Foxglove Defence Fund
Reshaping the Defence Industrial Base
Overview
Foxglove Defence is a wholesale venture capital organisation investing in early-stage defence and dual-use technologies that address critical capability gaps across Australia, the United States, the United Kingdom, and key allied markets. They combine operational credibility, deep technical networks, regulatory insight, and disciplined venture practice to back founders who can advance national security outcomes while delivering strong commercial performance.
Fund Focus
The Fund will back early stage (Seed to Series B) ventures that demonstrate a profound impact on national security outcomes and can generate a strategic advantage for allied nations. We aim to generate competitive returns by investing, incubating, and advising early-stage companies across three capability pillars: Defence Technologies | Critical Supply Systems | Advanced Manufacturing. The Fund addresses a structural market gap between technical readiness and commercial adoption, while also taking advantage of the shift toward shorter-cycle capability demands. By focusing on operationally relevant and impactful solutions, the Fund seeks to reshape the Defence Industrial Base for Australia and allied nations by onshoring and securing access to transformational capabilities that enhance deterrence and global stability.
Success Metrics
Success for the Fund is measured across three outcomes: Investors – Deliver attractive, risk-adjusted returns consistent with leading venture funds through disciplined follow-on investment, portfolio concentration, and well timed liquidity events. Portfolio – Cultivate a pipeline of high-impact ventures that can address defined capability gaps, supporting them from concept through commercialisation with capital, mentorship, and access to adoption pathways. Strategic – Accelerate the development and adoption of defence and dual-use capabilities, closing the “valley of death” and strengthening allied resilience.
Strategy
The Foxglove Defence Fund applies an investment strategy that prioritises ventures capable of delivering meaningful operational advantage as well as rapid adoption and integration in fielded environments. The Fund also targets opportunities generated across trusted allied markets where these conditions exist, including Australia, the United States, the United Kingdom, and integration is the primary driver of realised returns in defence markets. As a result, Fund I invests in early-stage (Seed to Series B) defence and dual-use technology companies that are: Impactful – Deliver a clear and material advancement in allied defence or national security capability | Credible – Demonstrate rapid, realistic pathways to adoption and operational use in allied markets, particularly the United States, the United Kingdom, and Australia | Innovative – Apply differentiated technologies capable of adapting to evolving threats and global uncertainty | Trusted – Founded by reputable professionals and able to meet governance, security, and alliance-trust requirements.
