What Gungnir Capital does

Gungnir Capital is a Stockholm-based venture capital firm (legal entity Gungnir Capital AB, registered at Tegnérgatan 1, Stockholm) specializing in early-stage defence technology investments across Europe. Founded in 2025, the firm manages Fund I, which is currently raising capital with first and second closings completed and a third closing ongoing as of June 2026. The fund deploys €200K–€1M initial tickets at Pre-Seed through Series A stages for minority stakes in companies operating across five named investment domains: Space Technology, Autonomous Systems, AI-Driven Warfare, Advanced Sensors & Communications, and Cybersecurity. Geographic mandate covers the Nordics, broader Europe, and Ukraine.

The firm's core proprietary capability is domain expertise and network access rather than technology products: Managing Partner Max Villman is a former Swedish Air Force Major and JAS 39 Gripen pilot, Partner Einar Skjerven brings private equity and real estate experience for capital formation, and Senior Advisor Olof Faxander is the former CEO of Sandvik and SSAB, providing industrial scaling expertise. The firm sources deal flow through military networks, research institutions, and founder referrals, then conducts rapid initial screening followed by deep technical due diligence with military operators and defence advisors.

Gungnir's business model is standard venture capital fund management: management fees on committed capital plus carried interest on successful exits. The fund holds EUVECA designation under Swedish AIF legislation, enabling EU-wide marketing to accredited investors. The portfolio to date includes two disclosed companies: Kelluu (Finland, Series A — autonomous hydrogen-powered airships for persistent ISR, part of a €15M round led by NATO Innovation Fund in April 2026) and Acodyne (Denmark, Pre-Seed — autonomous eVTOL cargo aircraft, part of a €2.5M round co-led with PSV Hafnium in June 2026). The firm evaluates over 1,000 companies annually and positions itself as a specialist defence allocator rather than a generalist investor rebranded for the defence vertical.

Name

Gungnir Capital

Legal name

Gungnir Capital AB

Website

https://gungnir.vc

Company type

Private

Founded year

2025

Operating status

Operating

Short description

Gungnir Capital is a Stockholm-based early-stage venture capital fund investing €200K–€1M in European defence technology startups (autonomous systems, space, AI-driven warfare, sensors, cybersecurity) across Pre-Seed to Series A stages.

Ownership category

akta.pro rank

Product category

Defence Technology Venture Capital

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

akta.pro secondary industry

Early-Stage Venture Capital (Pre-Seed/Seed) (FSANAAAA)

Keywords

• Defense technology investing
• Venture capital funds
• Early-stage investments
• Defence tech startups
• Dual-use technology

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. VC Fund Management: Gungnir Capital Fund I generates returns through management fees and carried interest (carry) on successful portfolio company exits. Fund I is actively raising with first and second closings completed and third closing ongoing.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Gungnir Capital manages an early-stage venture capital fund (Gungnir Capital Fund I) that invests €200K–€1M in Pre-Seed through Series A rounds in European defence and dual-use technology companies. Investments are concentrated across five domains — Space Technology, Autonomous Systems, AI-Driven Warfare, Advanced Sensors & Communications, and Cybersecurity — and are sourced through military networks, research institutions, and founder referrals across the Nordics, wider Europe, and Ukraine.

Product overview

Gungnir Capital operates as a single fund structure — Gungnir Capital Fund I — providing early-stage venture capital to European defence technology companies. The fund focuses on five critical defence technology domains: Space Technology, Autonomous Systems, AI-Driven Warfare, Advanced Sensors & Communications, and Cybersecurity. The portfolio includes investments in companies like Kelluu (persistent ISR surveillance platform) and Acodyne (autonomous eVTOL cargo aircraft), which represent the fund's investment thesis across these technology verticals.

Differentiator

Problem solved

Functional benefit

Products and services

• Gungnir Capital Fund I An early-stage venture capital fund that deploys €200K–€1M tickets at Pre-Seed through Series A into European defence and dual-use technology companies, providing capital, operational guidance, defence ecosystem access, and co-investor syndication. Distributed to qualified institutional and accredited investors under Swedish AIF legislation with EUVECA approval.

Named customers2 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Emerging players

• Plural Platform: European early-stage deeptech VC with selective defence and security exposure. Comparable stage and geography with partial thematic overlap.

Broad incumbents

• Tesi (Finnish State Investment Company): Finnish state-owned investment company that participated in Kelluu's round alongside Gungnir. Comparable as a European institutional capital allocator in defence tech, though not a pure-play early-stage VC.
• Saab Ventures: Corporate venture arm of Saab, a major European defence prime. Comparable by deep defence domain focus and as a likely acquirer of Gungnir portfolio companies, though operating as CVC rather than independent VC.
• EIFO: Danish export credit and investment agency that co-invested in Acodyne with Gungnir. Comparable as institutional European capital provider into defence-adjacent ventures.
• Octopus Ventures (Defence): Large UK-based VC with a growing dedicated defence and security portfolio. Overlaps in European defence-tech investing but operates from a much broader generalist platform.

Direct peers

• Alpine Space Ventures: European-led early-stage VC focused on space and dual-use defence technologies. Highly comparable stage, sector and geography with overlapping space-domain investment thesis.
• Keen Venture Partners: European deeptech VC with active defence and security portfolio, co-invested alongside Gungnir in Kelluu. Comparable by stage and thematic overlap in European deeptech/defence.
• NATO Innovation Fund: Multi-sovereign European defence and deeptech VC fund and direct co-investor alongside Gungnir in Kelluu's Series A. Most directly comparable by mandate, geography and stage focus.
• PSV Hafnium: Danish defence-focused investor that co-led Acodyne's pre-seed round with Gungnir. Closest regional peer with overlapping Nordic defence-tech thesis and similar ticket sizes.

Regional players

• Heroic Ventures: US-based defence-tech focused VC. Comparable mandate and stage focus in defence technology, but operates in North America rather than the European market Gungnir targets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/gungnirvc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gungnir Capital