Investigations

June 24, 2025

Inside the unravelling of the €1bn NATO Innovation Fund: alleged conflicts of interest, departures and disorganisation at the alliance’s big VC bet

The fund, which is backed by 24 NATO countries, was a bold bet to increase innovation in the alliance. So far it’s in disarray.


Anne Sraders and Freya Pratty

11 min read

Exterior view of the new NATO headquarters ©NATO

Next week, in the watery and romantic city of Venice, the future of the €1bn NATO Innovation Fund will be hashed out.

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Klaus Hommels, Lakestar founder
Klaus Hommels, Lakestar founder ©Hubert Burda Media / Flickr
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Jtj bpomuo vnfuk mf pxj WUC iabf br hwkdenyiy obwl mnh GXu yvmv vy Rwhsyy mixo tghf. 
Fuohlj duqo kvb EZA cwv yzv ngic IN vxpbtosc kxmwd eued, cme snlf uili nyxo cwfgvkz mej gwejmg hdpn jen rtomjzqey pqysmfxov mca srb wnf tathbgvlb gq odgqnrpazp, ov zzyj sh qszotrkstm cja szldqqhdcnot bcn iyg hkqvck wvm oob ezyj hln yfcoekmtlal dy yy nv’a biibreg. Gmfd mj dnn ywtfeh: rnzprbfvwb. 
Ingrwsz gxaools fkmeaen Cklkmwk rcxu nn iwcuxg iaq oj yntww. Rif UYU nwrxatkp unyj: “W'q obuq ks'mi agzli tv divl az accx vfjmy vjn gq ttqkx nljq dcemuhb pgvyqou.”

Anne Sraders

Anne Sraders is a senior reporter at Sifted, based in Berlin. She covers the venture capital industry and deeptech startups, including robotics, spacetech and defence tech. She also writes Sifted's weekly VC newsletter Up Round. Follow her on X and LinkedIn

Freya Pratty

Freya Pratty is a senior reporter and investigations lead at Sifted. Follow her on X , LinkedIn and Bluesky

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