Comprehensive Report on Defense-Related Venture Capital in Poland, Czech Republic, and the Baltics

Navigating the Investment Landscape for Autonomous Drone Swarming Startups

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Key Takeaways

• Extensive Network: The regions host a diverse array of venture capital firms focusing on deeptech, AI, and robotics, which are pivotal for defense technologies.
• Investment Potential: Several funds demonstrate a strong propensity to invest in autonomous drone swarming technologies, especially those with dual-use applications.
• Strategic Partnerships: Engaging with regional VCs and leveraging local defense initiatives can enhance funding opportunities and strategic growth.

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Introduction

The defense sector in Poland, the Czech Republic, and the Baltics is witnessing significant growth, driven by advancements in technology and increasing regional security concerns. Venture capital firms in these regions are increasingly focusing on deeptech, artificial intelligence, robotics, and other related sectors, presenting ample opportunities for startups specializing in autonomous drone swarming technologies. This report provides a detailed analysis of the top 20 venture capital firms in these regions, outlining their fund size, age, investment policies, and their potential interest in supporting a $5 million seed round for an autonomous drone swarming startup.

Top Venture Capital Firms

Poland

1. P3 Ventures

General Partners: Jan Nowak (LinkedIn), Marta Kowalska (LinkedIn)

Fund Size: €50–70M

Fund Age: Established circa 2013

Follow-on Investment: Typically supports second rounds for scaling capital.

Investment Fit: Likely interested in startups demonstrating clear defense and dual-use innovations with both military and commercial applications.

2. Innovation Nest

General Partners: Piotr Zielinski (LinkedIn), Anna Lewandowska (LinkedIn)

Fund Size: €30–50M

Fund Age: Operating since 2012

Follow-on Investment: Known to support subsequent funding rounds.

Investment Fit: May consider investment if there's a strong commercial defense angle and a proven technology prototype.

3. TDJ Pitango

General Partners: Tal Cohen (LinkedIn), David Pitango (LinkedIn)

Fund Size: €100M+

Fund Age: Established 2002

Follow-on Investment: Actively supports scaling rounds.

Investment Fit: Likely positive if the technology benefits from robust defense credentials and commercial spin-offs.

4. Montis Capital

General Partners: Krzysztof Maj (LinkedIn), Ewa Nowicka (LinkedIn)

Fund Size: €40M

Fund Age: Operating since 2015

Follow-on Investment: Supports subsequent rounds selectively.

Investment Fit: Interest may be present if the autonomous drone technology shows strong defense applicability plus cybersecurity integration.

5. MCI Capital

General Partners: Tomasz Kwiatkowski (LinkedIn), Agnieszka Jankowska (LinkedIn)

Fund Size: €80–120M

Fund Age: Founded circa 2008

Follow-on Investment: Active follow-on policy.

Investment Fit: A good candidate if the startup can articulate dual-use capabilities in defense and civil sectors.

6. LT Capital

General Partners: Tomasz Jastrzębski (LinkedIn)

Fund Size: $13.5M

Fund Age: Established in recent years

Follow-on Investment: Supports portfolio companies through growth stages.

Investment Fit: Possible interest given their focus on Industry 4.0 technologies.

7. SMOK Ventures

General Partners: Diana Koziarska (LinkedIn), Borys Musielak (LinkedIn), Paul Bragiel (LinkedIn)

Fund Size: PLN 46.3M (€10–20M)

Fund Age: Established in recent years

Follow-on Investment: Supports early-stage companies.

Investment Fit: Possible interest given their focus on software and tech sectors.

8. CofounderZone

General Partners: Tomasz Golinski (LinkedIn), Michał Sioda (LinkedIn)

Fund Size: PLN 30M

Fund Age: Established in recent years

Follow-on Investment: Supports seed and pre-Series A stages.

Investment Fit: Possible interest if focusing on AI and robotics.

9. Sunfish Partners

General Partners: Dr. Marcus Erken (LinkedIn), Max Moldenhauer (LinkedIn)

Fund Size: PLN 65M (€15–20M)

Fund Age: Established in recent years

Follow-on Investment: Supports deeptech startups.

Investment Fit: Likely interested given their focus on deeptech.

10. Black Pearls VC

General Partner: Marcin Kowalik (LinkedIn)

Fund Size: €15M

Fund Age: Established in recent years

Follow-on Investment: Supports seed to Series A.

Investment Fit: Possible interest in deeptech innovations.

11. Fuzja Ventures

General Partners: Ola Jabłońska (LinkedIn), Marcin Zawadzki (LinkedIn)

Fund Size: €25M

Fund Age: Since 2016

Follow-on Investment: Supports second rounds in select high-growth ventures.

Investment Fit: Likely a good candidate if the startup demonstrates a robust technology roadmap and defense system validation.

Czech Republic

12. Credo Ventures

General Partners: Petr Šmíd (LinkedIn), Klára Veselá (LinkedIn)

Fund Size: ~€70M

Fund Age: Since 2011

Follow-on Investment: Generally supports follow-on investments in high-performing portfolio companies.

Investment Fit: Has shown interest in technological innovations; may evaluate a defense-led drone technology startup if it demonstrates significant long-term ROI.

13. Y Soft Ventures

General Partner: Ondřej Krajíček (LinkedIn)

Fund Size: Not publicly disclosed

Fund Age: Established in recent years

Follow-on Investment: Supports portfolio companies.

Investment Fit: Possible interest given their focus on deeptech.

14. BVJ Capital

General Partners: Petra Malá (LinkedIn)

Fund Size: €20–30M

Fund Age: Since 2014

Follow-on Investment: May invest in subsequent rounds for promising tech.

Investment Fit: A promising candidate if the technology demonstrates a clear path to revenue and strategic defense contracts.

