PME invests €40 million in European high-tech defence startups
PME invests € 40 million in a high-tech defence fund of Keen Venture Partners. The fund focuses on innovative European startups and scale-ups focusing on defence and security applications. With this investment, PME aims for a good return for its participants and is contributing to strengthening the Dutch and European defence industry.
Eric Uijen, Chairman of the Executive Board: “PME feels a strong connection to the defence sector. Many of our employers produce defence equipment or are suppliers to the defence industry. We have also been investing in this sector for a long time. The urgency of investing and innovating in defence has only increased in recent years. The reality of geopolitics is developing rapidly. In a world where international relations are under pressure, there is a growing awareness that we in Europe need to invest more in our security and resilience. This investment in the Keen European Defence & Security Tech Fund ties in with this. With this investment, PME is contributing to the development of the Dutch and European high-tech defence sector with, for example, advanced drone software, battery technology and radar detection. It is also in line with PME’s policy to invest in innovative tech startups and scale-ups, thereby strengthening technological progress and the competitiveness of the Netherlands and Europe. Moreover, these investments are expected to yield above-average returns. After all, that counts for all our investments: we invest for a good pension for our participants.”
Keen’s defence fund will be added to PME’s broader portfolio. This is in line with previous investments in innovation and high-tech funds Innovation Industries and DeeptechXL. PME values start-ups and scale-ups that focus on current and future technological challenges. By investing in those shaping the future, the Netherlands retains knowledge, independence and competitiveness within this sector.
Alexander Ribbink, Keen Venture Partners: “We are very pleased with the participation of PME. As one of the leading pension funds in the Netherlands, their decision is significant. It is important that we build a highly innovative defence industry in Europe. Europe has given clear priority to security and defence. It is important that the VC funds, which invest in promising start-ups and scale-ups, contribute fully to the ecosystem of established defence companies, knowledge centres and the financial sector.”