The NATO Innovation Fund (NIF) announced on Tuesday, August 1, that it has gained official participation from twenty-three NATO Allies as Limited Partners.
The NIF is set to make its initial investments later this year.
Additionally, Sweden has expressed its interest in joining the NIF and its participation will become effective upon its accession to the North Atlantic Treaty.
“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,” says Pål Jonson, Minister of Defence, Sweden.
This will increase the current €1B venture capital fund, thereby enhancing the investable capital of the NATO Innovation Fund and strengthening the Alliance’s capacity for innovation.
“Innovation in emerging and disruptive technologies must be responsible and led by fundamental principles: safety, freedom, and human empowerment. All of which are synonymous with NATO’s democratic values and the NIF’s mission,” says Mr. Andrea Traversone, Managing Partner, NIF.
NATO Innovation Fund: World’s first multi-sovereign venture capital fund
The NATO Innovation Fund stands out as the world’s first multi-sovereign venture capital fund and will focus on investing in startups that are developing cutting-edge technological solutions.
The ultimate goal is to harness the potential of commercial innovation in tackling critical defence and security challenges.
The Fund’s Limited Partners comprise 23 NATO Allies, including prominent representatives from government, venture capital, innovation, and defence sectors. It will directly invest in startups located in any of the 23 participating Allied nations, as well as indirectly invest in deep tech funds with trans-Atlantic influence.
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.
The participating NATO allies include:
- Belgium
- Bulgaria
- Czechia
- Denmark
- Estonia
- Finland
- Germany
- Greece
- Hungary
- Iceland
- Italy
- Latvia
- Lithuania
- Luxembourg
- The Netherlands
- Norway
- Poland
- Portugal
- Romania
- Slovakia
- Spain
- Türkiye
- United Kingdom.
“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,” says David van Weel, Assistant Secretary-General for Emerging Security Challenges, NATO.
Read the orginal article: https://siliconcanals.com/news/startups/nato-innovation-fund-closes-1b-fund/
