This is a working map of Europe-domiciled venture funds themed around defence, security and resilience — either actively investing or out raising. To qualify, a fund has to be Europe-domiciled, a genuine venture structure (no corporate arms, investment companies or state vehicles), and themed broadly around defence — including cyber, energy, advanced materials, space and dual-use — with everything publicly verifiable. This is the venture slice only; growth equity, project finance, government co-investment and the primes’ own balance sheets sit outside it.

The original map was built by Catharina Candolin — board member at SSH Communications Security and works on strategy and preparedness at OP Pohjola — across a series of LinkedIn posts. Listeds has verified, enriched and is now extending it. The origination is hers; the expansion is a shared effort.