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Former CIA Officer Pivots to European Defense Tech Venture Capital
Eric Slesinger, a former officer with the Central Intelligence Agency, is now leveraging his intelligence background to capitalize on the burgeoning European defense and national security technology sector. In a whirlwind 24 hours last month, Slesinger traveled to Copenhagen, engaging with maritime drone engineers, war-planning software developers, and a NATO advisor. This follows a recent London meeting with a senior British intelligence official and precedes a planned Arctic expedition to study technologies suited for extreme environments. His packed schedule is indicative of the surging demand for expertise in defense innovation across Europe.
From Spy Agency to Venture Capitalist
While his demanding schedule might seem typical of his previous role at the CIA, 35-year-old Slesinger is now sought after as a venture capitalist. He is channeling his spy agency experience into a new career focused on the rapidly expanding field of defense and national security technology investments in Europe.
“This is all happening at warp speed,” Slesinger commented, noting his backing of eight defense start-ups and ongoing negotiations with several others.
European Defense Spending Boom Drives Tech Investment
Amidst uncertainty surrounding the trans-Atlantic alliance, European governments are committing to significant increases in defense spending. Plans are underway to allocate hundreds of billions of euros towards weaponry, missile defense systems, satellite technology, and other advancements aimed at modernizing their armed forces. This surge in defense budgets has spurred technologists, entrepreneurs, and investors to aggressively pursue opportunities in creating novel defense start-ups.
Prescient Vision in European Security Landscape
Four years prior, Slesinger’s move to Madrid was based on the premise that Europe would need to dramatically increase its defense investments, anticipating a potential decline in reliance on U.S. military protection. His foresight now appears remarkably accurate. Following the inauguration of President Trump, whose administration criticized Europe as “pathetic” and overly reliant on the United States for defense, Slesinger’s predictions have materialized.
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“Whether Trump won or Harris or anyone else, the fact would have remained that there’s a technology catch-up that needs to happen in Europe,” Slesinger stated during his Copenhagen visit. “Maybe it’s accelerated in certain ways, but this was a long time coming.”
201 Ventures: Investing in European Defense Innovation
Slesinger now occupies a unique position: a former American intelligence operative seeking to capitalize on Europe’s planned military modernization. His venture capital firm, 201 Ventures, is finalizing a $22 million fund to invest in emerging start-ups at the intersection of technology and national security.
201 Ventures’ initial investments span various sectors including:
- Maritime drone technology in Sweden
- Advanced manufacturing technology in Britain
- Artificial intelligence in Greece
- Hypersonic vehicle development in Germany
The Rise of European Defense Tech Ecosystem
The United States has a well-established history of defense investment, with Silicon Valley’s origins partly rooted in Pentagon funding, fostering the growth of military-focused companies like Palantir and Anduril. Europe, however, has seen fewer comparable successes, partly due to ethical concerns among investors regarding defense-related businesses.
“There has been this awakening moment, and it’s going to result in a dramatic increase in spending in defense, security and resilience technology,” stated Chris O’Connor, a partner at the NATO Innovation Fund. This 1 billion euro fund, backed by 24 NATO member states (excluding the U.S.), is a major financial supporter of Slesinger’s firm.
O’Connor emphasized that Slesinger’s national security background makes him exceptionally well-suited to identify companies possessing technology with strong potential for securing government contracts.
“He’s going to end up playing a critical role,” O’Connor affirmed.
Stanford Roots and CIA Calling
Slesinger’s background includes growing up near Washington, D.C., and graduating from Stanford University. Craig Milroy, co-director of Stanford’s Product Realization Lab, recalls Slesinger as an exceptional student in the mechanical engineering program, noting his standout capabilities in hardware innovation.
Unlike many Stanford peers who pursued roles at tech giants like Apple or Google, Slesinger sought a different path. “He came into my office one day and said, ‘I’m applying to join the C.I.A.,’” Milroy recounted, highlighting the unusual career choice. “That’s never happened before or since.”
Inside the CIA: Engineer Turned Operative
Slesinger remains discreet about his five and a half years at the CIA. With his engineering expertise, he described working in roles akin to “Q” from James Bond, providing technical solutions for intelligence officers.
“Imagine being a student, kind of nerd engineer, and then you get to go in this place where you have like a Santa’s workshop-like capability,” he explained. “Intelligence problems are really hard, they’re gnarly, and you feel a real responsibility to do something to solve the problem.”
In 2019, Slesinger transitioned from the agency to attend Harvard Business School, also spending a summer with the CIA’s venture capital arm, In-Q-Tel.
Around this time, Slesinger’s conviction solidified that Europe needed to rebuild its military capabilities after decades of underinvestment. In 2024, U.S. defense spending was approximately $880 billion, more than double the combined spending of other NATO nations.
Peace Dividend Ends, European Defense Takes Center Stage
With the United States increasingly focused on China, Slesinger foresaw the end of the “peace dividend,” which allowed European nations to prioritize social programs over military spending since World War II.
Russia’s 2022 invasion of Ukraine further validated his thesis. He subsequently established the European Defense Investor Network, currently encompassing around 125 investors, entrepreneurs, and policymakers. 201 Ventures was launched last year.
Initial fundraising proved challenging due to investor hesitancy regarding military technologies. However, Slesinger secured funding from NATO and enlisted advisors including Eileen Tanghal, former head of In-Q-Tel’s London office; David Ulevitch of Andreessen Horowitz; and author Sebastian Mallaby.
Global Reconnaissance for Defense Innovation
Over the past year, Slesinger has traveled extensively, visiting 15 countries. His recent Arctic trip involved exploring potential sites for testing innovative power sources and communication technologies via snowmobile. In Switzerland, he toured the world’s most powerful particle accelerator, showcasing his broad exploration of cutting-edge technologies.
Munich Security Conference and Shifting European Resolve
In February, Slesinger attended the Munich Security Conference in Germany, coinciding with Vice President JD Vance’s critical remarks about Europe. Within weeks, Germany, France, Britain, and other European nations pledged substantial increases in military spending, driven by concerns over the reliability of the United States as an ally.
“It felt like a sea change,” Slesinger recalled about Vance’s speech. “You could feel it as he was speaking.”
Future of European Defense Tech Investment
The extent to which this increased spending will benefit start-ups remains to be seen. Missiles, ammunition, and fighter jets are likely to take precedence over technology from nascent companies.
Slesinger anticipates it will take years to fully assess success. He expects to deploy his $22 million fund within two years and is already considering raising a larger subsequent fund. He notes a recent surge in pitches from European entrepreneurs newly focused on military technology ventures.
Lingering Doubts and Firm Reassurance
A persistent question Slesinger encounters in Europe is whether he has truly left the CIA.
“I’m really out!” he emphatically states.