Defence tech has been thrust into the spotlight in recent weeks as the US signals a pullback of support in Europe, and the EU aims to ramp up its defence spending. And one of the biggest — and best-funded — defence startups on the continent, Germany-based Helsing, has attracted big European and US investors over the years.
Founded in 2021, the startup focuses on building AI-powered software for the battlefield, and recently added autonomous strike drones to its repertoire. Helsing has raised more than $820m, according to PitchBook data, with its most recent round bringing in €450m at a roughly €5bn valuation last summer.
But which investors actually own the most in Helsing?
Sifted used the company’s most recent shareholder document filed with the German company register dated late January 2025 to find the top 10 largest shareholders (the company itself is omitted from our shareholder list below). Sifted reached out to each shareholder to confirm their stake, as they may have changed due to secondaries activity. Not every shareholder returned Sifted’s request for confirmation. Helsing told Sifted that it won’t comment on or confirm the information.
1 — Prima Materia – 16.83%
The investment firm based in Stockholm was founded by Spotify cofounder Daniel Ek and investor and early Spotify backer Shakil Khan, and was an early believer in Helsing. The firm led Helsing’s €103m Series A fundraise back in 2021. It owns nearly 17% of the startup through two vehicles — the largest of any of the other investors. Prima Materia confirmed its holdings to Sifted.
2 — Praetorian Investments & Advisory UG – 14.68%
The company is tied to Helsing co-CEO and cofounder Gundbert Scherf, who was a special advisor to the German Federal Ministry of Defence. According to VC industry sources, the incorporation “UG” is typically used by founders or angel investors to hold stock in companies.
3 — Niklas Köhler UG – 14.55%
Niklas Köhler is Helsing’s cofounder, president and chief product officer. He previously founded a deep learning company called Hellsicht in 2017, which has become part of Helsing.
4 — Rare Pine Holdings UG – 14.37%
The limited liability company of which Helsing co-CEO and cofounder Torsten Reil is the managing director, according to filings, owns the lion’s share of his stake in Helsing. Reil also owns additional shares under his name. Before cofounding Helsing in 2021, he studied biology and founded a gaming company called NaturalMotion, which was spun out from Oxford University and later acquired by American videogame developer Zynga in 2014.
5 — General Catalyst – 11.94%
US VC firm General Catalyst has bet big on Helsing, leading its €209m Series B in 2023 and Series C round in 2024. La Famiglia, the Berlin-based fund that merged with General Catalyst in 2023, also owned 0.70% of Helsing via an investment from its first growth fund, according to the filing.
6 — Saab – 5.31%
The Swedish defence prime, which makes things like fighter jets and submarines, invested in Helsing and is also a partner of the startup. In 2023 the pair were selected by the German ministry of defence to equip fighter jets with Helsing’s software. Saab confirmed its current holding to Sifted.
7 — Cosmic Bet 3 – 3.45%
The fund of solo VC Elad Gil owns a 3.4% chunk of Helsing. Gil has previously backed other heavy-hitters including Instacart, Stripe, Airbnb and Figma.
8 — Finance 1805 SA – 2.5%
The Switzerland-registered entity has a 2.5% stake in Helsing, according to a spokesperson for Pictet Group, an investment and asset management firm that acts as a custodian for Finance 1805. “The investment is not a strategic investment of our bank but a holding of one of our clients with an execution only mandate,” Pictet’s spokesperson told Sifted, adding that the investment “currently” is a 2.5% stake instead of the 3.04% stated in the filing.
9 — Accel – 2.22%
Global investor Accel, which has had a London presence since 2000, bought into Helsing during its summer 2024 round, in what was the 42-year-old VC’s first defence deal. Accel owns shares in Helsing through three funds.
10 — Lightspeed Venture Partners – 1.36%
US firm Lightspeed was also a newcomer to Helsing’s cap table in its 2024 Series C round, snagging roughly 1.4% of the company with its $2.4bn second opportunity fund. Lightspeed has also been more active in defence companies, investing in Croatian autonomous drones solutions startup Orqa late last year.
Read the orginal article: https://sifted.eu/articles/helsing-largest-shareholders/
