Twin Track Ventures is a solo GP venture capital firm focused on backing dual-use deep tech startups that serve both commercial and defence markets. Founded by Nicola Sinclair, an 18-year veteran of the British air force, the firm is built on the belief that founders should not have to choose between mission and market. Twin Track Ventures is designed to support companies that can scale independently in civilian markets while remaining relevant to defence and national security customers.
Twin Track Ventures invests in deep tech companies with dual-use applications across defense, security, and commercial sectors.
The fund targets startups building technology in compute, communications, sensing, supply chain, manufacturing, materials, and energy. The focus is on infrastructure-level innovation rather than pure defense contractors or single-customer dependency models.
Twin Track Ventures announced the first close of its debut fund at approximately £5 million, with a target final close of £10 million planned for 2026.
The fund is structured to invest over the next two years and back around 25 startups across NATO-aligned countries. Initial checks go up to £500,000 at the pre-seed and seed stages, allowing the fund to take meaningful early positions while maintaining portfolio concentration.
The fund is backed by institutional LPs including the NATO Innovation Fund and Allocator One, alongside experienced defence and security operators and private investors. The fund’s structure reflects a long-term view of defence adoption cycles, with flexibility to support founders navigating complex procurement and commercialisation paths.
Leadership
Twin Track Ventures is led by Nicola Sinclair, who serves as general partner. She operates the fund as a solo GP, maintaining direct relationships with founders and full autonomy over investment decisions. Her background combines operational defense experience with early-stage venture investing.
Investment Strategy
The fund’s strategy centers on backing companies that can thrive commercially even in the absence of defence contracts. Twin Track Ventures avoids investing solely in defence-dependent startups and instead prioritizes founders building products with strong civilian market pull and optional defence upside. The firm supports founders through early customer discovery, go-to-market strategy, and the complexity of selling into government and enterprise buyers.
Notable Investments
Twin Track Ventures has made five investments to date, including Uplift 360, a UK-based company developing energy-efficient processes for material breakdown. The broader portfolio reflects the fund’s focus on industrial, infrastructure, and energy-adjacent deep tech.
Notable Exits
Twin Track Ventures has no exits to date, reflecting the early stage of its first fund.
Other
Twin Track Ventures is highly selective and thesis-driven. The fund is particularly well suited for deep tech teams seeking exposure to defense and national security without being dependent on defense spending.
As one of the few female-led funds operating in the defense and dual-use space, Twin Track Ventures brings a differentiated perspective and strong credibility within NATO-aligned ecosystems.
United Kingdom
