Join Capital Fund III

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

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

Jan Borgstädt

Founding Partner

thesis-drivenpatient-capitalex-operator

Unlock Investor Signals

$29/month for full signal access. Cancel anytime.

View Plans Browse all Signal Profiles →

Fund Overview

Fund Size€235M

Saves0

Website

Key People