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PitchBook News - Startups gear up for EU defense surge

Also: Female founder face anti-DEI wave, our Global Markets Snapshot wraps up February's action & more
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The Weekend Pitch
March 9, 2025
Presented by Arcesium
(Jenna O'Malley/PitchBook News)
Europe is redefining defense priorities as global geopolitics shift and relations with its closest ally become increasingly strained.

It's been just over three years since Russia invaded Ukraine, and the threat to Europe's security borders is only intensifying as the US freezes military aid to that nation. Europe has been left vulnerable with lagging defenses. The EU's response: a massive spending spree.

This week, European Commission President Ursula von der Leyen announced an €800 billion (about $868 billion) plan to boost the EU's defenses. The proposal includes €150 billion in investment loans and directs more capital from the EU budget towards defense-related spending.

The urgency of the EU's defense needs and spending plans has caused a surge in the share prices of Europe's most prominent companies in the sector. German arms manufacturer Rheinmetall has seen its share price increase over 20% since Feb. 28, while the UK's largest contractor, BAE Systems, has seen its share price jump by more than 15%.

I'm Leah Hodgson, and this is The Weekend Pitch. You can reach me at leah.hodgson@pitchbook.com or on X @LeahFHodgson.

While much of the EU's spending will be directed toward established contractors and manufacturers, the expected rush of state-backed funding into the region's defense sector will also reach European startups, bringing new innovations to the 21st-century battlefield.
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Trivia
In 2024, the number of PE industry deals targeting aerospace and defense companies globally smashed 2021’s nearly decade-high count of 262. How many deals were inked in 2024?

A) 295
B) 333
C) 351
D) 395

Find your answer at the bottom of The Weekend Pitch!
 

Will the anti-DEI wave
hold back female founders?
(Shannon Fagan/Getty Images)
Female founders collectively raised nearly $39 billion in 2024, but the share of funding awarded to women dropped year-over-year, and anti-DEI sentiment may hold them back even more, according to our latest US All In report, sponsored by Wilson Sonsini, Fidelity Private Shares and Flourish Ventures.

Many of the entry points for female founders—such as funds dedicated to investing in underrepresented founders—may potentially be under legal threat during the Trump administration. But rising above the fray, there are the breakouts: 13 new female-founded unicorns were minted last year, and VCs have been aggressively courting Anthropic's Daniela Amodei and Thinking Machines' Mira Murati.

A European edition of the All In report, sponsored by Enterprise Ireland, is also available for download.
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February wrap-up:
One month in global markets
(Yuichiro Chino/Getty Images)
Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt, and commodities markets, tracking returns across a range of indexes and sectors. It also features private market activity, including major deals, fundraising, IPO performance, lending volume and unicorn creation.

In this monthly digest, we provide the datasets that the PitchBook Institutional Research Group is keeping an eye on as we start off the new year.
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Quote/Unquote
"We’re not seeing a huge frenzy, but I do think we see a lot of optimism that the fundamentals are there …waiting to be unlocked."

—Carl von Merz, head of Hunton Andrews Kurth’s US oil and gas practice, telling PitchBook News that President Trump’s energy policies and the power demands of AI have raised hopes for a boost in natural gas drilling and production.
 

Stay tuned
Keep an eye out for these insights and research reports coming out this week:
  • Q4 2024 France Snapshot
  • H2 2024 MENA Private Capital Breakdown
  • Analyst note: New Era of Buyers in VC M&A
  • Q4 2024 Information Security Report
  • Analyst note: Emerging Managers in TechBio/Healthcare 2025
  • 2024 Southeast Asia Private Capital Breakdown
  • Q4 2024 Biopharma Modalities
  • 2024 Annual US PE Middle Market Report
  • Q4 2024 Mobility Report
Songphol Thesakit/Getty Images
 

Trivia
Answer: B

In 2024, the PE industry inked an estimated 333 deals targeting aerospace and defense companies globally. Read more about this PE dealmaking surge here.
 

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This edition of The Weekend Pitch was written by Leah Hodgson. It was edited by Andrew Woodman and Ron Prichard.

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