NewsOct 21, 2026, 03:58 UTC

PMV backs its first defence startup with €10M before its new fund is ready

What's the deal? PMV, the Flemish investment company, has made its first defence-technology investment, putting €10 million into Space Applications Services. It is doing so from its own balance sheet while a dedicated defence fund is still being built.

Why now? PMV decided earlier to finance defence-related companies directly rather than wait for the fund to be established. The move lets it deploy capital before the vehicle is fully set up.

What's the endgame? Over the course of 2026, PMV plans to create a defence fund supporting joint investments by public and private partners in strategic Flemish defence companies. For now, it has opened its existing instruments — venture capital, loans, and guarantees — to the sector, covering firms from startups to mature businesses.

The signal: The deal lands as European support for defence and dual-use technology broadens. The European Investment Fund committed €50 million to Join Capital's defence and dual-use fund in March 2026, and the European Commission opened its EIC investment programmes to defence and dual-use technologies in June. PMV's move fits that wider push to mobilise public and private capital for European strategic technologies.