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said Tuesday it has closed on a 1 billion euro ($1.1 billion) fund to back startups working on defense and security technology that would benefit the military alliance. The fund is the first of its kind 鈥� a multicountry venture fund that will invest in defense-related startups to support its member nations 鈥� and comes as Russia鈥檚 war in Ukraine continues to rage, with NATO countries providing intense support to Kyiv.

Twenty-three NATO member countries are limited partners in the fund. That includes Sweden, which is pursuing membership in the alliance. The NATO Innovation Fund will make direct investments into startups, as well as provide capital to venture funds that invest in such startups.

Notably, the U.S. is not one of the member nations backing the NATO fund, which appears to be somewhat modeled after , a venture firm that works with the to back startups.

“With a 15-year timeframe, the NATO Innovation Fund will help bring to life those nascent technologies that have the power to transform our security in the decades to come, strengthening the Alliance鈥檚 innovation ecosystem and bolstering the security of our one billion citizens,鈥� NATO Secretary General said when the fund last year.

Defense tech overall still receives relatively paltry sums of venture funding. Less than $1.9 billion was raised by national security-related startups last year, 附近上门 data shows, and the vast majority of that was in a single round: $1.48 billion to , a defense tech startup founded by founder .

In 2021, a record year for venture funding, venture investors globally spent just $870 million on national security startups, 附近上门 data shows.

Further reading

• Defense Tech Startup Anduril Raises Massive $1.5B Round At $8.5B Valuation

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