US investors supplied more than 65% of venture-capital investment in European defence technology in 2025, up from 18% in 2023, according to the European Commission’s 2026 report. Separately, European defence startups raised €1.0 billion in the first half of 2026. That total covers funding from all investors; the cited figures do not establish how much came from the US or that either the US share or US-origin amount set a 2026 record.
What the 2026 funding figures show—and what they don’t
Two figures sit behind the headline, but they measure different things. The European Commission reports the US share of venture-capital investment in European defence technology for 2025. Tech.eu reports total funding raised by European defence startups during the first half of 2026, without breaking that total out by investor origin.
| Figure | Period and scope | What it measures |
|---|---|---|
| More than 65% | Europe, 2025; reported in the European Commission’s 2026 report, with the graph attributed to PitchBook | US investors’ share of European venture-capital defence-tech investment |
| 18% | Europe, 2023; reported in the European Commission’s 2026 report, with the graph attributed to PitchBook | US investors’ share of European venture-capital defence-tech investment |
| €1.0 billion | European defence startups, H1 2026; Tech.eu data as of 2 October 2026 | Total funding across 36 companies and 37 rounds, from investors of all origins |
The Commission also says European companies in the sector raised €60 billion since the start of 2022, including €16 billion in the first seven months of 2025. Those broader totals are not a measure of US investment. The report says that in the previous year more than half of venture-capital funding came from domestic investors, citing the Financial Times (2025); that observation refers to a different period and should not be combined with the Commission’s 2025 US-share figure.
European Commission, 2026 European Macroeconomic Report
Do these 3 things before closing this tab:
1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errors#1 Best Overall
- Streamlined Strategy Gameplay: Command the major powers of WWII in 1941 and make decisive military and economic choices that determine the outcome of the conflict
- 160 Detailed Plastic Miniatures: High-quality figures with resealable bags ensure organized storage and help you visualize every battle on the map
- Updated Rules for Modern Players: Refined rulebook incorporates community feedback and errata documents to eliminate confusion and ensure smooth gameplay
- Perfect for 2-5 Players: Engaging war game designed for groups and families that plays in one to three hours, fitting any game night schedule
- Legacy Board Game Reimagined: The respected Axis & Allies franchise returns with improved components and updated box design for serious strategy enthusiasts
How the €1.0 billion H1 2026 total was distributed
Tech.eu’s Funding Explorer counts 36 European defence companies across 37 first-half rounds. It reports a 1,316% year-over-year increase in the H1 funding total compared with H1 2025. That is a comparison of aggregate sector funding, not evidence of a matching increase in US-origin investment.
Funding was highly concentrated: the ten largest rounds represented 90.4% of the disclosed H1 capital in Tech.eu’s dataset. Stark’s €500 million round and Harmattan AI’s €171 million round were the largest listed. Germany led the tracker by capital. EIFO ranked as its most active investor, with three deals; Founders Fund, Lakestar and Plural also appeared among the top investor entries with three deals each. Deal counts do not show how much each investor contributed or establish investor nationality.
Rank #2
- Change the Course of History: Command both military forces and wartime economy as one of five major powers in this classic WWII strategy board game designed for 2-5 players
- Updated Rulebook and Components: Second Edition features refined rules based on community feedback, double-sided punchboard tokens, and resealable storage bags for durability
- Oversized Playing Area Immerses You: The 40-inch by 26-inch game board creates an engaging tactical landscape where every decision shapes the outcome of global conflict
- Perfect Family Strategy Experience: Ages 12 and up can enjoy three to four hours of intellectually stimulating gameplay that bonds groups through shared strategic decision-making
- Authentic Historical Gameplay: Lead Germany, Japan, UK, Soviet Union, or United States in spring 1942, the historical peak of Axis expansion, exploring tactical alternatives to actual events
Tech.eu Funding Explorer: European defence funding in H1 2026
What Helsing’s financing can—and cannot—tell us
On 13 July 2026, Germany-based Helsing announced a $1.8 billion Series E at an $18 billion valuation, Axios reported. The round had an international investor group that included several US-linked names. It is a notable company-level financing, but one mixed-syndicate round cannot establish the US share of funding across European defence startups in 2026.
Free tools Windows power users keep installed
One-click scans. No signup required.
Rank #3
- Four armies, each with their own unique figures
- Advanced rules, Enhanced combat, Elite army units, and New Team gameplay variant
- Country of Origin: China
- Product Type: Board Game
Axios: Helsing raises $1.8 billion
Why larger European defence rounds may draw US investors
In its April 2026 market update, financial adviser Houlihan Lokey says European defence technology companies are particularly reliant on US investors for rounds above €30 million. It describes a changing investment environment, including new defence-focused funds and established funds easing restrictions. The update also points to Ukraine’s deployment of commercially derived technologies and greater flexibility in European procurement as factors creating opportunities for startups to scale.
This is market commentary, not a quantified investor-origin breakdown or a causal estimate. It helps explain why US participation may be especially visible in large rounds, but does not establish the US share of the H1 2026 total.
Rank #4
- Strategic Commander Selection: Choose from 24 legendary WWII leaders including Eisenhower, Rommel, and Yamamoto, each with unique basic and expert abilities that fundamentally reshape how Axis & Allies unfolds
- Hidden Advantages Change Everything: Secretly select your commander at game start to gain hidden powers that create unpredictable strategies, surprising outcomes, and fresh competitive dynamics every single game
- Premium Historical Artwork & Components: Features double-sided commander tiles with museum-quality original portraits of famous generals and admirals from nine nations plus two WWI Supreme Commanders with authentic military aesthetics
- Compatible With Any Axis & Allies Version: Works seamlessly with every Axis & Allies core game edition without changing fundamental rules, adding variable commander mechanics to existing gameplay you already know
- Strategic Depth Without Complexity: Integrate powerful commander abilities into standard games through intuitive secret selection mechanics that enhance replayability while maintaining accessibility for all player experience levels
Houlihan Lokey, European Defence Market Update — April 2026
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why “record” needs a like-for-like comparison
A record claim requires a consistent measure and historical series. For this topic, a useful comparison would need to specify the geography, sector definition and period; distinguish total funding from venture capital; and identify investor origin rather than infer it from a round’s participants. It would also need comparable treatment of disclosed amounts and round stages.
Best Value
- Brand New in box. The product ships with all relevant accessories
- Includes gameboard, armies with 4 Infantry, 12 Cavalry, and 8 Artillery each, deck of 56 Risk cards, 1 card box, 5 dice, 5 cardboard war crates, and game guide.
- PLAY USING ALEXA SKILL: Players have the option of playing this Risk game using Alexa. (Alexa device sold separately. ) Note: sound comes from paired Echo device.
- DRAGON TOKEN: This Risk game includes a dragon token. Players must destroy the dragon before it destroys their troops. A lucky roll can subdue the dragon and get it out of a player's territory
The sources cited here do not provide a 2026 US-origin total or share alongside a comparable historical series. A separate Sesamers tracker illustrates why figures from different databases should not be casually combined: it records rounds verified with at least one deal party and, as of 20 September 2026, listed 175 tracked defence-tech rounds. Its scope and update date differ from Tech.eu’s H1 sector aggregate, so its count does not extend or validate that total.
Quick Recap
Sesamers European defence-tech funding tracker
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