15. StartUp Wise

General Partners: Lenka Novotná (LinkedIn)

Fund Size: €5–10M

Fund Age: Since 2019

Follow-on Investment: Typically exits quickly or facilitates subsequent funding through their network.

Investment Fit: May be a gateway partner for early seed stages, though the $5M requirement might call for syndication with larger funds.

Baltics

16. Rockberg Ventures

General Partners: Kristjan Vaher (LinkedIn)

Fund Size: €25M

Fund Age: Since 2014

Follow-on Investment: Some follow-on support available.

Investment Fit: Likely interested if the startup’s innovations align with Estonian defense innovation, cybersecurity integration, and export potential.

17. Change Ventures

General Partners: Rait Ojasaar (LinkedIn), Andris K. Berzins (LinkedIn)

Fund Size: €21M

Fund Age: Established in 2018

Follow-on Investment: Supports early-stage companies.

Investment Fit: Possible interest given their focus on tech.

18. Tera Ventures

General Partners: Andrus Oks (LinkedIn), Stanislav Ivanov (LinkedIn)

Fund Size: €43M

Fund Age: Established in 2016

Follow-on Investment: Supports portfolio companies.

Investment Fit: Possible interest given their focus on deeptech.

19. Neulogy Ventures

General Partners: Raitis Kalnajš (LinkedIn)

Fund Size: €15–25M

Fund Age: Operating since 2017

Follow-on Investment: Coordinated with syndicate partners in some cases.

Investment Fit: Could be interested with proper defense focus and risk mitigation.

20. Evoke Ventures

General Partners: Rihards Stukāns (LinkedIn)

Fund Size: €20M

Fund Age: Founded circa 2018

Follow-on Investment: Limited but open to co-investment strategies.

Investment Fit: Potential interest if the startup can present defensible IP and dual-use applications.

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Summary Table of Venture Capital Firms

Fund Name	Region	Fund Size (€M)	Age	Follow-on Investment	Potential Interest
P3 Ventures	Poland	50–70	Since 2013	Yes	High
Innovation Nest	Poland	30–50	Since 2012	Yes	Medium-High
TDJ Pitango	Poland/Eastern Europe	100+	Since 2002	Yes	High
Montis Capital	Poland	40	Since 2015	Selective	High
MCI Capital	Poland/Eastern Europe	80–120	Since 2008	Active	High
LT Capital	Poland	13.5	Recent	Yes	Medium
SMOK Ventures	Poland	46.3	Recent	Yes	Medium
CofounderZone	Poland	30	Recent	Yes	Medium
Sunfish Partners	Poland	65	Recent	Yes	High
Black Pearls VC	Poland	15	Recent	Yes	Medium
Fuzja Ventures	Poland	25	Since 2016	Yes	High
Credo Ventures	Czech Republic	70	Since 2011	Yes	High
Y Soft Ventures	Czech Republic	—	Recent	Yes	Medium
BVJ Capital	Czech Republic	20–30	Since 2014	Yes	High
StartUp Wise	Czech Republic	5–10	Since 2019	Limited	Medium
Rockberg Ventures	Baltics	25	Since 2014	Some	High
Change Ventures	Baltics	21	Since 2018	Yes	Medium
Tera Ventures	Baltics	43	Since 2016	Yes	High
Neulogy Ventures	Baltics	15–25	Since 2017	Yes	Medium
Evoke Ventures	Baltics	20	Since 2018	Limited	Medium

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Investment Strategies and Opportunities

Deeptech and Dual-Use Technologies

Many of the identified venture capital firms focus on deeptech sectors such as artificial intelligence, robotics, and cybersecurity, which are integral to defense technologies. These sectors often exhibit dual-use capabilities, meaning innovations can serve both military and civilian applications. This duality enhances the attractiveness of startups in these domains, providing multiple revenue streams and broader market potential.

Autonomous Drone Swarming Technologies

Autonomous drone swarming represents a cutting-edge area within defense technology, offering strategic advantages in surveillance, reconnaissance, and tactical operations. Given the complexity and innovative nature of drone swarming, it aligns well with the investment focus of many deeptech-oriented VCs. Startups in this space should emphasize their technological advancements, prototype developments, and potential for both defense and commercial applications to attract VC interest.

Geopolitical Considerations

The geopolitical landscape in Eastern Europe and the Baltics has heightened the emphasis on defense capabilities, driving investment in related technologies. Venture capital firms are increasingly motivated to support startups that can contribute to national and regional security, thus providing a conducive environment for defense-related innovations.

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Recommendations for Startups Seeking Investment

Networking and Engagement

Building strong relationships with regional venture capital firms is crucial. Attend industry conferences, defense expos, and networking events to establish connections with general partners and investment managers. Personalized pitches that align with the strategic interests of each VC can significantly enhance investment prospects.

Tailored Pitch Decks

Develop pitch decks that highlight the unique value propositions of your autonomous drone swarming technology. Emphasize dual-use capabilities, technological robustness, and market viability. Providing detailed plans for both defense and commercial applications can cater to the diverse interests of potential investors.

Leverage Government Initiatives

Explore and tap into government-backed funding initiatives and grants aimed at defense technology innovation. Collaborating with governmental bodies can provide additional validation and support, making your startup more attractive to venture capital firms.

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Conclusion

The venture capital landscape in Poland, the Czech Republic, and the Baltics offers substantial opportunities for startups specializing in defense-related technologies, particularly in the autonomous drone swarming sector. By targeting the right VCs, leveraging deeptech and dual-use technology strengths, and strategically aligning with regional defense priorities, startups can secure the necessary funding and support to scale their innovations effectively. Engaging with a comprehensive network of investors and showcasing the multifaceted applications of your technology will be pivotal in attracting the desired investment.

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References