Top 5 Venture Capital Fund Closings and Launches This Week — March 3-7, 2026
TL;DR — This Week's Biggest Fund Moves at a Glance
Defence and deep tech dominated VC fund activity this week. Join Capital secured a record €50M commitment from the European Investment Fund for its Fund III targeting dual-use technologies, while First In closed its $148M SBIC Critical Technologies Fund 3 backed by the Pentagon's Office of Strategic Capital. On the emerging manager side, Baltic pre-seed fund FIRSTPICK closed its second fund at €25M, Hamburg-based GHARAGE Ventures launched a €40M debut fund for travel and retail tech, and South Africa's Hlayisani Capital hit a $30M first close for its Venture Fund II focused on financial inclusion, health, and education. The clear signal: institutional capital is flowing into defence tech on both sides of the Atlantic, while niche-focused emerging managers continue to carve out differentiated positions in underserved verticals and geographies.
Key Takeaways
Defence and dual-use technology attracted the largest institutional commitments this week, with the European Investment Fund making its single largest defence-related investment ever through Join Capital Fund III, and the Pentagon continuing to channel capital through its SBIC Critical Technologies programme via First In.
Emerging managers are finding success by going deep rather than broad. GHARAGE Ventures carved out a niche in the $75B+ travel retail market, FIRSTPICK doubled down on Baltic founders overlooked by mainstream European VCs, and Hlayisani Capital is addressing South Africa's persistent Series A funding gap.
Geographic diversification of venture capital continues to accelerate. This week's fund activity spans Germany, Lithuania, South Africa, Singapore, and the United States, reflecting a global redistribution of venture capital away from purely US-centric deployment.
Fresh capital deployment windows are opening now. All five funds covered this week are either freshly closed or actively fundraising, meaning founders in their target sectors and geographies should be reaching out in Q1-Q2 2026 while deployment pressure is highest.
1. Join Capital Fund III — EIF's Largest Defence Investment Backs European Deep Tech
Fund Name: Join Capital Fund III Fund Size / Closing: €235M target, €50M anchor commitment from the European Investment Fund (EIF) via InvestEU Defence Equity Facility Country: Germany (Berlin), United Kingdom (London), Italy (Milan) Industry Focus: Defence, Deep Tech, Dual-Use, Space, Security, Advanced Manufacturing Stage Focus: Pre-Seed and Seed Website: join.capital LinkedIn: Join Capital on LinkedIn Fund Manager: Jan Borgstädt, Founding Partner
Why This Fund Matters
The European Investment Fund's €50M commitment to Join Capital Fund III marks the EIF's single largest investment in a defence-focused venture fund to date. This is not just a fund closing — it is a political and strategic signal that European institutional capital is finally flowing into defence technology at scale.
Join Capital plans to make approximately 25 early-stage investments across European deep tech and dual-use startups. The fund's existing portfolio already includes Optics11 (Netherlands), Quadsat (Denmark), and Kreios Space (Spain), demonstrating a pan-European investment thesis that maps closely to the EU's stated ambitions for strategic technology sovereignty.
The timing is significant. With European defence spending commitments accelerating across NATO member states, early-stage defence tech founders now have a dedicated, well-capitalised investor with institutional backing specifically mandated to deploy into their sector.
What Founders Should Know
Join Capital invests at Pre-Seed and Seed, targeting founders building dual-use technologies with both commercial and defence applications. The fund operates from Berlin, London, and Milan, covering the three largest European defence and technology markets. Founders building in areas such as autonomous systems, satellite technology, cybersecurity, advanced materials, and AI for defence should consider Join Capital as a strategic first-check partner.
