Sweden has expressed its intent to participate in the NATO Innovation Fund, which will invest $1.1 billion in early-stage startups developing emerging and disruptive technologies that can address critical defense and security challenges. The country, which is on track to be the 32nd NATO ally, will officially join the alliance following accession talks.
Pal Jonson, Sweden’s minister of defense, said his country is ready to help strengthen the alliance through its geo-strategic location and military capabilities and vibrant security and defense industry that promotes innovation and the development of cutting-edge technology. He noted that Sweden can increase its contribution to NATO by joining the NIF.
The multi-sovereign Innovation Fund currently has 23 NATO countries as limited partners, including Belgium, Finland, Germany, the Netherlands and the United Kingdom. Its billion-dollar venture capital fund will be used for direct investments in emerging companies from NIF member nations and for indirect investments into other ventures focused on deep tech development.