Indra, the Spanish defence and technology group, wants to multiply the size of its venture capital vehicle, Indra Ventures, fivefold, from €200 million to €1 billion, to invest in start-ups developing technology with both military and civilian uses.
The plan
Manuel Ausaverri, Indra’s director general of strategy and mergers and acquisitions, explained the plan at a defence conference. He said the fund’s mission is to help small, advanced and disruptive technology companies to scale up and reach their full potential, particularly in their production capacity.
The fund currently combines capital from Indra, the CDTI — Spain’s state agency for technological development and innovation — and private partners.
Strengthening the defence ecosystem
Ausaverri said that strengthening the national defence ecosystem is part of Indra’s mission. The company is involved in most of Spain’s military modernisation programmes, and wants to build a network of solid, profitable suppliers that can grow into a stable, powerful defence industry capable of competing internationally.
Looking for partners
According to company sources, the €1 billion target has been set, but the structure has not yet been defined. Reaching it will require new financial and industrial partners.
The focus
- Dual-use technology: innovations useful for both defence and civilian markets, such as drones, cybersecurity, space, sensors and artificial intelligence.
- Industrial capacity: helping start-ups move from prototype to production.
- Exports: using Indra’s international contracts as a route to foreign markets.
The fund will focus mainly on Spanish companies, but will not rule out international opportunities.
The context
European countries, including Spain, are increasing defence spending in response to the war in Ukraine and pressure from NATO allies, and governments are keen for more of that money to be spent within Europe. Indra, in which the Spanish state is the largest shareholder, has positioned itself as a central player in that effort, and the Indra Ventures expansion is part of its strategy to build a wider industrial base around it.
