stanislaw kastory

2021-2022 was the breakout year for European defense tech as a distinct industry, moving from prime contractor-dominated innovation to venture-backed startups, with ~€200M invested across Europe and Expedition's Fund I capturing early movers.

Ukrainian war financing enables rapid iteration with fewer restrictions (Chinese components, daily innovation), while European defense financing requires compliance with sovereignty, certification, and pan-European interoperability — different success mechanisms and capital sources.

Blackwall's anti-bot cybersecurity product addresses a universal problem (bots >50% of web traffic) with 2x annual growth and excellent unit economics, representing a dual-use defense/commercial opportunity largely unknown in Europe.

Blackwall addresses the massive bot traffic problem (over 50% of internet traffic) with a product showing four years of consistent 2x growth and excellent unit economics, yet remains largely unknown despite being one of Europe's highest-growth growth-stage companies.

Each major European country (Germany with Helsing/Stark/Quantum Systems, UK with Cambridge Aerospace) wants its own 'novel prime' contractor, driving domestication of capabilities. This fragmentation makes it difficult for defense tech startups to scale pan-European, as capabilities are viewed as domestic rather than European assets.

Ukrainian battlefield innovation uses Chinese components and daily iteration for immediate effect, but European defense procurement demands rigorous certification and zero Chinese content. This makes companies like Orca, which build with sovereign supply chains, critical for European deterrence despite slower development cycles.

Expedition's Fund I backed both the quantum networking leader (New Quantum, led seed) and quantum computing leader (Horizon Quantum, now public at $1B+ valuation), validating quantum as a strategic European defense technology vertical.