The list of backers tells the story. Deutsche Telekom, Porsche SE, Denmark’s EIFO, Danica and Estonia’s SmartCap have put a combined €455M behind DTCP’s first dedicated defence vehicle, the German growth investor’s opening fund in a category Europe has spent three years trying to build.
The NATO-aligned vehicle targets early-growth and growth-stage technology companies, with a focus on Series B and later rounds. Sectors in scope include AI, autonomous systems, cyber defence, secure communications and space.
Money will mostly go to European companies, with selective bets on firms from NATO member states and close allies where the technology matters for European defence, interoperability or critical supply chains. The fund has already invested in Six Robotics and Kraken Technology Group, with a third deal in progress.
Thomas Preuß, DTCP’s managing partner and chief investment officer, framed it as supplying a security market short of both capital and investors who know how to scale mission-critical businesses. Deutsche Telekom chief executive Tim Höttges said Europe “must take greater responsibility for its own security”.
The fund is led by partners Ole Aguirre and Georgia Watson, and DTCP will open a Copenhagen office in 2027 to source across Northern Europe.
Defence has become one of the few European venture categories where fundraises close quickly, as institutional money that avoided the sector for years now looks for disciplined managers.
