DTCP Closed €455 Million Defence Technology Fund
The firm will target Series B and later growth-stage European companies specializing in autonomous systems and AI.
Updated on Sept. 24, 2026 in Startups
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Investment firm DTCP has closed its €455 million Defence Fund I to scale European defence capabilities. The fund will focus on Series B and later equity financing for firms working in autonomous systems, AI, and secure communications.
Why it matters
The fund provides a dedicated capital source for growth-stage companies to scale, addressing the specific financing needs of the European defence technology sector. This move signals increasing institutional appetite for domestic capabilities in autonomous systems and space tech.
The €455 million total represents the capital available for Series B and later equity rounds. This fund follows previous DTCP investments in companies such as Quantum Systems and STARK Defence.
The players
DTCP
An investment firm that manages capital for institutional investors and focuses on growth-stage technology equity.
Ole Aguirre
A partner at DTCP with 25 years of experience in the armed forces.
Georgia Watson
A partner at DTCP with 10 years of private equity experience, including a 7-year tenure at Goldman Sachs.
Deutsche Telekom
A global telecommunications provider that serves as an institutional investor in the fund.
Porsche SE
A holding company and institutional investor focused on automotive and technology sector growth.
The details
DTCP Defence Fund I will target technology companies specializing in AI, cyber defence, and space technologies to accelerate their scaling efforts. Led by partners Ole Aguirre and Georgia Watson, the strategy focuses on equity financing for companies that have moved past the startup phase and require larger capital injections to reach maturity. Institutional backers include major entities such as Deutsche Telekom, Porsche SE, and EIFO.
Timeline
September 24, 2026: The firm officially closed the defence fund.
2027: DTCP will open a new office in Copenhagen.
Market Landscape
The fund’s launch aligns with the objectives of the European Defence Industrial Strategy to bolster regional technological autonomy. It marks a shift as institutional investors increase their exposure to defence-specific growth equity.
Operators in the European defence and space supply chain should monitor DTCP's portfolio companies, such as Six Robotics and Kraken Technology Group, as indicators of the fund's deployment priorities. Firms seeking Series B or later financing in these sectors should evaluate their alignment with the fund's focus on AI and autonomous systems.
The takeaway
The firm is prioritizing mature, high-growth technology startups that demonstrate clear dual-use potential for the defence sector. Operators should track the firm's expansion into Copenhagen as a sign of where institutional investment hubs for defence innovation are consolidating.
Further reading
For more on capital allocation in the early-growth sector, see our coverage of Startups.
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