Tough Tech by the Tough Ten 2025

A first-of-its-kind map of defence, dual-use, cyber, and space innovations in the EU frontline states, in partnership with Coinvest Capital, the NATO Innovation Fund (NIF), Depo Ventures, BSV Ventures, Balnord, Ilte and New North Ventures

Key findings

• Tough-tech venture funding across the Tough Ten is projected to reach $696M in 2025, more than ten times the $58M invested in 2016.
• Tough tech drew more VC in 2025 than fintech or energy, at $569M to 27 October against $423M and $420M, and $2B since 2019.
• Tough-tech ventures made up 16% of all startups in the Tough Ten in 2023-2025, up from 7% in 2019-2022, against 10% in the rest of Europe.
• Tough tech is set to take 60% of deep tech investment and 26% of all VC in the Tough Ten in 2025, up from 28% and 8% in 2016.
• Finland has raised $1.5B for 55 tough-tech startups since 2019, and its $661M in 2024-2025 alone beats the other nine countries combined since 2019.