Source: EIF Official Announcement | Tech.eu
2. First In SBIC-CT Fund 3 — Pentagon-Backed Fund Closes at $148M for Critical Technologies
Fund Name: First In Fund 3 SBIC Critical Technologies Fund Size / Closing: $148M (Final Close, oversubscribed) Country: United States Industry Focus: Security Technology, Artificial Intelligence, Autonomy, Advanced Manufacturing, Cybersecurity Stage Focus: Early-Stage Website: wearefirstin.com LinkedIn: First In on LinkedIn Fund Manager: Renny McPherson, Managing Partner
Why This Fund Matters
First In's third fund operates under the Small Business Investment Company Critical Technologies (SBIC-CT) programme, administered by the Pentagon's Office of Strategic Capital. This programme leverages private venture capital to invest in dual-use technologies deemed critical to US national security.
The $148M final close represents significant oversubscription and continued momentum for the SBIC-CT programme, which has become one of the most important channels for defence-adjacent venture capital in the United States. Renny McPherson, a former Marine Corps officer with a Harvard MBA, leads the fund with a thesis centred on enterprise security and critical infrastructure technology.
This fund closing, combined with the Pentagon's separate $150M commitment to Mare Liberum's maritime technology fund announced the same week, signals a clear acceleration in US government-linked venture capital deployment into defence and security startups.
What Founders Should Know
First In focuses on early-stage companies addressing challenges in enterprise security, data infrastructure, and dual-use technology. The SBIC-CT structure provides unique advantages: government-backed leverage that amplifies private capital, and a direct pathway to federal procurement channels. Founders building security, AI, or autonomy technology with potential government applications should consider First In as both a capital partner and a strategic bridge to Department of Defense customers.
Source: BusinessWire
3. GHARAGE Ventures Fund I — €40M Debut Fund Opens Travel and Retail Tech to Venture Capital
Fund Name: GHARAGE Ventures Fund I Fund Size / Closing: €40M (Launch / Close) Country: Germany (Berlin / Hamburg) and Singapore Industry Focus: Travel Tech, Retail Tech, Airport Operations, Logistics, AI-enabled Operations Stage Focus: Seed to Series A (approximately 30 investments planned) Website: gharage.io LinkedIn: GHARAGE on LinkedIn Fund Manager: Lennard Niemann (Managing Partner), Darren Soh (Partner), Kilian von Berlichingen (Co-Founder)
Why This Fund Matters
GHARAGE Ventures represents a textbook example of corporate innovation infrastructure spinning out into an independent venture fund. Founded in 2019 as a corporate innovation hub by Gebr. Heinemann, the Hamburg-based global travel retail giant, GHARAGE has now launched its first independent VC fund anchored by its former corporate parent.
The €40M Fund I will make approximately 30 investments in startups operating at the intersection of travel, retail, and technology. The dual headquarters in Berlin and Singapore signal a global investment thesis, with existing portfolio companies including FileAI, Bounce, and Gumshoe AI.
Travel retail is a $75B+ global market that remains significantly under-penetrated by venture-backed technology startups. GHARAGE's deep industry relationships through Gebr. Heinemann, combined with independent fund economics, position it as one of the few investors globally with both the sector expertise and the capital to back travel tech founders from Seed through Series A.
What Founders Should Know
GHARAGE invests at Seed to Series A in companies building technology for travel retail, airport operations, logistics, and AI-enabled commerce. The Gebr. Heinemann anchor provides portfolio companies with immediate access to one of the world's largest travel retailers as a potential customer and distribution partner. Founders building for duty-free retail, airport operations, passenger experience, or travel logistics should consider GHARAGE as a sector-specialist partner.
Source: Tech.eu | EU-Startups
4. Hlayisani Capital Venture Fund II — $30M First Close Tackles South Africa's Series A Gap
Fund Name: Hlayisani Venture Fund II Fund Size / Closing: $30M / R500M (First Close, Final Close target: June 2026) Country: South Africa (Johannesburg) Industry Focus: Fintech, Healthtech, Edtech, Artificial Intelligence, Digital Infrastructure Stage Focus: Series A Website: hlayisani.com LinkedIn: Hlayisani Capital on LinkedIn Fund Manager: Brett Commaille (Partner & Co-Founder), Mathew Palin (Partner), Nkateko Khoza (Director), Eugene van Rensburg (Director)
Why This Fund Matters
South Africa's startup ecosystem has a well-documented Series A funding gap. While pre-seed and seed capital has become increasingly available through angel networks and early-stage funds, the transition from seed to growth remains a bottleneck that forces promising startups to either raise internationally or stall.
