Nicholas Nelson has received about 1,200 pitches from European defence technology start-ups this year. The general partner at Archangel, an early-stage venture fund focused on defence tech, said the pitches ranged from detailed presentations to a handful of slides, two-page memos and even a single drawing.  “The quality is getting better, but the quantity has gone up a lot faster,” he said.  Nelson’s experience is far from unique. The Ukraine war and the revolution in drone warfare have catalysed interest from entrepreneurs and investors in the sector. More than 230 defence tech start-ups have been founded in Europe since Russia’s invasion in February 2022, including 52 this year, according to Dealroom. Venture capital investment in European defence tech has similarly jumped, reaching $1.5bn in the most active year yet.

Full analysis : More than 230 defense tech startups have been founded in Europe since Russia invaded Ukraine, driven by drone tech, as investors say a shake-out is inevitable.