Eric Slesinger, a former CIA officer, has made a notable shift in venture capital by honing in exclusively on European defense technology startups—a rare move among American investors who largely favor sectors like artificial intelligence and U.S.-based defense innovation. Through his firm, 201 Ventures, Slesinger recently announced the close of a $22 million fund, with the explicit goal of identifying promising defense tech companies across Europe at the seed stage. His journey, moving from crafting clandestine devices and software at the Central Intelligence Agency to becoming perhaps the sole U.S. venture capitalist singularly focused on European defense solutions, has positioned him uniquely within this emerging investment niche.
Speaking publicly about his decision to leave what he calls “the best first job ever,” Slesinger explained that his transition was driven by recognizing a major transformation: the expanding influence of private industry in global defense and geopolitical competition—a role previously dominated by state entities. By the time he left government service, it had become clear to him that businesses and entrepreneurs were increasingly pivotal players in addressing strategic defense needs and countering modern threats.
With prestigious credentials—engineering from Stanford and an MBA from Harvard—Slesinger has leveraged his blend of technical understanding and business acumen to establish credibility among international entrepreneurs, seasoned venture investors, and global policymakers alike. One characteristic he cites as key to his decision-making is his willingness to venture into areas overlooked or avoided by others. Emphasizing this trait, Slesinger reflects, “I have always enjoyed going where other people tend to not want to go.”
When asked what specifically drew him to Europe, he highlighted three distinct factors. Firstly, he argued that European entrepreneurs exhibit talent, ambition, and intellect comparable to their U.S. counterparts, yet are significantly less targeted by American investors. Secondly, he observed that European governments had historically waited too long to reassess their security strategies, leaving untapped potential for innovation. Finally, he identified Europe as a critical theater of “gray zone” competition—operations conducted by state and non-state actors that fall between traditional warfare and peacetime, which he expects will persist or intensify into the coming decades.
Despite the compelling strategic need, Slesinger encountered cultural resistance in Europe when first entering this field—finding defense-related investment conversations somewhat taboo. In a humorous Medium post, he recalled his European counterparts’ reluctance to openly discuss defense investments, noting that such topics were customarily considered inappropriate for casual discussions in polite company. This stigma, he argued, has previously discouraged European founders from openly pursuing defense technology. However, this landscape is rapidly evolving.
Driving this shift has been the impact of the NATO Innovation Fund, an initiative backed by 24 NATO countries and launched amid the outbreak of the Russia-Ukraine war in 2022. This unprecedented, multi-national venture fund—one of the major backers of 201 Ventures itself—reflects a sharply growing acceptance of private sector involvement in defense innovation. High-profile success stories like Helsing, a Munich-based startup building battlefield-focused AI and now valued above $5 billion, have further validated this trend. Another promising startup in Slesinger’s portfolio is Delian Alliance Industries, an Athens-based company developing advanced surveillance systems designed specifically to detect autonomous threats, and which has become a highly attractive investment target.
To date, 201 Ventures has invested in eight companies, each focusing in areas strategically valuable to emerging European security dynamics. Among these, Polar Mist, a Swedish startup creating maritime drones with advanced autonomous navigation capabilities, stands out. Other technological directions being explored by his fund include developments in hypersonics and sophisticated subsurface mapping technologies.
Beyond navigating cultural barriers, Slesinger admits one pragmatic challenge confronting defense technology investors: the long development timelines intrinsic to the sector. Traditional venture capital funds usually operate on fixed schedules of around 10 years, posing challenges for adequately supporting the lengthy journey from initial invention to viable—and profitable—government procurement. To offset these constraints, he argues startups themselves need to engage proactively with government agencies much earlier, driving policy changes and securing political backing along the path to commercialization.
Still, the signals increasingly show that Slesinger’s early convictions are gradually being validated in the wider venture world. According to recent data shared by the NATO Innovation Fund and Dealroom, funding raised by European defense-related startups soared by 24% from 2023 to 2024, totaling an impressive $5.2 billion in new investment—a pace surpassing even artificial intelligence deals. Additionally, heightened geopolitical uncertainty, underscored by doubts about U.S. security commitments under President Donald Trump’s administration, is expected to prompt even greater embrace of indigenous European defense technology.
For Eric Slesinger and his team at 201 Ventures, the ongoing shift in attitudes, increase in capital deployments, and strengthened strategic alignment between public and private entities offer early encouragement that their departure from convention may prove both impactful and profitable, positioning Europe’s burgeoning defense technology sector squarely within the radar of global investors.
