By Agnes Szucs
BRUSSELS (AA) – The Netherlands will host the center of NATO’s Innovation Fund, the world’s first multi-sovereign venture capital supporting start-ups in disruptive technologies, the alliance announced on Tuesday.
NATO allies have taken further steps to fully establish NATO Innovation Fund by NATO Summit in Vilnius in July, a statement said.
“The Fund will invest €1 billion ($1.07 billion) in early-stage start-ups developing emerging and disruptive technologies and other venture capital funds developing dual-use emerging and disruptive technologies,” the statement explained.
The Netherlands will host the headquarters of the Innovation Fund’s investment management arm, and regional offices will be opened in other NATO countries.
NATO’s Assistant Secretary General for Emerging Security Challenges David van Weel called the initiative a “historic fund, which will allow NATO to tap into the innovation ecosystem for the benefits of our security and defense.”