Since 2022, venture capital has intensified its presence in the Spanish defence industry, with mixed funds and operations of up to €250 million.
According to El Confidencial Digital, venture capital has intensified its entry into the Spanish defence industry since 2022, in a context of increased geopolitical uncertainty and rising European military spending. The investments combine private funds with public instruments and are directed, in several cases, towards companies in radars, communications, space, aviation, cybersecurity, and dual-use technologies.
Hyperion and Nazca are among the most active vehicles. Both have public entities among their main shareholders, according to data from the Comisión Nacional del Mercado de Valores (CNMV).
Hyperion, created in January 2024 by Pablo Casado and Ricardo Gómez-Acebo Botín, is negotiating with Amper the purchase of Advanced Radar Technologies, a radar systems manufacturer, for an amount of up to €45 million. The operation is pending closure.
The fund is also preparing a second vehicle that aims to raise up to €1 billion. The first raised €150 million in early 2025, and by the end of that year, the ICO and the CDTI accounted for 48.92% of its main participants, according to the CNMV.
Among Hyperion's partners are Indra, whose largest shareholder is the State with 28%, Sapa, Prosegur, Nortia, and Amper. The fund has also invested in the British Antares, specialised in electronic warfare, and in the Navarrese OCS, focused on critical systems for the aerospace and railway sectors.
Hyperion and Corporación Financiera Azuaga have presented Boost Air Group, created from the integration of Gestair, Brok-Air Aviation Group, ATS Aviation, and Semasa. The group aims to be an independent aeronautical maintenance operator with international activity and a turnover of €600 million in five years. Sapa has taken nearly 6% of the capital.
During 2025, Hyperion entered Gutmar, a manufacturer of precision components, alongside Lauria Partners, and in Pangea, a provider of aerospace propulsion systems, where it led a round of €23 million with the CDTI and the Italian fund Primo Space. In Sateliot, specialised in nanosatellites, it contributed €10 million alongside Telefónica and the Spanish Society for Technological Transformation (SETT).
Senda Investment Partners, created by Javier Olascoaga and Víctor García Reymundo, is negotiating its entry into Aicox, a technology provider for the Army. The operation involves an expansion of about €250 million and the creation of a group specialised in tactical military communications and electronic warfare, with an approximate valuation of €400 million.
Nazca has strengthened its presence with the incorporation of Carme Artigas, former Secretary of State for Digitalisation and Artificial Intelligence. In early 2025, it announced a fund of €600 million. By the end of that year, the CDTI held 49% of its main participations, the European Investment Fund 15.9%, and Airbus 9.94%.
Its most significant operation in communications was the purchase of Teltronic from the Chinese Hytera for €120 million in mid-2025. Later, Teltronic was sold to Amper for €111 million in cash and another €44 million through a capital increase, and Nazca took a 7.75% stake in Amper. Cofides contributed €50 million from the Fund for Investments Abroad to close the acquisition.
Nazca also acquired 39% of Oesía in April, with a company valuation of €286 million plus debt. That same month, it led a round of €115 million in Xoople, a company based in Tres Cantos dedicated to Earth observation. At the end of 2025, it acquired a majority stake in Ravenloop, a predictive cyber intelligence platform, and this year participated in an expanded round for PLD Space of up to €288 million, which has 400 employees.
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