In a recent development, Sweden has joined Amsterdam-based independent VC firm NATO Innovation Fund (NIF) as a Limited Partner (LP), aligning with 23 other nations to invest in technology and science.
This partnership aims to bolster defense, security, and resilience among allied nations.
According to Managing Partner of NIF, Andrea Traversone, “NIF is a new type of investor, focused on deep tech applied to defence, security and resilience.”
“With Sweden’s backing, we can take this mission even further, and we’re excited by the opportunities to support advanced technology and science that we see in Sweden and across Europe more widely.”
Aim of this development
With funds from 24 NATO Allies, the NIF focuses on investing in deep-tech enterprises that can enhance the nations’ collective security and prosperity.
Sweden, having committed to joining the NIF upon its accession to NATO, contributes to the existing €1B fund to back innovation across the Alliance.
Swedish Minister for Defence, Mr Pål Jonson adds, “Joining NATO allows Sweden to strengthen the Alliance, leveraging not just our strategic geographic position and military resources, but also our robust defence and security sector that drives technological innovation and development. Our participation in the NATO Innovation Fund further enhances this contribution.”
David Van Weel, Assistant Secretary General For Innovation, Hybrid and Cyber at NATO adds, “Sweden’s accession to NATO makes the Alliance stronger, and Sweden joining the NIF considerably strengthens the Fund.”
“Sweden has fostered an exceptional deep-tech innovation ecosystem over the past decades, developing exciting technological solutions to strengthen our defence, security and resilience. With this investor in the NIF, all Nordic nations are represented, building a strong innovation partnership.”
The participating NATO Allies in the NIF are Belgium, Bulgaria, Czechia, Denmark, Estonia, Finland, Germany, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Spain, Sweden, Turkey, and the UK.
Brief about the NATO Innovation Fund
The NATO Innovation Fund operates independently from NATO and invests in technology businesses and funds within the 24 participating Allied nations, which now include Sweden.
It provides long-term support to entrepreneurs by investing for the lifetime of a company, for up to 15 years. Leveraging its relationship with NATO, the fund claims to be well-positioned to understand the needs of the Allies and strategically invests where it can have an impact.
The firm works with its portfolio companies to help commercialise, scale and implement their technologies across 24 markets.
Sweden’s participation in the NATO Innovation Fund supports Swedish entrepreneurs in advancing technology and science for defense and security.
Read the orginal article: https://siliconcanals.com/news/sweden-joins-nato-innovation-fund/
