Project A is a Berlin-based venture capital firm founded in 2012. The firm has become one of Europe’s most active early-stage investors, with a portfolio spanning AI, fintech, software, and more recently, defense technologies. With €1.2 billion in assets under management, Project A combines capital with operational support across product, marketing, and data, acting as an embedded partner to founders.
Project A invests in early-stage European startups in:
The firm began focusing on defense startups in 2022 and continues to expand its footprint in deep tech and dual-use technologies. It typically invests between €1 million and €8 million per company.
In June 2025, Project A closed its fifth and largest fund to date, totaling €325 million. The fund is dedicated to early-stage European startups, with a particular focus on:
This shift signals a broader strategic emphasis on dual-use and deeptech innovation. Project A intends to deploy capital across sectors that are increasingly tied to European security and technological sovereignty.
The new fund builds on prior experience backing deeptech ventures and expands Project A’s reach into areas historically underserved by VC, including battlefield robotics and AI-powered defense applications.
The fund positions Project A as one of the few mainstream European VCs embracing national security-aligned investing, with growing LP interest in this category.
Leadership
Project A is led by a team of general partners including Malin Posern, Uwe Horstmann, Thies Sander, Florian Heinemann, and Anton Waitz.
The leadership brings a mix of venture capital, entrepreneurship, and operational experience across Europe’s tech ecosystem. Their approach blends traditional VC investing with hands-on operational support via an in-house team of 100+ experts.
Investment Strategy
Project A combines capital with functional expertise, helping startups across growth, hiring, product development, and analytics.
Its investment strategy is conviction-driven, with thematic interest in sectors that benefit from long-term structural shifts such as European defense modernization and AI infrastructure.
The firm favors founders solving systemic problems with scalable software or dual-use technology and prefers to lead or co-lead seed and Series A rounds. Defense and AI are treated as convergence sectors, given the increasing overlap between national security and cutting-edge innovation.
Notable Investments
Project A’s portfolio includes notable software startups such as:
In the defense and dual-use category, its recent investments include Quantum Systems, a drone manufacturer with military applications in Ukraine, and Arx Robotics, which builds battlefield robotics and autonomous vehicles.
The fund also backs companies in supply chain optimization, AI tooling, and enterprise infrastructure across Europe.
Notable Exits
Project A has exited several investments through acquisitions and IPOs, including:
While exits in its defense segment are still early, the firm’s exposure to rising demand in this space positions it well for future liquidity events.
Other
Project A is one of the few European VC firms publicly embracing defense tech, signaling a cultural and institutional shift in how European investors approach security-related innovation.
Founders operating in dual-use, AI, and hardtech sectors may find Project A especially receptive to high-risk, high-impact startups that align with Europe’s strategic priorities.
