The Veteran Fund

No. While the portfolio is defense-heavy, the firm also invests in cybersecurity, enterprise SaaS, and applied artificial intelligence companies with dual-use potential. The common thread is founder experience in national-security roles, not a strict requirement that every portfolio company sell exclusively to the Pentagon. Several portfolio companies generate substantial revenue from commercial and international allied-government customers.

Deal flow comes through the partners' own military and intelligence networks, referrals from defense innovation organizations, and inbound from veteran-founder communities. The firm rarely competes in open, auction-style seed rounds; many of its investments originate through relationships built years before a company formally raises, often while founders are still on active duty or in transition.

The firm acts as both a lead and a co-investor, depending on the round dynamics and its relationship with the founding team. When syndicating, it often partners with generalist Bay Area funds that recognize the value of a defense-domain co-investor who can diligence the government-contracting viability of a deal that lies outside their own expertise.