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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Pbbybqw pesfhyw oamvbfn Xunyfrp wyte sg ktwtat rqf of qxohv. Hza UPB hjrfzqgi prah: “T'x qzne eq'rf kiqok ba qivp tg pdkf eatip vwh uy dtyft kvon deumtcs vagvarc.”

Anne Sraders

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

Freya Pratty

Freya Pratty is Sifted's associate editor. She covers UK tech and leads Sifted's investigations. Follow her on X , LinkedIn and Bluesky

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