Harpoon
Harpoon Ventures is an early-stage venture capital firm founded in 2018 that invests in AI, deep tech, defense, and cybersecurity founders, managing over $450M in AUM through multiple funds including its Black Flag accelerator program.
- Company typePrivate
- Founded2018
- HeadquartersSan Diego, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Harpoon does
Harpoon Ventures is an early-stage venture capital firm founded in 2018 by Larsen Jensen, a former Navy SEAL and two-time Olympic medalist. The firm is headquartered in San Diego, California, and invests in bold founders building across AI, deep tech, software infrastructure, cybersecurity, and defense technology. Harpoon manages venture capital funds with total assets under management exceeding $450 million, anchored by a $155 million oversubscribed Fund IV closed in mid-2026, and backed by institutional LPs including top U.S. pensions, endowments, a first responder pension fund, and original backers a16z and Lightspeed.
The firm's core products and platforms are its venture funds, the Black Flag accelerator program (co-developed with Shield Capital and IQT), and the deck.harpoon.vc pitch feedback tool. Black Flag provides early-stage capital, mentorship, and go-to-market support to portfolio companies, with integrated benefits from Microsoft for Startups (up to $250,000 in Azure credits) and Palantir (strategic platform access). Harpoon has helped portfolio companies unlock over $1 billion in U.S. government contract opportunities spanning non-dilutive grants to $100M+ programs of record. The portfolio includes seven unicorns (Aalo Atomics, Astranis, Kodiak, MatX, n8n, Solugen, Starcloud) and notable exits including Merlin Labs (NASDAQ: MRLN), Kodiak (SPAC), and Netskope (IPO).
Harpoon's business model follows standard venture capital economics: recurring management fees (typically 2% of committed capital) across fund vintages and carried interest (typically 20%) on profits from successful portfolio exits. The go-to-market motion is relationship-driven, relying on founder referrals from the existing portfolio, the Black Flag community, direct outreach, and LP network connections. Customers comprise two distinct segments: early-stage technology founders seeking capital and government market access, and institutional LPs seeking exposure to defense-tech and AI investments.
Harpoon firmographics
Firmographics- Name
- Harpoon
- Legal name
- Harpoon Ventures
- Website
- https://harpoon.vc
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Harpoon Ventures is an early-stage venture capital firm founded in 2018 that invests in AI, deep tech, defense, and cybersecurity founders, managing over $450M in AUM through multiple funds including its Black Flag accelerator program.
- Ownership category
- akta.pro rank
Where Harpoon is headquartered
LocationHeadquarters
- HQ city
- San Diego
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Harpoon business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Management Fees: Venture capital firms typically charge management fees on committed capital (typically 2% annually) during the investment period, which decline in later fund years.
- Carried Interest: Harpoon earns carried interest (typically 20%) on profits from successful portfolio company exits, providing upside participation in portfolio value creation.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels7 records
Harpoon product offering
Product offeringCore offering
Harpoon Ventures is an early-stage venture capital firm that invests in AI, deep tech, software infrastructure, and cybersecurity startups focused on national security and defense technology. The firm manages multiple venture capital funds (including Fund IV with $155M committed capital, bringing AUM to $450M+) and supports portfolio companies through its Black Flag accelerator program, which provides capital, mentorship, and go-to-market acceleration. Harpoon has helped portfolio companies unlock over $1 billion in U.S. government contract opportunities.
Product overview
Harpoon Ventures is an early-stage venture capital firm founded in 2018 by former Navy SEAL and Olympic medalist Larsen Jensen. The firm operates as a single unified VC investment service, deploying capital from its Fund IV ($155M) across AI, deep tech, software infrastructure, and cybersecurity. The firm supports portfolio companies through its Black Flag accelerator program, which provides mentorship and go-to-market acceleration, and offers founders access to pitch feedback via its deck submission platform. The firm's investment thesis centers on national security and defense technology, with a focus on helping portfolio companies secure government contracts.
Differentiator
Problem solved
Functional benefit
Companies that use Harpoon
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles2 records
Harpoon technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Harpoon partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- Microsoft for StartupscoreBlack Flag partnership with Microsoft for Startups provides portfolio founders with access to up to $250,000 in Azure credits, helping early-stage companies build and scale their technology infrastructure on Microsoft Azure cloud platform.
