Finnish defence startups raised $1.2 billion by the report’s September cut-off, compared with $3.5 billion in Germany and $932 million in the UK. Published by Dealroom with Resilience Media, the report tracks a sharp increase in investment across the sector.
European defence companies had attracted $7.4 billion in venture capital by that point. Dealroom projected a full-year total of approximately $10.5 billion, compared with $2.6 billion in 2025. That projection is a forecast, rather than capital already raised.
Defence technology also accounts for a larger share of European venture investment: 11.1% in the report’s 2026 figures, up from 4% in 2025.
Large rounds shape the rankings
The country totals reflect several exceptionally large transactions. ICEYE is among seven companies across NATO and allied countries whose rounds exceeded $1 billion in the report.
That concentration matters when interpreting Finland’s position. The ranking demonstrates the scale that individual Finnish companies can reach, while saying less about how funding is distributed across earlier-stage businesses.
For founders, the wider development is growing investor attention to technologies serving defence and security customers, from sensing and communications to autonomous systems and space infrastructure.
