Few individual angels publish their defense-tech investments, because the sector is funded mostly by venture firms writing large rounds. In no particular order, three documented examples are Angel One, a Ukrainian angel fund; Elad Gil, who led Anduril's Series D; and The Veteran Fund, which backs veteran founders. This page also covers the rules that shape who can invest.
Who actually funds defense tech?
Venture firms, at scale. Crunchbase News reported in June 2026 that more than $14.6 billion had gone into military, national security and law enforcement startups so far that year, already above the previous annual record of $9.6 billion set in 2025. It counted 107 rounds against 206 in all of 2025, and the biggest ones were led by firms: Infinite Capital and Ribbit Capital on Mach Industries' $300 million Series C, Advent International and JPMorgan Chase on Shield AI's $2 billion Series G, and Kleiner Perkins on Saronic's $1.75 billion Series D. The largest single round it names is Anduril's $5 billion Series H in May.
The investor bios show a similar pattern. A 2024 TechCrunch report says Silicon Valley invested almost $35 billion in defense tech startups in 2023 and names venture firms hiring veterans: Shield Capital, whose managing partner Raj Shah served in the Air Force, and Franklin Venture Partners, whose director Chris O'Donnell is a former Navy SEAL. It does not mention angel investors, and the Crunchbase News report does not discuss seed-stage or angel money either.
Which angels have a public defense-tech record?
Angel One
Angel One is an angel venture fund and a member of the Ukrainian Venture Capital and Private Equity Association. A July 2024 UVCA report says it had invested in six domestic defence and dual-use startups, naming Swarmer (drone swarms), Mantis Analytics (AI for real-time risk identification) and Buntar Aerospace (reconnaissance drones and planning software). It works through syndication deals, and the report says its internal guidelines bar direct investment in military products, so it acts as an intermediary between private investors and startups. Managing partner Ivan Petrenko said it had recently raised a new $1 million round.
Elad Gil
TechCrunch reported in June 2021 that Anduril's $450 million Series D, at a $4.6 billion valuation, was led by angel investor and serial entrepreneur Elad Gil, with Andreessen Horowitz, Founders Fund, 8VC, General Catalyst, Lux Capital, Valor Equity Partners and D1 Capital also taking part. Gil's own site now describes Gil&Co as a multi-stage investment firm, and Lenny's Newsletter ranks him third among the most active US angels over five years. A lead role in a round that size is far from a typical angel check.
The Veteran Fund
Mike Sherbakov, a partner at The Veteran Fund, made his first angel investment in 2015, the year he sold his health and wellness company, according to a September 2026 We Are The Mighty profile. The profile says the fund launched in 2022 and backs veteran founders. Its first fund targeted $10 million and closed oversubscribed at $20.2 million, making 26 investments after reviewing more than 5,000 companies, and its second fund is a $50 million vehicle with four investments so far. Sherbakov calls the firm's network its "secret sauce."
What rules shape who can invest in defense tech?
Foreign money is the first constraint. The Committee on Foreign Investment in the United States, chaired by the Treasury Department, describes itself as an interagency committee authorized to review certain transactions involving foreign investment in U.S. businesses. Export controls are a second layer. Under the U.S. International Traffic in Arms Regulations, 22 CFR 120.50 treats any release in the United States of technical data to a foreign person as an export to every country where that person holds or has held citizenship or permanent residency.
Government money is the third. The SBIR and STTR programs are described on the SBIR site as equity-free and non-dilutive funding from federal agencies. A 2026 National Academies review of the Department of Defense programs says DoD runs the largest SBIR and STTR programs at $2.3 billion, ahead of Health and Human Services at $1.2 billion, and made 34,704 awards to 6,093 small businesses between fiscal 2012 and 2023. The same review puts the congressional set-aside at 3.2 percent of a participating agency's extramural R&D budget for SBIR and 0.45 percent for STTR. The per-award limits are covered in the biotech angels guide, which uses the same SBIR rules.
Why are named angels scarce in defense tech?
The sources describe the scarcity but do not explain it. Crunchbase News counts 107 rounds so far in 2026 and names only firm-led deals among the largest. TechCrunch's 2024 report names firms and their veteran hires and mentions no angels. The three names above are the ones with a documented defense record in the sources checked for this page, and two of the three, Angel One and The Veteran Fund, are funds rather than individuals. That makes Gil the only individual angel in this list, and his documented defense deal is a 2021 round that he led. For the investor's side of the sector, read angel investing in defense and government tech, how to invest in deep tech startups and angel investing in hardware startups. The cross-border issues are in the international angel investing guide, and angel investing due diligence lists what investors check. More lists are in the angel investing section.
Frequently Asked Questions
Q:Who is the top angel investor in defense tech?
No public source ranks them. The three examples above are the ones with a documented defense record in the sources checked for this page. Lenny's Newsletter ranks US angels by activity across all sectors, not by defense deals.
Q:Can a foreign angel invest in a US defense startup?
Sometimes, but it can trigger review. CFIUS is authorized to review certain transactions involving foreign investment in U.S. businesses, and under the ITAR a release of technical data to a foreign person in the United States counts as an export. A lawyer experienced in both areas is the person who can say how a specific deal is treated.
Q:Why are there so few named angels in defense tech?
The sources do not say. Crunchbase News shows the biggest 2026 rounds led by firms, and TechCrunch's 2024 report on the sector names firms and does not mention angels. The few angel-type names that do appear, such as Angel One in Ukraine, are more visible than their share of the market can be measured from these sources.
Q:How much money is going into defense tech?
Crunchbase News counted more than $14.6 billion across 107 rounds so far in 2026, as of early June, against a record $9.6 billion across 206 rounds in all of 2025. TechCrunch reported in 2024 that Silicon Valley invested almost $35 billion in defense tech startups in 2023, so the two figures come from different sources and are not directly comparable.