The Veteran Fund

The firm backs early-stage hard-tech and enterprise startups where at least one founder has served in the military or intelligence community. It believes founder-market fit in defense technology requires operational experience with the end-user — the warfighter or the agency — and that this domain fluency produces more viable products, stronger government contract positioning, and faster fielding timelines than civilian-led defense startups typically achieve.

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 focuses on pre-seed and seed rounds, occasionally participating in Series A financings when maintaining a pro-rata position or leading a round alongside a trusted co-investor. Average initial check sizes are consistent with Bay Area seed-stage norms, with capital reserves held for follow-on investments through early growth.

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.