In this episode, Andreas Munk Holm, Dr. Daniel Carew, and Sebastian von Ribbentrop discuss the critical importance of defense and strategic technologies in Europe. They explore Join Capital's investment thesis, the complexities of dual-use technology, and the intersection of technology, defense, and geopolitics. The conversation also touches on the impact of the Ukraine conflict on European defense strategies and the evolving landscape of venture capital investment in this sector.
Here’s what’s covered:
18:55 The Evolution of Join Capital's Investment Thesis
24:01 Understanding Dual-Use Technology in Defense
28:49 Navigating the Commercial and Defense Markets
34:01 The Role of Geopolitics in Defense Investments
38:09 Geopolitics and Personal Connections
41:29 Complexity of European Defense and Innovation
45:10 The Shift in Global Power Dynamics
48:06 Defense Washing vs. Genuine Innovation
52:55 Investment Strategies in a Changing Landscape
59:47 The Future of Defense Post-Ukraine Conflict
Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.
✍️ Show Notes
Why Defense Must Be a Priority for European VC
The war in Ukraine and rising geopolitical tensions have made defense not just a government priority, but a strategic opportunity for venture capital. The team behind Join Capital argues that Europe must step up to avoid technological dependence and geopolitical irrelevance.
The Dual-Use Dilemma
Technologies that serve both civilian and military purposes require special handling—ethically, commercially, and operationally. Join Capital embraces the challenge, focusing on companies that can win in both markets.
From NATO to Startups: Navigating the Ecosystem
Success in defense tech demands understanding government procurement, NATO strategies, and complex political dynamics. But it also needs founders who can build great companies. Sebastian and Daniel share how Join Capital evaluates these two worlds.
Beyond Defense Washing
Europe’s innovation scene is waking up to defense, but not every startup with "dual-use" language is the real deal. Join Capital is building a playbook to distinguish signal from noise, and to back founders with real commercial and military traction.
Looking Ahead: Post-Conflict Innovation & Strategic Sovereignty
As the defense tech stack evolves post-Ukraine, the opportunity lies in investing where technological resilience meets geopolitical relevance. This episode makes a compelling case that European VC must be a proactive force in shaping that future.
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Dario combines deep institutional, operational, and investment expertise, investing in early-stage companies and funds. Recognized as a "40 Rising Star under 40" by VCJ, he actively contributes to the industry.
Before founding LTV Capital, Dario co-led fund investments at Anthemis Group, a top fintech investor, where he developed early-stage fintech plays with BBVA and pioneered a media-financial services fund. His background also includes spearheading international expansion at emerging markets fintech JUMO and contributing to the creation of ROAM, now Africa's largest classifieds group.
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