European Space & Dual-Use Intelligence Network
Catalyze the deep tech innovation that safeguards and advances the strategic capabilities and sovereignty of European nations.
Building domestic capabilities for a new era of European strategic autonomy, from orbit to ground, from lab to market.
Libertas per technologiam, Freedom through technology
European defence spend by 2030
European DSR VC funding 2024
Unique defence investors in Europe
Space downstream market 2024
The Structural Problem in Europe
Europe has world-class scientists and frontier technologies. But it lacks three things other global powers have.
Specialised early-stage
dual-use investment
Capital that understands deep tech, sovereignty and procurement cycles, not generic SaaS patterns.
Open discussion between
corporates and startups
Direct channels where founders and decision-makers trade roadmaps, not press releases.
Mechanisms to connect
science and market
A bridge between lab, industry and deployment, so scientific breakthroughs turn into commercial traction.
The Opportunity
A generational market inflection
Defence, dual-use and space are converging into the defining investment category of the decade. Europe is lagging, and catching up fast.
+19%
YoY defence spending
showcasing the need to develop sovereign capabilities on a country-by-country basis
+55%
YoY European DSR VC
$8.7bn becoming 43% of deeptech and 13% of overall European VC investments
30x
Corporate investments
and 4x M&A operations in European defence tech, led by national champions and 'new primes'
What is Aquila
A European intelligence and evaluation network for space and dual-use technologies.
We convert scientific excellence into sovereign capability, by combining expert technical judgment, industry demand signals, capital efficient investing and operator-grade BD under a single roof.
BD
Business Development
We open the doors that matter.
Warm introductions into defence primes, integrators, agencies and institutional buyers, turning technical excellence into commercial traction.
IFA
Industry Fit Assessment
We stress-test product-market fit with real buyers.
Direct access to corporate roadmaps and long-term strategic interests. We map each opportunity against actual procurement cycles, not pitch-deck promises.
SIC
Selective Investment Club
We write first checks, together.
Deal-by-deal, conviction-led investing in the startups that clear technical, commercial and financial filters. Every member decides; no blind-pool commitments.
TRB
Technical Review Board
We assess before capital is at risk.
Independent domain experts evaluate feasibility, differentiation and defensibility of every candidate technology. A technical verdict written by people who have built in the field.
The outcome
One network where frontier science meets capital efficient investing, industry demand and institutional access, so the best European dual-use companies can be built on European soil.
Investment Thesis
First Check Together
We deploy capital at the earliest stage, when expert judgment matters most and asymmetric returns are born.
Pre-Seed, Europe-First
We focus on pre-seed rounds across Europe with a special lens on Southern European deep tech, where world-class talent meets overlooked markets.
De-Risked Early Stage
Government grants and funding cover early development costs, show strategic alignment with end-users and provide long-term revenue streams. We invest where public funding has already validated the science.
Co-Investment Model
Deal-by-deal investing with full transparency. Every member chooses which opportunities to back, supported by our technical and commercial diligence.
Technologies
Space, Defence, Energy, Dual-Use
Stage
Pre-Seed
Geography
Europe, focus Southern Europe
Model
Co-investment, deal-by-deal
New geopolitical paradigm
Long term NATO target of 5% of GDP defence budgets across all nations, meaning >€1tn/year by 2030 and ~€2tn/year by 2035. Startups access multi-year contracts and grant schemes, making equity capital go further since founders are not burning cash on basic R&D, they're scaling proven technology.
Why Aquila
Named after the Constellation of the Eagle
Aquila sits at the intersection of aerospace, defence and sovereignty. We focus on technologies that operate across orbit, air and the systems that connect them to the ground.
Eleven stars forming a single eagle. Eleven capabilities forming a single sovereign Europe. We invest in what reinforces strategic control, orbit to ground, lab to market.
For those who dare to build.
Libertas per technologiam
Founding Partners
Operators, not observers
Enrique Casado
Founding Partner
Deep tech venture investor with experience building and managing early-stage investment clubs and incubation initiatives. Background in product management and strategy consulting.
Inigo Estebanez de la Mata
Founding Partner
Deep tech and aerospace & defence venture professional with hands-on experience in startup assessment and acceleration programs. Focused on scaling space and defense startups through strategic partnerships.
Miguel Pascual
Founding Partner
Founder of Hareas, a downstream deep tech company. Background in early-stage startups, due diligence and fundraising, with experience connecting players across the ecosystem.
For those who dare to build Europe's technological sovereignty.
Aquila is not open to applications. Membership is extended by invitation, after a review by the founding partners or a recommendation from a current member.
Selection criteria
Proven technical expertise
Hands-on experience in deep tech, defence, space or dual-use systems. Builders, not just boosters.
Demonstrated industry leadership
A track record of shipping, deploying or buying technology that matters to European sovereignty.
Disciplined investment posture
Strategic capital that understands long cycles, procurement and the difference between momentum and conviction.
What members commit to
Contribution over consumption
Members add value, intros, signal or capital. The feed is not a newsletter.
Domain depth
Real expertise in at least one domain we care about, from AI and autonomy to space and cyber.
Reliability and reputation
Vouched for by peers and stewards. Discretion is not optional.
Ethical alignment
Commitment to responsible use of dual-use and space technology.
Long-term posture
We work with people who play the decade, not the quarter.
Already know a member?
Ask them for an introduction. Otherwise, you can reach the founding partners at join@aquilaventures.com with a brief note on who you are and what you'd contribute.
Libertas per technologiam