A structural advantage in defense technology.
Investing in Seed to Series A dual-use national security technology companies.
Defense technology is at an inflection point.
Record venture capital, record global defense budgets, and rising exit multiples are converging to create a generational investment opportunity.
Nearly doubling the $27.2B deployed in 2024 across 966 deals.
PitchBook Q4 2025Defense disruptor multiples rose from ~13x in 2021 to above 20x in 2025.
McKinsey M&A (Feb 2026)DoD R&D funding for software and digital technology programs, 2023–2026.
McKinsey A&D (Dec 2025)Growth and late-stage VC captured ~87% of defense tech capital in 2025.
PitchBook Q4 2025Active defense tech investors grew from under 100 firms in 2017 to over 300 in 2024.
Defense News (Jan 2026)U.S. Defense Budget Trajectory
NDAA authorized totals, FY21–FY26
Source: NDAA Conference Reports (P.L. 116-283 through P.L. 119-60); CRS IN12209
All market data sourced from reports published between September 2025 and March 2026. Sources include PitchBook, McKinsey, Public Spend Forum, Defense News, and CB Insights. View full source methodology.
Veterans are the highest-conviction bet in defense tech.
They outperform on survival, bring operational advantages no other founder profile can match, and remain the most underfunded demographic in venture capital.
5-Year Survival Rate
Veteran-owned businesses are 5% less likely to close with an 8.2% lower risk of failure.
Source: Deming, Carpenter & Anders (2025), Journal of Entrepreneurship and Public Policy, Vol. 14, No. 1; IVMF Congressional Testimony, Dec 2025
The Funding Gap
Veterans are 45% more likely to start companies but only ~3% of venture capital reaches veteran-led companies. That's not a social problem — it's a market inefficiency.
Source: IVMF National Survey of Military-Affiliated Entrepreneurs (2022), Table 8.1, p. 52
Operational edge, proven at scale.
Military service builds capabilities that translate directly to building and scaling defense technology companies.
Leadership Under Extreme Pressure
Combat-tested decision making
Operational Discipline
Mission-trained leadership
Government Network Access
Deep DoD / IC relationships
Execution Mindset
Mission planning DNA
Team Building at Scale
Led 10–10,000 people
Risk Assessment
Trained threat analysis
"The best risk-adjusted bet in venture capital is a veteran who's already been pressure tested on the battlefield."
— Derren Burrell, Founder & Managing Partner, VVC
Six domains. One national security stack.
We invest where the U.S. must maintain technological superiority and where veteran leaders have a distinct operational advantage.
VVC Capability Map
Space & Propulsion
Autonomy & Robotics
Security & AI
ISR & Sensing
Data & Intelligence
Advanced Materials
TAM and growth figures represent total addressable market estimates from independent third-party research firms (McKinsey, Gartner, MarketsandMarkets, Grand View Research, Mordor Intelligence) and are not VVC projections. Sources are linked below each figure. All data published 2024–2026. View full source methodology.
Thesis in action.
Select companies demonstrating the convergence of veteran leadership, defense demand, and commercial traction.
More than capital.
Strategic Capital
Growth equity at inflection points. We deploy where capital accelerates both commercial traction and defense adoption.
Operational Support
Hands-on partnership on go-to-market, government contracting, talent, and scaling from prototype to production.
Network Access
Deep connections across the defense industrial base, intelligence community, and commercial tech ecosystem.
Research & Sources
Every market figure on this page is sourced from independent third-party research. View the full methodology, citations, and data provenance.
The opportunity is now.
Whether you're an LP looking for differentiated returns or a veteran leader building the future, we'd like to hear from you.