Join Capital Fund III

Germany
Pre Seed
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About Join Capital Fund III

Berlin, London, Milan-based defence and deep tech VC. Fund III targets €235M with a record €50M EIF anchor via InvestEU Defence Equity Facility. ~25 pre-seed and seed investments in European dual-use technologies.

Investment Focus

Location / RegionGermany
Funding StagePre Seed
Industry Focus
Cybersecurity
Deep Tech
Defense
Space

Investor Signals Profile

active

Sweet Spot

Early-stage European deep tech founder in defense, space, quantum, or cybersecurity

defense & dual-use deep tech
space & aerospace
quantum & advanced computing
AI & cybersecurity
advanced materials & robotics

Bullish Signals

€50M EIF anchor via InvestEU Defence Equity Facility signals tier-one statusblog
LP syndicate includes NATO Innovation Fund, KfW, and CDP — rare strategic alignmentblog
36 portfolio companies and 5 exits validate decade-long defense-tech track recordblog
Record European defense budgets create strongest institutional tailwind in decadesblog
Co-invested with NATO Fund in Kreios Space seed roundexternal
Active seed deals: ISPTech, enclaive, Kreios Space — 2025/26external
Broad sector coverage: space, quantum, AI, robotics, materialsexternal
ISPTech €5.5M seed — low-cost spacecraft propulsionwebsite
enclaive €4.1M seed — confidential multi-cloud computingwebsite
Six verticals: surveillance, space, quantum, AI, materials, roboticswebsite
Quadsat portfolio bet on contested satcom spectrumwebsite
Fund III active — EIF €50M commitment confirmedwebsite
Kreios Space €8M seed — very low orbit satelliteswebsite
enclaive co-led with Amadeus APEX + Auriga Cyberwebsite
Fund III confirmed March 2026 — EIF €50M lockedexternal
Digital twin tech, next-gen surveillance, debris removal focusexternal
Reusable spacecraft, quantum networking, modular robotics portfolio depthexternal
Fund III closes March 2026 with full €50M EIF commitmentexternal
ISPTech low-cost, less-toxic spacecraft propulsion — production scalingexternal
Kreios Space very-low-orbit satellites — NATO + Join leadexternal
enclaive confidential multi-cloud — Amadeus + Auriga co-leadsexternal
Quadsat contested-satcom-spectrum thesis — strategic positioningexternal

Contrarian Signals

Rising entry valuations as defense-tech attracts more competing capitalblog
Fund explicitly rejects defense-narrative software — hard tech onlyblog
Wide sector scope may dilute deep specialization focusexternal
"Not headlines" positioning — slow burn, not hype cycleswebsite
"Must lead, scale, last" — high bar filters most pitcheswebsite

Founder Do's

Highlight dual-use applications — civilian and military angles
Demonstrate EU/NATO procurement pathway knowledge
Show pan-European ambition, not single-country focus
Emphasize hard-tech differentiation, not defense-narrative software
Align with strategic autonomy / European sovereignty angle

Founder Don'ts

Pitch software with thin defense narrative — genuine deep tech only
Come without understanding dual-use regulatory complexity
Pitch if US-only or non-European in focus

Key GPs & Partners

JB
Jan Borgstädt
Founding Partner
thesis-drivenpatient-capitalex-operator

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Fund Overview

Fund Size€235M
Saves0

Key People

Jan Borgstädt

Jan BorgstädtFounding Partner

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