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Marlinspike is a venture capital firm founded in 2020 and based in Arlington, Virginia. The firm was established by Neil Keegan and Mislav Tolusic, both of whom have extensive backgrounds in defense and technology. Marlinspike focuses on investing in pioneering technologies that address national security needs while also tapping into significant commercial markets. The firm operates with a dual-use mandate, emphasizing the convergence of defense and commercial technology.
As of now, Marlinspike manages two funds: the Marlinspike Disruptive Technology Fund I, launched in 2022, and the upcoming Marlinspike Disruptive Technology Fund II, expected to close in 2024 with a target size of approximately $70 million. The firm has built a reputation as a specialist in the DC defense technology ecosystem, leveraging its deep connections within the national security sector.
Marlinspike's investment strategy prioritizes infrastructure investments over product-centric bets, believing that infrastructure offers lower risk and broader market exposure. The firm is actively involved in the national security corridor, focusing primarily on the United States.
Marlinspike invests in sectors including aerospace, artificial intelligence and machine learning, autonomy and robotics, and cybersecurity. The firm specifically targets companies that develop technologies relevant to national security and government spending. Their investment strategy is characterized by a dual-use mandate, focusing on technologies that have applications in both national security and commercial markets.
The firm prefers early-stage and growth investments, spanning from seed through growth stages. Marlinspike's geographic focus is primarily on the United States, particularly within the Washington DC area, which is known for its concentration of national security interests. The firm emphasizes infrastructure investments, believing they present lower risk and broader exposure compared to product-centric investments.
Marlinspike has a diverse portfolio of notable companies that exemplify its focus on dual-use technologies. Key portfolio companies include:
Neil Keegan — Co-Founder, Co-Managing Partner; he began pressure-testing the dual-use strategy in 2020 with 11 co-investments and has a deep network in the DC defense sector.
Mislav Tolusic — Co-Founder, CIO, Co-Managing Partner; originally from Croatia, he holds a B.S. from the University of Zagreb and an MBA from Vanderbilt. He has prior experience at Airbus UK and Highland Capital Management.
Chip Walter — Partner, Managing Director; he brings extensive experience in venture capital and technology investments.
Tim Buzby — Partner, CFO; he oversees financial operations and strategy for the firm.
Nick Snoad — Vice President; he plays a key role in sourcing and evaluating investment opportunities.
Grace McGill — Senior Associate; she supports portfolio management and investment analysis.
Ben Claflin — Analyst; he assists in research and due diligence processes.
Lieutenant General (Ret.) Scott A. Howell — Advisor; he provides strategic insights based on his military experience.
Andrew Makridis, Bryan Clark, Jonah M. Cave — Advisors; they offer expertise in defense technology and policy.
To pitch Marlinspike, founders should use the contact form on their website. A well-prepared pitch deck should include details on the technology's relevance to national security and its commercial potential. The firm prefers warm introductions but is open to cold outreach. Response times may vary, but founders can expect timely feedback on their submissions.
In April 2023, Marlinspike was featured in the National Security Innovation Network (NSIN) investor spotlight, highlighting its role in the defense technology sector. The firm has been covered by various media outlets, including ExecutiveBiz, Buyouts Insider, Pulse2, and Defence Finance Monitor, showcasing its active involvement in the industry.
Marlinspike announced the formation of an advisory board for its second fund in November 2024, which includes institutional defense, intelligence, and strategic policy experts. This board aims to enhance the firm's investment strategy and provide valuable insights into the defense technology landscape.
What are Marlinspike's investment criteria?
Marlinspike focuses on dual-use technologies that serve both national security and commercial markets. They invest in sectors such as aerospace, AI, robotics, and cybersecurity, targeting early-stage and growth companies.
How can I pitch to Marlinspike?
Founders should prepare a detailed pitch deck that outlines their technology's relevance to national security and commercial viability. A warm introduction is preferred, but cold outreach is also accepted through their website.
What makes Marlinspike different from other VCs?
Marlinspike's unique focus on dual-use technologies and infrastructure investments sets it apart. The firm emphasizes lower-risk investments with broader market exposure, particularly in the defense technology sector.
What is the geographic scope of Marlinspike's investments?
The firm primarily invests in the United States, with a strong focus on the Washington DC area, which is central to national security interests.
What is the typical check size for investments?
While specific check sizes are not disclosed, Marlinspike invests across various stages, from seed to growth, indicating flexibility in their investment amounts based on the company's needs and potential.
What kind of post-investment involvement does Marlinspike have?
Marlinspike is known for being actively involved with its portfolio companies, providing mentorship, strategic guidance, and access to its extensive network within the defense and technology sectors.
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