# The Veteran Fund

> The Veteran Fund is a seed-stage venture capital firm backing high-growth technology startups led by founders from the U.S. military community. It writes $500K to $2M checks into dual-use companies - drones, autonomous maritime systems, space infrastructure, cybersecurity, AI and advanced manufacturing - and pairs the money with a network of four-star generals, operators and non-dilutive government capital. Its portfolio, which includes HavocAI, Firestorm, Vatn Systems and Natilus, has collectively raised more than $350 million.

- **Founded:** 2022
- **Headquarters:** San Francisco, United States
- **Founders:** Justin Nahama (Co-Founder and General Partner), Ryan Micheletti (Co-Founder and General Partner), Mike Sherbakov (Co-Founder and General Partner), Lisa Song Sutton (General Partner)
- **Team size:** 57
- **Products:** The Veteran Fund I, The Veteran Fund II, The Veteran Fund Syndicate, Veteran Pitch Competition, Portfolio support platform
- **Notable:** Closed an oversubscribed inaugural Fund I, Portfolio companies have collectively raised more than $350 million, Backed HavocAI ($100M Series A; ~$200M raised since 2024) and Firestorm ($82M Series B; ~$153M total)

## Products & services

- **The Veteran Fund I** — Inaugural, oversubscribed seed-stage fund investing $500K-$2M checks into veteran-led, dual-use technology companies at $5M-$25M valuations.
- **The Veteran Fund II** — $50 million second fund expanding the model to back the next wave of veteran founders building frontier and national-security technologies.
- **The Veteran Fund Syndicate** — Co-investment vehicle giving the fund's network access to deal-by-deal opportunities alongside the main fund.
- **Veteran Pitch Competition** — $100,000 investment prize for a standout veteran-led startup; won by EMPEQ in the 2024 cycle.
- **Portfolio support platform** — Strategic mentorship, government and industry introductions, access to non-dilutive capital, and a community of four-star generals and operators.

## Achievements

- Closed an oversubscribed inaugural Fund I
- Portfolio companies have collectively raised more than $350 million
- Backed HavocAI ($100M Series A; ~$200M raised since 2024) and Firestorm ($82M Series B; ~$153M total)
- Portfolio company Glid won TechCrunch Disrupt 2025 Startup Battlefield
- Portfolio company TERN AI named to TIME's Best Inventions of 2025
- Awarded a $100,000 investment prize to veteran-led EMPEQ through its Veteran Pitch Competition
- Featured in a National Venture Capital Association member spotlight

## Latest updates

- **2026-05** — HavocAI closed a $100M Series A (~$200M total); Firestorm raised an $82M Series B (~$153M total); new investments in Foundation Robotics, Autonomous Cyber, Refacture and DarkSaber Labs; launch of The Veteran Fund Syndicate.
- **2026-01** — Vatn Systems raised a $60M Series A and acquired Crewless Marine; Glid won TechCrunch Disrupt 2025; TERN AI named to TIME's Best Inventions of 2025; Proteus took a prime role tied to a $151B Missile Defense Agency effort.
- **2025-07** — Natilus reported $23.7B in customer reservations; new investments in Bravo Ordnance and SplashOne; Vatn opened a Rhode Island manufacturing facility with capacity for 2,000 units annually.
- **2024-11** — The Veteran Fund debuted its initial fund and announced an oversubscribed close alongside a $100,000 Veteran Pitch Competition won by EMPEQ.

## Links

- Website: https://veteran.fund
- LinkedIn: http://www.linkedin.com/company/theveteranfund
- Twitter/X: https://twitter.com/theveteranfund
- Facebook: https://facebook.com/theveteranfund

---

Profile page: https://yespress.io/the-veteran-fund
Published by YesPress — https://yespress.io
Last updated: 2026-08-15