Hlayisani Capital's Venture Fund II directly addresses this gap with a dedicated Series A fund backed by the Public Investment Corporation (PIC) and SA SME Fund, two of South Africa's most significant institutional investors. As one of the largest Black-owned venture investors in South Africa with over R1B in assets under management, Hlayisani brings both capital and credibility to a segment of the market that needs both.
The fund's focus on financial inclusion, health, and education reflects a thesis that the largest venture opportunities in Sub-Saharan Africa lie in digitising essential services for underserved populations, a thesis that has already produced significant returns across the continent.
What Founders Should Know
Hlayisani invests at Series A in South African and broader Sub-Saharan African startups building in fintech, healthtech, edtech, and AI. The PIC and SA SME Fund backing signals strong institutional confidence, and portfolio companies gain access to a network that spans both the private sector and South African government-linked institutions. Founders who have raised seed funding and are approaching product-market fit in these sectors should engage early, as the final close is targeted for June 2026.
Source: WeeTracker | Launch Base Africa
5. FIRSTPICK Fund II — €25M for Baltic Founders the Mainstream VCs Overlook
Fund Name: FIRSTPICK Fund II Fund Size / Closing: €25M (Final Close) Country: Lithuania (Vilnius) Industry Focus: AI-first Software, Fintech, SaaS, Deep Tech, Consumer Marketplaces Stage Focus: Inception and Pre-Seed (€100K-€500K initial checks, up to €1M follow-on) Website: firstpick.vc LinkedIn: FIRSTPICK on LinkedIn Fund Manager: Dmitrij Sosunov (Managing Partner), Jonė Vaitulevičiūtė (Managing Partner), Andra Bagdonaitė (Partner)
Why This Fund Matters
FIRSTPICK's second fund doubles down on a contrarian thesis: the best early-stage founders in the Baltics are not the ones with FAANG pedigrees or Ivy League degrees. The fund explicitly targets founders who do not fit the pattern that most European VCs screen for, making it one of the few institutional investors in the region willing to back unconventional founding teams at the earliest stage.
The €25M Fund II represents a 25% increase over the firm's debut €20M fund raised in 2022, with backing from Lithuanian entrepreneurs including the founders behind Tesonet (the accelerator that produced Nord Security and Surfshark), Oberlo alumni (acquired by Shopify in 2017), and Kilo Health. Lithuania's Ministry of Economy and Innovation and the state-financed ILTE fund contributed €9M as institutional anchors.
The Baltic startup ecosystem attracted €607M in venture investment in 2025, with foreign investors participating in 43% of all deals. FIRSTPICK's positioning as the definitive first-check investor in the region gives it first access to the next generation of breakout companies from Estonia, Latvia, and Lithuania.
What Founders Should Know
FIRSTPICK writes initial checks of €100K to €500K at inception and pre-seed, with follow-on capacity up to €1M. The fund focuses on AI-first software, fintech, SaaS, and deep tech across the three Baltic states. Notable portfolio exits and follow-on rounds include Samphire Neuroscience ($5M seed led by Inventure) and Copla (€6M Series A after FIRSTPICK's pre-seed investment). Baltic founders building in AI, SaaS, or marketplace models should consider FIRSTPICK as their first institutional investor.
Source: Tech.eu | EU-Startups
Honourable Mentions
Several additional fund closings and launches made headlines this week but fall outside the core VC fund focus of this roundup:
- Charterhouse Capital Partners CCP XII raised approximately €1B at first close for its latest European private equity buyout fund.
- O2 Investment Partners Fund V sealed a $670M final close in just five months, a 50% increase over its predecessor, targeting US lower mid-market private equity.
