The NATO Innovation Fund (NIF), a €1bn vehicle backed by 24 NATO allies to invest in defence and deeptech startups, is already seeing a shakeup in its upper ranks: founding partner Thorsten Claus and managing partner Andrea Traversone have both left the fund just over a year after it launched.
Claus, who was heading up NIF’s fund-of-funds investment activities, left the fund in July this year, according to his LinkedIn; he could not be reached for comment. According to his LinkedIn, Traversone departed the fund in September; he could not be reached for comment. Previously he was a managing partner at British VC firm Amadeus Capital Partners for more than 19 years.
The NIF confirmed the departures to Sifted. “We wish Andrea and Thorsten the best of luck in their future endeavours and are grateful for their deep commitment to our mission, and their efforts to support the defence, security and resilience tech landscape across the Alliance,” Amalia Kontesi, head of communications at the NIF, told Sifted. She added that Traversone left “to pursue other opportunities.”
When asked about plans to replace Traversone as managing partner, Kontesi said the NIF had “nothing to report on this front”.
Three of the five founding members remain at the firm; the NIF has more than 20 team members.
Dual use vs defence
The NIF closed its €1bn fund last summer. So far it’s invested in companies like Munich-based unmanned robotics startup ARX Robotics, UK-based materials startup iCOMAT and German spacetech Isar Aerospace. The NIF also invests in VC funds and has written cheques for investors including OTB Ventures and Vsquared Ventures.
There have been more discussions in the past year about the grey areas around investing in defence — namely, whether VCs invest in dual-use technologies with both commercial and military applications, or pure defence startups which may include weapons. The NIF has told Sifted that it does not invest in ammunition manufacturers.
Some insiders have criticised investors focused on dual use compared to defence, as Sifted has reported. “The defence investors do not like the dual-use community that much, because it's seen as, like, a cop out. It’s seen as, 'You're not really supporting the mission',” Nicola Sinclair, who spent 18 years in the UK’s Royal Air Force and is raising her first dual-use fund, Twin Track Ventures, told Sifted back in June.
