures - ADV
United Kingdom
Ada Ventures
United Kingdom
Alpina Partners
United Kingdom
Beechbrook Capital
United Kingdom
Bethnal Green Ventures (BGV)
United Kingdom
03 · Allocation

How National Security Strategic Investment Fund’s fund book is spread.

The 65 funds National Security Strategic Investment Fund backs, by where the manager is headquartered and how many funds that manager has raised.

Where those managers are based

By fund headquarters.

  • Europe 5991%
  • North America 46%
  • Rest of world 23%

United Kingdom 58 · United States 4 · Israel 1 · Singapore 1

How established those managers are

Managers grouped by how many funds they have raised — across the 52 of 65 with a fund history on record.

Emerging funds · 31
Established funds · 21
9 1
15 2
7 3
5 4
4 5-6
8 7-9
2 10-14
2 15+
Funds raised by the manager
04 · Direct investments

The companies National Security Strategic Investment Fund backs directly.

National Security Strategic Investment Fund holds 15 companies directly, separate from the funds it commits to as a limited partner. Broken down by headquarters country, sector, entry stage and current growth stage. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount
  1. UK12
  2. Canada1
  3. Finland1
  4. Portugal1
By sectorCount
  1. Semiconductors5
  2. Security4
  3. Space4
  4. Robotics3
  5. Telecom2
  6. Enterprise Software1
  7. Hosting1
  8. Transportation1
By stage enteredCount
  1. Series A5
  2. Series B+5
  3. Seed3
By growth stageCount
  1. Late Growth7
  2. Breakout Stage6
  3. Early Growth2
05 · Portfolio market map

Inside National Security Strategic Investment Fund’s portfolio.

The 15 highest-funded portfolio companies, of 14 tracked.

ICEYE
Space · Decacorn
$11B
Photonic
Semiconductors · Unicorn
$2.0B
Quantum Motion
Semiconductors
$640M
Kraken Technology
Security · Unicorn
$1.0B
Riverlane
Enterprise Software
$310M
TEKEVER
Security · Unicorn
$1.3B
Nu Quantum
Security
$240M
Space Forge
Space
$119M
Optalysys
Hosting
$121M
Oxford Ionics
Semiconductors · Unicorn
$1.1B
Greenjets
Transportation
$159M
Sofant Technologies
Telecom
$33M
Archangel Lightworks
Telecom
$53M
Refute
Security
$27M
Mutable Tactics
Robotics
$7.9M
06 · Portfolio founders

Where National Security Strategic Investment Fund’s portfolio founders come from.

24 founders across the 15 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount
  1. United Kingdom17
  2. Canada2
  3. Finland2
  4. Portugal2
  5. Australia1
UniversityCount
  1. University of Cambridge4
  2. University of Oxford3
  3. Aalto University2
  4. University of Lisbon Higher Technical Institute - Tecnico Lisboa2
  5. King's College London1
  6. Kingston University1
  7. London Business School1
  8. Oxford Brookes University1
  9. Polytechnic University of Milan1
  10. Rutgers university1
Previous companyCount
  1. Thales Alenia Space2
  2. University of Cambridge2
  3. AAC Clyde Space1
  4. BAE Systems1
  5. Blue Bear Systems Research1
  6. BNP Paribas1
  7. CERN Pension Fund1
  8. Cosworth1
  9. Cranfield University1
  10. Formula One World Championship1