- Saviu Ventures Fund II reached a €12M first close with a €6.5M commitment from the African Development Bank, targeting tech startups in Francophone Africa.
- JAL Innovation Fund II was established by Japan Airlines as its second corporate venture capital fund, following its first CVC vehicle.
- Mare Liberum received a $150M commitment from the Pentagon for its maritime technology venture fund, adding to the week's defence tech momentum.
- Investcorp Strategic Capital Partners Fund II raised $1.25B for its second GP staking fund, a 75% increase over its $800M predecessor.
What This Means for Founders
This week's fund activity offers three actionable insights for founders currently raising or preparing to raise capital:
Defence and dual-use founders have a window. Both the EIF and the Pentagon are actively channelling institutional capital into defence-adjacent venture funds. This is not a trend that will last forever. Founders with dual-use technology should be raising now while the institutional tailwind is at its strongest.
Niche vertical funds are your competitive advantage. Generalist mega-funds grab headlines, but sector-specialist funds like GHARAGE (travel tech) and FIRSTPICK (Baltic AI) provide something more valuable: deep domain expertise, relevant customer introductions, and investors who genuinely understand your market. If a specialist fund exists for your sector, it should be your first call.
Track fresh capital, not historical investments. A VC that invested in your space two years ago may have already deployed that fund. A VC that just closed a new fund has committed capital and LP pressure to deploy. Use platforms like FundMomentum to identify which funds have fresh capital and are actively looking for deals right now.
Frequently Asked Questions
What is a venture capital fund closing?
A fund closing is the process by which a venture capital firm secures committed capital from its limited partners (LPs) to create a new investment fund. A first close means the fund has raised enough capital to begin investing, while a final close means fundraising is complete and no additional LP commitments will be accepted. Fund closings signal that a VC firm has fresh capital to deploy and is actively seeking new investments.
How do I find VCs that just closed new funds?
The most direct way to track recent fund closings is through specialised platforms like FundMomentum, which maintains a curated database of 770+ active VC and PE funds that have recently raised new capital. Industry publications such as Tech.eu, TechCrunch, and Private Equity Wire also report on fund closings, though discovery requires manual monitoring across multiple sources.
Why should founders care about fund closings?
Fund closings create deployment pressure. When a VC closes a new fund, it has committed to its LPs that it will invest that capital within a defined period, typically three to five years. This means recently closed funds are the most motivated and active investors in the market. Reaching out to a fund shortly after its closing dramatically increases your chances of receiving a timely response and investment decision.
What is the difference between a first close and a final close?
A first close occurs when a fund has raised enough capital from LPs to begin making investments, even while continuing to raise additional commitments. A final close marks the end of the fundraising period, after which no additional LP capital is accepted. Funds at first close are actively investing but may have smaller initial check sizes, while funds at final close have their full capital base available for deployment.
How much capital did VC funds raise this week?
In the week of March 3-7, 2026, the top five VC fund closings and launches covered in this roundup collectively represent over $500M in committed or targeted capital: Join Capital Fund III (€235M target), First In SBIC-CT Fund 3 ($148M), GHARAGE Ventures Fund I (€40M), Hlayisani Venture Fund II ($30M first close), and FIRSTPICK Fund II (€25M). Including honourable mentions, total fund activity exceeded $3B.
Conclusion
This week's fund activity reinforces two defining themes of the 2026 venture capital landscape: the rapid institutionalisation of defence and security technology investing, and the continued rise of sector-specialist emerging managers who compete not on fund size but on domain depth and founder access.
For founders, the message is clear. Fresh capital is being deployed now, and the funds covered in this roundup are actively looking for deals. Whether you are building dual-use defence technology in Europe, digitising travel retail globally, or launching an AI-first startup in the Baltics, there is a newly capitalised investor specifically looking for companies like yours.
Track these funds and hundreds more with fresh capital to deploy on FundMomentum.