Twin Track Ventures, a groundbreaking new fund from London, has captured headlines with its first funding close of £5 million. This milestone, supported primarily by the NATO Innovation Fund, highlights the growing interest in deep tech startups with dual-use capabilities , promising both commercial applications and defense sector integrations. But what does this mean for female entrepreneurs in Europe? Let me walk you through it.
Why This Matters
As a serial entrepreneur bootstrapping my own startups, including Fe/male Switch , a game-based incubator empowering women in STEM , I can't help but notice how opportunities for funding in defense or government-backed initiatives often seem narrower for female-led ventures. Twin Track Ventures, led by Nicola Sinclair, challenges this perception. Her solo GP fund, one of the few female-led initiatives in an industry steeped in traditionalism, is setting a precedent for inclusive, focused financing in the defense sector.
Sinclair’s fund is designed to invest in early-stage startups developing technologies such as compute, sensors, materials, and energy, with an eye toward blending commercial utility with military functionality. What makes this significant isn’t just the sectors she’s targeting, but her plan to back 25 startups across NATO member countries. The fund has already extended support to five businesses, including Uplift 360 and SE3 Labs, balancing sustainability and mobility in defense.
This shift could be just what European female founders need , a proof point that military and tech partnerships aren’t just open to big players, but also to scrappy startups willing to innovate across borders.
Lessons for Female Entrepreneurs
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Challenge Industry Bias
Nicola Sinclair’s journey reminds us that it’s possible to make waves in traditionally male-dominated spaces. Overcoming bias begins with building domain expertise and a network, even in industries with high barriers. I’ve seen this firsthand in my work with blockchain compliance at CADChain and innovative AI projects. -
Go Dual-Use
For women targeting tech entrepreneurship, keep "dual-use" strategies in mind. This approach opens doors to government contracts and grants aimed at security and commercial innovation. It’s a lifeline for funding, even in industries where venture capital traditionally hesitates. -
Think NATO-Wide
Geographic reach matters. With Twin Track’s NATO focus, startups working on technologies with defense or security angles gain unique access to customers across multiple member states. European female founders should think about this as a way to scale without being locked into one national market.
The Funding Climate
The NATO Innovation Fund is itself a €1 billion initiative backing disruptive technologies, with contributions from 24 allied nations. It’s nurturing solutions in artificial intelligence, quantum computing, advanced materials, and space technologies, among others.
Statistically, fewer than 5% of decision-makers in Europe’s deep tech investment pools are women. This makes Twin Track’s £5m close an important benchmark, showcasing that solo GP funds aren’t just viable but also successful when focused on strategic industries like military tech.
A Simple How-To Guide
If you're a female founder wondering how to capitalize on opportunities like Twin Track’s, here’s a quick guide:
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Step 1: Research NATO-Aligned Funding Opportunities
Often, government-backed initiatives at the NATO level provide access to resources across multiple countries. Explore themes tied to resilience, defense technology, or cybersecurity. -
Step 2: Position for Dual-Use Markets
If your product straddles commercial and military/safety applications, make sure you highlight this dual-use capability. Understanding government procurement dynamics can boost your credibility with funds like Twin Track. -
Step 3: Build Networks in High-Barrier Sectors
Many women shy away from defense or deep tech due to limited mentorship opportunities. Find accelerators, incubators, or initiatives such as Fe/male Switch’s incubator program for women in STEM. -
Step 4: Tailor Pitch Decks for Resilience and Security
Defense-focused funds like Twin Track prioritize scalability and security. Craft your pitch to emphasize how your startup enhances global safety or solves critical infrastructure risks.
Common Mistakes to Avoid
When exploring government-aligned funding routes, it’s easy to fall into traps like these:
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Underestimating Procurement Needs
Unlike regular consumer tech, deep tech designed for defense must meet strict regulatory compliance and long lead times. Ignoring this can stall your growth. -
Skipping Early Validation
Funds such as NATO’s are looking not just for storytelling but for proof of concept. Test prototypes on commercial customers first to boost credibility. -
Geographic Limitation
Don’t be country-centric. European defense technologies often find greater traction when marketed across borders. Look for NATO-wide applications.
Where Are the Opportunities?
As Sinclair’s fund seeks deep tech innovations in sectors like cybersecurity, materials, and energy, female founders can look toward labs or accelerators actively researching similar areas. Uplift 360, which focuses on material breakdown powered by energy-efficient solutions, demonstrates how sustainability and defense-tech can collide productively. Similarly, companies offering advanced communications tech, like UK-based Cassi, are showing what’s possible when dual-use utility becomes a focus.
Takeaways from Twin Track
To me, this £5m close signals not just an opportunity but also a clarion call for entrepreneurs who might otherwise feel excluded. Nicola Sinclair is proving that meaningful connections and perseverance can carve pathways even in high-barrier sectors. For women in deep tech, this is not about copying models , it’s about building complementary options, leveraging gaps in the system, and never hesitating to launch initiatives where funding feels locked up.
Excited to explore these ideas further and help empower female entrepreneurs? Dive into tools and platforms designed by women for women, such as Fe/male Switch, and start building meaningful products aimed at robust niches. If you’ve got questions about navigating NATO projects, connect , the road to innovation isn't paved alone.
FAQ
1. What is Twin Track Ventures?
Twin Track Ventures is a London-based venture capital (VC) fund focused on dual-use deep tech startups. Led by Nicola Sinclair, it aims to back innovative companies with both commercial and military applications. Explore Twin Track Ventures
2. How much funding has Twin Track Ventures secured in its first close?
The fund announced its first funding close at £5 million, with plans to reach a total of £10 million by 2026. Learn more about the fund's milestone
3. What sectors does Twin Track Ventures invest in?
The fund focuses on technologies across compute, communications, sensors, supply chain, manufacturing, materials, and energy. Discover Twin Track's investment strategy
4. Who are the backers of Twin Track Ventures?
The NATO Innovation Fund is the lead investor, joined by Allocator One and several unnamed venture capital firms and individual investors from the defence sector. Learn about its financial backers
5. Who is Nicola Sinclair, and what is her role in Twin Track Ventures?
Nicola Sinclair is the founder and Solo General Partner of Twin Track Ventures. She is an 18-year veteran of the British Royal Air Force and one of the few women leading a VC fund in the defence space. Read about Nicola Sinclair
6. What does dual-use technology mean?
Dual-use technology refers to innovations with applications in both commercial and military sectors, providing startups with versatile markets. Learn about dual-use tech
7. Which companies have Twin Track Ventures invested in so far?
The fund has invested in five companies, including Uplift 360 (focused on sustainable defence innovations) and SE3 Labs (mobility and mechatronics). Find out about its portfolio
8. What is the NATO Innovation Fund?
The NATO Innovation Fund is a €1 billion initiative backed by 24 NATO allies to support deep tech startups in security, defence, and resilience. Explore the NATO Innovation Fund
9. How is this fund significant for female entrepreneurs in Europe?
As one of the few female-led VC funds in Europe, Twin Track represents greater inclusivity in the defence sector, inspiring female entrepreneurs in deep tech. Read why this matters
10. What lessons can female founders draw from Twin Track Ventures?
Female founders can focus on dual-use markets, navigate high-barrier sectors like defence, and leverage cross-border NATO opportunities to scale successfully. Check out the actionable insights
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.
