Backswing Ventures
Backswing Ventures is an early-stage venture capital firm founded in 2020 that invests in defense, national security, and dual-use technology companies through three sequential funds. It serves defense-tech founders and institutional LPs seeking sector-focused venture exposure.
- Company typePrivate
- Founded2020
- HeadquartersPhiladelphia, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Backswing Ventures does
Backswing Ventures is an early-stage venture capital firm founded in 2020 by Kyle Asman that invests in defense, national security, and dual-use technology companies. The firm operates three sequential funds: Fund I (diversified early-stage), Fund II (security and defense-focused, inception circa 2022-2023), and Fund III (national security and defense technologies, launched 2025). Its portfolio of approximately eight active companies spans defense, dual-use technologies, and critical infrastructure, with named investments including ZeroEyes, Hextronics, Firehawk Aerospace, Locus Lock, and Wild West Systems. The firm claims Fund II surpassed 1.0x DPI within under three years from inception through two major exits.
The business model is that of a traditional early-stage VC: deploy capital from limited partners into portfolio companies, charge management fees on committed capital (terms not publicly disclosed), and earn carried interest on realized gains. Deal sourcing relies on direct founder engagement and partnerships with government innovation programs including DARPA, NavalX, AFWERX, and Army DEVCOM. Distribution to LPs is relationship-based and selective rather than broad-based marketing. The firm is led by Managing Partner Kyle Asman, with Partners Michael Vergura and James Block, and Principal Audrey Haugh, forming a team of 1-10 employees.
In April 2026, the SEC filed charges against Backswing Ventures and Asman alleging that the fund manager misrepresented fundraise figures—telling investors the fund raised $48 million when actual commitments totaled under $4 million—and made false portfolio statements. This regulatory action materially complicates the firm's narrative of disciplined capital deployment and Fund II's strong DPI outcome, and represents a critical risk overhang for any prospective LP, portfolio company, or counterparty evaluating the firm.
Backswing Ventures firmographics
Firmographics- Name
- Backswing Ventures
- Legal name
- Backswing Ventures
- Website
- http://backswingventures.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Backswing Ventures is an early-stage venture capital firm founded in 2020 that invests in defense, national security, and dual-use technology companies through three sequential funds. It serves defense-tech founders and institutional LPs seeking sector-focused venture exposure.
- Ownership category
- akta.pro rank
Backswing Ventures industry classification
Industry- Product category
- Venture Capital
- NAICS
- Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Early-Stage Venture Capital (Series A/B) (FSANAAAB)
Keywords
Where Backswing Ventures is headquartered
LocationHeadquarters
- HQ city
- Philadelphia
- HQ country
- United States
- HQ region
- North America
Markets served
Backswing Ventures business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales
Distribution channels1 record
Marketing channels3 records
Backswing Ventures product offering
Product offeringCore offering
Backswing Ventures is an early-stage venture capital firm that invests in companies building defense, national security, dual-use, and critical infrastructure technologies. The firm operates three funds — Fund I (diversified early-stage investments), Fund II (security and defense-focused), and Fund III (national security and defense technologies) — providing capital, strategic support, and operational guidance to portfolio founders while generating returns for its investors.
Product overview
Backswing Ventures is a Windermere, Florida-based early-stage venture capital firm offering three distinct investment funds: Fund I (diversified early-stage), Fund II (security and defense-focused), and Fund III (national security and defense technologies). The firm partners with founders building critical defense and national security technologies, providing disciplined capital deployment and long-term value creation. The portfolio includes 18 companies across defense, dual-use technologies, and critical infrastructure sectors, with Fund II having achieved 1.0x DPI through two major exits while maintaining eight performing portfolio companies.
Differentiator
Problem solved
Functional benefit
Products and services
- Fund I Diversified early-stage investment fund used to build the firm's foundational portfolio of companies in the defense and national security sector. It is offered to investors seeking venture exposure via Backswing Ventures' fund platform.
- Fund II Security and defense-focused venture fund that has achieved significant realized liquidity through strategic exits and surpassed 1.0x DPI within under three years from inception. Offered to investors as a sector-focused fund within the Backswing platform.
