American VC Eric Slesinger Drives Growth in European Defense Tech Startups

Eric Slesinger, a former CIA officer with degrees from Stanford and Harvard, has carved a unique niche as an American venture capitalist investing exclusively in European defense technology startups. While most U.S. investors focus on AI or domestic defense tech, Slesinger recognized a critical shift: the private sector's increasing role in national security and defense innovation, particularly in Europe.

In 2022, after relocating to Madrid, Slesinger founded the European Defense Investor Network to connect entrepreneurs, investors, and policymakers, addressing the cultural reluctance in Europe to openly discuss defense investments. This hesitance had previously discouraged many founders from entering the defense tech space.

Slesinger’s fund, 201 Ventures, recently closed a $22 million seed-stage fund targeting European startups focused on technologies that address “gray zone” conflicts—activities that fall between peace and outright war. His portfolio includes companies like Helsing, developing AI for battlefield applications, Delian Alliance Industries, which creates surveillance towers for autonomous threat detection, and Polar Mist, a Swedish maritime drone developer.

The NATO Innovation Fund, backed by 24 NATO allies and launched after the Russia-Ukraine conflict, has been a significant supporter of Slesinger’s efforts, helping to legitimize and accelerate defense tech investment in Europe. This fund, alongside rising geopolitical tensions and Europe’s reassessment of its security needs, is driving a surge in capital flowing to defense startups—24% more in 2024 than in 2023, surpassing AI funding.

Despite longer development timelines typical of defense tech, Slesinger believes these market dislocations present unique investment opportunities, or alpha, especially as European governments seek sovereign capabilities. He also advocates for earlier lobbying efforts by European companies to influence policy and funding environments conducive to defense innovation.

Slesinger’s contrarian approach—going where others hesitate—reflects his CIA motto to “go where others don’t go and do what they can’t do.” His vision for a more autonomous European defense ecosystem is gaining traction, positioning his fund and portfolio companies at the forefront of a rapidly evolving and strategically critical market.

As geopolitical uncertainties grow, including questions about U.S. commitment to European defense, investment in European defense tech startups is expected to accelerate further. Slesinger’s early bet on this sector exemplifies the importance of recognizing emerging market shifts and the role of private capital in shaping future security capabilities.