Key Takeaways
Tech Startup Quickshift Raises ₹22 Cr In Pre-series A Funding Round
- Project Q raised €15m in Series A funding led by Promus Ventures with participation from Headline and Batman VC Partners
- The round closed just 11 months after the startup's previous funding, signaling strong investor confidence in European defence tech
- European defence tech investment grew from €1.3 billion in 2021 to €6.9 billion in 2023, with momentum continuing into 2024
Project Q, a German defence technology startup, has closed a €15m Series A round just 11 months after announcing its previous funding. Promus Ventures led the round, with existing investors Headline and Batman VC Partners also participating. The speed of the raise underscores how quickly capital is flowing into European defence tech following NATO countries' renewed spending commitments.
Why the rapid turnaround?
Founded in 2023, Project Q builds autonomous reconnaissance systems. These unmanned platforms help military forces gather intelligence without putting soldiers at risk. The company's CEO, Max Saborowski, called the timing of the raise deliberate. Post-Ukraine, European governments are scrambling to modernize their militaries, and startups that can deliver quickly are getting funded faster than ever.
The numbers back this up. European defence tech investment hit €6.9 billion in 2023, up from €1.3 billion just two years earlier. That fivefold increase has attracted a new generation of founders and VCs who previously avoided the sector for ethical or regulatory reasons.
Project Q's Series A follows a familiar pattern for 2024. The company raised a pre-seed round with a German family office in 2023, then closed a 2024 seed round led by Batman VC, with Earlybird's DefenceTech fund and Germany's ByersFund joining. Each round came faster than typical startup timelines would suggest.
What does Project Q actually build?
The startup focuses on autonomous reconnaissance. In practice, this means unmanned systems that can operate in contested environments without constant human control. Traditional defence contractors take years to develop such platforms. Project Q and similar startups argue they can move faster by applying commercial software development practices to military hardware.
Saborowski noted that European governments are now actively seeking non-American suppliers. "What is frustrating, and what is accelerating in Germany and also in the European defence side right now, is a lot of attention around the independence of the stack," he said. That means buying from local companies rather than relying on US defence primes.
The competitive landscape
Project Q is not alone. A wave of European defence startups has raised significant capital in the past 18 months. The sector's growth parallels what happened in US defence tech a decade ago, when companies like Anduril began challenging legacy contractors.
However, European startups face a fragmented procurement landscape. Each NATO country has its own defence ministry, budget process, and regulatory requirements. Project Q has secured contracts with the German Armed Forces, but expanding across borders requires navigating multiple bureaucracies.
"Beyond Europe it's easier and faster to sell in defence tech for westerners," Saborowski said. "These markets don't necessarily mean it isn't good to be here, just that they offer a lot higher speed between commercialisation and revenue." The implication: Project Q may pursue contracts outside Europe while its home market matures.
What's next for the company?
Project Q currently employs around 25 people. Saborowski said the team could grow to 50 in the next 12 months, though he's not committing to a specific headcount target. "I'm not forecasting a specific round or fund amount or anything," he said, adding that some new hires will come from acquired companies as the startup looks to consolidate in Germany.
The company is also positioned to benefit from the new German Armed Forces procurement reforms announced this year. Those reforms aim to streamline purchasing and give more contracts to startups rather than legacy suppliers.
Logicity's Take
The 11-month gap between rounds is the real story here. It signals that defence tech has entered the same velocity-driven fundraising environment that consumer and enterprise SaaS enjoyed in 2020-2021. For founders considering the sector, the window is open but narrowing. Early movers like Project Q are locking in relationships with European militaries that will be hard for latecomers to replicate. The question is whether European governments can actually spend at the pace VCs are investing. If procurement stays slow, some startups will burn through capital before contracts materialize.
Frequently Asked Questions
What does Project Q do?
Project Q builds autonomous reconnaissance systems for military applications, focusing on unmanned platforms that can gather intelligence in contested environments.
Who led Project Q's Series A?
Promus Ventures led the €15m Series A, with participation from existing investors Headline and Batman VC Partners.
Why is European defence tech attracting so much investment?
European defence tech investment surged from €1.3 billion in 2021 to €6.9 billion in 2023, driven by NATO countries increasing military spending after Russia's invasion of Ukraine and seeking alternatives to US suppliers.
How fast did Project Q raise its Series A?
Project Q closed its Series A just 11 months after announcing its previous funding round, an unusually rapid timeline that reflects strong investor appetite for the sector.
Another recent European startup funding round with a notable founder backstory
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Source: Sifted
Huma Shazia
Senior AI & Tech Writer
Produced with AI assistance and reviewed by the Logicity editorial team. Learn more in our Editorial Policy.