- Fund III National security and defense technologies venture fund representing Backswing Ventures' evolved investment platform for advanced defense innovation. Offered to investors as the firm's most defense-focused fund to date.
Quantifiable outcome
- Fund II surpassed 1.0x DPI within three years from inception, achieved through two substantial exits
- +1 more outcomes
Companies that use Backswing Ventures
Customer profileSegments2 records
Ideal customer profiles2 records
Backswing Ventures technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Backswing Ventures partnerships and signals
Strategic signalScale indicators3 records
Recent moves6 records
Expansion highlights4 records
Backswing Ventures competitors and assessment
Company assessmentDirect peers
- Shield Capital: An early-stage venture capital firm investing in defense, intelligence, and national security technology companies — the closest direct comparator to Backswing's thesis, at a similar stage focus.
- Decisive Point: Early-stage venture capital firm focused on dual-use and defense technology startups. Directly comparable in stage, sector focus, and check size to Backswing's Fund II/III strategy.
- Razor's Edge Ventures: A venture capital firm investing in early-stage defense, intelligence, and national security technologies. Comparable stage and mandate to Backswing, with deeper ties into the U.S. national security customer base.
Broad incumbents
- Lux Capital: A larger, generalist science-and-technology venture firm with significant defense and dual-use exposure. Comparable on the defense-tech subset of its portfolio, but operates across a much broader sector mandate.
- Andreessen Horowitz (a16z): Through its 'American Dynamism' thesis, a16z invests heavily in defense, manufacturing, and national security startups. A much larger and more diversified firm, but overlapping directly with Backswing's investment categories.
- Founders Fund: A prominent venture capital firm with a long track record of defense and space investments (including SpaceX, Palantir). Overlaps with Backswing's defense-tech focus, though it is a far larger, generalist platform.
- 8VC: A venture firm investing across logistics, defense, healthcare, and industrial sectors. Joe Lonsdale's firm has significant defense-tech exposure and comparable thesis alignment to Backswing's national security focus.
- General Catalyst: A large, multi-stage venture firm that has actively invested in defense and security technology. Overlaps on the national security subset but is vastly larger and broader than Backswing.
- Point72 Ventures: The venture arm affiliated with Point72 Asset Management, with active investments in defense, intelligence, and security technology. A larger, multi-stage investor whose defense-tech deals overlap with Backswing's mandate.
Others
- In-Q-Tel: The strategic venture arm of the U.S. intelligence community, investing in dual-use and national security startups. Not a commercial competitor for LPs or founders in the traditional sense, but a defining institutional player in the same defense-tech ecosystem that Backswing targets.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat3 records
Key risks6 records
Key highlights5 records
Customer concentration
Backswing Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
Backswing Ventures leadership team
Management profileNumber of profiles
Profiles4 records
Backswing Ventures funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Backswing Ventures M&A and investment
M&A and investmentM&A
Investments9 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Backswing Ventures
What does Backswing Ventures do?
Backswing Ventures is an early-stage venture capital firm that invests in companies building defense, national security, dual-use, and critical infrastructure technologies. The firm operates three funds — Fund I (diversified early-stage investments), Fund II (security and defense-focused), and Fund III (national security and defense technologies) — providing capital, strategic support, and operational guidance to portfolio founders while generating returns for its investors.
Is Backswing Ventures a public or private company?
Backswing Ventures is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Backswing Ventures founded?
Backswing Ventures was founded in 2020. It employs 1 to 10 people.
Where is Backswing Ventures based?
Backswing Ventures is headquartered in Philadelphia, United States, in the North America region.
Who are Backswing Ventures's main competitors?
Direct peers on record are Shield Capital, Decisive Point and Razor's Edge Ventures. Broad incumbents are Lux Capital, Andreessen Horowitz (a16z), Founders Fund, 8VC, General Catalyst and Point72 Ventures. In-Q-Tel is listed as an others.
Does Backswing Ventures have an API?
No public API is recorded for Backswing Ventures.
What industry is Backswing Ventures in?
Backswing Ventures's product category is Venture Capital. Its primary akta.pro industry code is FSANAAAB, Early-Stage Venture Capital (Series A/B). Its NAICS code is 52394 and its SIC code is 6282.