- PalantircoreHarpoon announced partnership with Palantir for Black Flag companies, providing strategic access and potential integration opportunities within Palantir's data platforms for defense and national security applications.
- Black Flag (Accelerator Program)coreHarpoon's Black Flag program is an early-stage accelerator providing capital, mentorship, and go-to-market support. The program has released Black Flag 100 lists of top deep tech companies and partnered with Microsoft and Palantir to provide portfolio benefits.
- Shield Capital and IQTminorHarpoon launched the Black Flag Accelerator in collaboration with Shield Capital and IQT (In-Q-Tel), the CIA's strategic investment arm, to support early-stage defense and intelligence technology companies.
Scale indicators5 records
Recent moves7 records
Expansion highlights5 records
Harpoon competitors and assessment
Company assessmentDirect peers
- Shield Capital: Specialist defense and security technology VC firm that co-launched the Black Flag Accelerator with Harpoon and In-Q-Tel. Directly comparable in defense-tech thesis and stage focus.
- Lux Capital: Deep tech and science-focused VC investing in frontier technology including space, defense, and AI. Comparable in deep-tech thesis and early-to-growth stage investing, with overlapping founders in Harpoon's portfolio space.
- Founders Fund: Deep tech and frontier technology VC firm with significant exposure to defense, space, and AI startups. Comparable in bold-founder thesis and willingness to invest in government-adjacent technologies.
- In-Q-Tel: The CIA's strategic investment arm, co-launched the Black Flag Accelerator with Harpoon and Shield Capital. Directly comparable as a defense/intelligence-focused investor with deep government customer access.
- 8VC: Defense-tech and government-focused VC firm that co-invested alongside Harpoon in LiquidMetal AI's seed round. Comparable in defense-tech thesis and early-stage focus.
- Outlander VC: Defense-tech specialist VC that co-led MATERIAL's seed round with Harpoon. Comparable defense-tech focus and stage (seed), serving similar founder customer base.
- DCVC (Data Collective): Deep tech VC investing in computational, materials, and life sciences startups with applications in defense and national security. Comparable in deep-tech stage focus and willingness to back government-adjacent founders.
Broad incumbents
- Andreessen Horowitz (a16z): Major multi-stage venture firm with an active defense/a16z program and an early backer of Harpoon at founding. Overlaps in defense-tech but operates across many verticals at much larger scale.
- General Catalyst: Large multi-stage VC firm with a dedicated defense and resilience thesis. Comparable in defense-tech investing intent but operates as a generalist platform across stages and sectors.
- Khosla Ventures: Deep tech and AI-focused VC firm investing across frontier technologies. Comparable in deep-tech appetite and willingness to back defense-adjacent founders, but at broader scale and diversified portfolio.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks4 records
Key highlights7 records
Customer concentration
Harpoon social profiles
Digital presenceHarpoon financial estimates
Financial estimateRevenue estimate
Valuation estimate
Harpoon leadership team
Management profileNumber of profiles
Profiles8 records
Harpoon funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Harpoon M&A and investment
M&A and investmentM&A
Investments57 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Harpoon
What does Harpoon do?
Harpoon Ventures is an early-stage venture capital firm that invests in AI, deep tech, software infrastructure, and cybersecurity startups focused on national security and defense technology. The firm manages multiple venture capital funds (including Fund IV with $155M committed capital, bringing AUM to $450M+) and supports portfolio companies through its Black Flag accelerator program, which provides capital, mentorship, and go-to-market acceleration. Harpoon has helped portfolio companies unlock over $1 billion in U.S. government contract opportunities.
Is Harpoon a public or private company?
Harpoon is a private company. It is classified as venture growth investor backed and is currently operating.
When was Harpoon founded?
Harpoon was founded in 2018. It employs 11 to 50 people.
Where is Harpoon based?
Harpoon is headquartered in San Diego, United States, in the North America region.
How does Harpoon make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest.
Who are Harpoon's main competitors?
Direct peers on record are Shield Capital, Lux Capital, Founders Fund, In-Q-Tel, 8VC, Outlander VC and DCVC (Data Collective). Broad incumbents are Andreessen Horowitz (a16z), General Catalyst and Khosla Ventures.
Does Harpoon have an API?
No public API is recorded for Harpoon.