After real estate, Bondstone targets space and defence with €50 million fund
Bondstone has launched a €50 million VC fund to invest in deeptech startups, focusing on sectors such as space, robotics and defence. The aim is to build a portfolio of more than 25 companies.
After investing primarily in real estate, the private equity firm is now expanding into other asset classes. The move represents what the company describes as a “natural evolution” of its business model.
“Bondstone was born out of real estate, but our long-term vision has always been to create a leading investment platform across different alternative asset classes. Venture capital represents the next logical step in that evolution,” said Paulo Loureiro, founder and chief executive of Bondstone.
He added that Europe is currently facing a unique convergence of technological, economic and geopolitical factors that are reshaping investment in sectors linked to technological sovereignty, particularly deeptech.
“We believe this context represents a unique market opportunity and reflects our conviction that the coming years will continue to be defined by increased European investment in this sector,” he said.
The fund, to be managed by Bondstone Ventures — a venture capital management company authorised by Portugal’s securities regulator — aims to raise €50 million in total. The first closing is expected in 2026, with a target of around €10 million.
According to Loureiro, discussions are under way with institutional investors in Portugal and across Europe, including some already familiar with the firm through its real estate private equity track record.
The minimum investment threshold has yet to be defined, but the fund is clearly targeting professional investors with a long-term outlook, seeking diversification and exposure to European technology, particularly at seed and early-stage levels.
Investment focus and strategy
The fund will focus on deeptech — defined as highly innovative and disruptive technologies with the potential to transform industries or create new markets.
Areas of interest include advanced artificial intelligence, quantum computing, computational biology and biotechnology, robotics and advanced automation, new materials and nanotechnology, dual-use technologies, energy technologies and space tech.
Rather than prioritising specific sectors, the investment strategy will centre on the quality and robustness of the underlying technology, the scientific merit of founding teams and the potential for financial impact.
In a year when Portugal increased its contribution to the European Space Agency by 51%, and at a time when defence is gaining prominence in Europe, Bondstone acknowledges that space and defence are key areas of focus.
“The aerospace sector and certain dual-use technologies linked to defence are part of our investment thesis, particularly due to their direct connection to European technological sovereignty,” said João Pedro Silva, a venture capital partner at Bondstone.
However, the firm has not set a fixed allocation of the €50 million fund across sectors, opting instead for flexibility and case-by-case evaluation.