Global investment firm DTCP has announced the launch of Project Liberty, its eighth fund and its first dedicated solely to defence, security, and resilience technologies. The new vehicle marks a strategic expansion for DTCP as it increases its focus on European defence and dual-use startups at a time of rising geopolitical uncertainty and long-term defence modernisation across the continent.
Project Liberty will target investments of around €20 million per company and focus primarily on Series A to Series C rounds. While Europe remains the fund’s core geographic priority, DTCP has confirmed it may also back defence and security technologies from NATO member states and close allies where these investments align with European security interests.
A dedicated fund for European defence and security
The fund will be independently managed by DTCP and is aimed at institutional investors, family offices, and corporate backers seeking exposure to defence and resilience technologies. According to the firm, Project Liberty is designed to support high-performing European companies that strengthen long-term technological sovereignty and security capability.
DTCP brings more than a decade of experience investing in IT, cybersecurity, and infrastructure, providing a foundation for its move into defence-focused capital. The firm has previously backed a range of security and AI companies including Arctic Wolf, Axonius, Zenity, Anomali, and Ox Security, as well as dual-use defence technology companies such as German drone unicorn Quantum Systems.
Responding to long-term defence underinvestment
DTCP CEO Vicente Vento described Project Liberty as a natural extension of the firm’s existing investment platform, which sits at the intersection of technology, infrastructure, and security. He pointed to decades of underinvestment in European defence alongside a steady rise in geopolitical risk as key drivers behind the new fund.
At the same time, Vento highlighted a broad technological shift across the defence value chain, from surveillance and sensing to software-defined systems, autonomous platforms, advanced materials, and satellite and communications infrastructure. With Western governments now committing to sustained defence modernisation, DTCP believes the sector offers long-term structural growth.
Backing up to 30 defence and dual-use startups
Project Liberty plans to invest in up to 30 companies, with average cheque sizes of approximately €20 million. The fund will focus on businesses that complement existing defence and security systems or significantly advance them through new technical approaches.
Key investment themes include software-led defence solutions, cyber defence, artificial intelligence, and autonomous systems. These areas reflect a growing convergence between traditional defence capabilities and modern digital infrastructure, where software and data are becoming central to military and security effectiveness.
Series A to C focus for scaling technologies
By targeting Series A to C rounds, DTCP aims to support companies as they move from early commercial traction to large-scale deployment. This stage of funding is increasingly critical for defence and dual-use startups, which often face long sales cycles, regulatory complexity, and high capital requirements before reaching scale.
DTCP’s existing growth and infrastructure platforms are expected to provide portfolio companies with access to industry networks, operational expertise, and strategic partnerships across defence, government, and enterprise markets.
Strengthening Europe’s defence technology ecosystem
Project Liberty launches amid renewed urgency across Europe to strengthen domestic defence capabilities and reduce reliance on external suppliers. As defence systems become more software-driven and interconnected, investors such as DTCP see an opportunity to support companies that can deliver both commercial returns and strategic resilience.
With a clear investment mandate, established security expertise, and capital committed to long-term growth, DTCP’s Project Liberty positions the firm as an increasingly active player in Europe’s evolving defence and dual-use technology landscape.