Twenty-three NATO Allies have officially become Limited Partners of the NATO Innovation Fund (NIF), which is preparing to make its initial investments later this year. The Participating Allies have also welcomed Sweden’s interest to join the NIF. Sweden’s participation will take effect upon its accession to the North Atlantic Treaty.
Sweden’s contribution will add to the current €1 billion venture capital fund, boosting the investible capital of the NATO Innovation Fund and bolstering innovative capacity across the Alliance.
“As a member of NATO, Sweden will contribute to the strength of the Alliance, not only through our geo-strategic location and military capabilities, but also through a vibrant security and defence industry that promotes innovation and development of cutting-edge technology. This is further enabled through participation in the NATO Innovation Fund,” said Pål Jonson, Minister of Defence, Sweden.
Mr. David van Weel, NATO’s Assistant Secretary General for Emerging Security Challenges, welcomed Sweden’s future participation, “This year’s Summit set Sweden further on track to becoming the 32nd country to join our Alliance, and this historic step will make way for Sweden to participate in the NATO Innovation Fund and to contribute to its important mission.”
The NATO Innovation Fund is the world’s first multi-sovereign venture capital fund and will invest in startups developing cutting-edge technological solutions, leveraging the potential for commercial innovation to address critical defence and security challenges. The Fund’s Limited Partners include 23 NATO Allies at the highest levels of government, venture capital, innovation and defence. The Fund will make direct investments into startups located in any of the 23 participating Allied nations, as well as indirect investments into deeptech funds with a trans-Atlantic impact. It will provide patient capital to meet the needs and timelines of deep tech innovators and to secure an enduring future for the Alliance’s 1 billion citizens.
Read the orginal article: https://www.eu-startups.com/2023/08/nato-innovation-fund-closes-e1billion-to-invest-in-startups-addressing-defense-and-security-challenges/
