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Gungnir Capital is a venture capital firm founded in 2025 and based in Stockholm, Sweden. The firm focuses on the defense technology sector, aiming to address the evolving needs of defense and security in Europe, particularly in response to significant military build-up. Gungnir Capital provides both capital and operational insights to early-stage startups in defense tech and dual-use sectors.
The firm positions itself as a key player in the European defense technology landscape, emphasizing a deep understanding of military needs. Gungnir Capital is dedicated to facilitating the adoption of innovative technologies that align with the requirements of defense and security. The firm operates with a traditional venture capital structure, emphasizing institutional capital discipline.
As of now, Gungnir Capital has not publicly disclosed its fund size or the full extent of its portfolio. However, it is recognized as a specialized venture capital fund focused on the intersection of military application and commercial viability, capitalizing on Europe's accelerating defense spending.
Gungnir Capital invests in early-stage companies within the defense technology and dual-use sectors, specifically targeting pre-seed, seed, and seed-plus stages. The firm provides capital of up to €1M to support startups that align technology with the requirements of defense and security. Gungnir Capital emphasizes a thorough understanding of military needs, which informs its investment strategy.
The firm aims to facilitate the adoption of new technologies by providing access to networks within military, industry, and NATO. This strategic alignment helps startups navigate the complexities of the defense sector and enhances their potential for success. Gungnir Capital's investment thesis is particularly timely, as it seeks to capitalize on the increasing defense spending across Europe, especially following recent geopolitical developments.
Gungnir Capital's notable portfolio company includes:
Max Villman - Former Fighter Pilot & Mission Commander. Max brings extensive military experience to Gungnir Capital, providing insights into defense needs and operational requirements.
Olof Faxander - Ex-CEO of Sandvik & SSAB. Olof has a strong background in executive leadership and strategic management, enhancing the firm's operational capabilities.
Einar Skjerven - With over 30 years in Private Equity & Venture Capital, Einar contributes significant expertise in investment strategies and portfolio management.
To pitch Gungnir Capital, founders should submit their proposals through the firm's website at gungnir.vc. A well-structured pitch deck is essential, detailing the startup's technology, market opportunity, and alignment with defense needs. Gungnir Capital values clarity and depth in presentations, and founders should be prepared for follow-up discussions regarding their business model and growth strategy.
Response times may vary, but founders can expect to hear back within a few weeks. Warm introductions are preferred, especially from mutual connections within the defense or technology sectors.
In April 2026, Gungnir Capital participated in Kelluu's €15M Series A funding round, which was co-led by the NATO Innovation Fund. This investment marks a significant milestone for Gungnir Capital as it continues to establish itself in the defense technology sector.
Gungnir Capital has been recognized as one of the most active VC funds investing in European defense technology, according to Vestbee's recent listings. This recognition underscores the firm's commitment to supporting innovative solutions in a rapidly evolving market.
What are Gungnir Capital's investment criteria?
Gungnir Capital focuses on early-stage companies within the defense technology and dual-use sectors. The firm invests in pre-seed, seed, and seed-plus stages, providing capital of up to €1M. They look for startups that align their technology with military needs and have the potential for commercial viability.
How can I apply or pitch to Gungnir Capital?
Founders can reach out to Gungnir Capital through their website at gungnir.vc. It is advisable to include a detailed pitch deck that outlines the startup's technology, market potential, and alignment with defense needs.
What makes Gungnir Capital different from other VCs?
Gungnir Capital differentiates itself by its specialized focus on defense technology and its deep understanding of military requirements. The firm provides not only financial support but also access to a network of military and industry contacts, facilitating the adoption of innovative technologies.
What is Gungnir Capital's geographic scope?
The firm primarily invests in companies based in Europe, focusing on the defense technology sector. This geographic focus allows Gungnir Capital to leverage its understanding of regional defense needs and market dynamics.
What type of post-investment involvement does Gungnir Capital have?
Gungnir Capital is known for providing operational insights and access to military networks, which can be crucial for startups in the defense sector. Their involvement often extends beyond capital, helping portfolio companies navigate the complexities of the defense industry.
What is the typical check size for investments?
Gungnir Capital typically invests up to €1M in early-stage companies, which allows them to support startups at critical growth stages.
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