EBAN Space and Defence Manifesto

Space Defence Investment Manifesto

Space is not just a resource—it is the frontier of global defence. As nations and societies increasingly rely on space for communications, navigation, surveillance, and national security, we recognise space as the next battlefield, the heart of technological advancement, and the backbone of global stability.

We Affirm

1. The Strategic Imperative of Space Defence
   Space is no longer a passive enabler of economic or technological activity. It is the core of modern defence. From satellite communications to missile defence, space-based technologies are critical to national security.
   As investors, we acknowledge that space is central to the defence infrastructures of governments, multinational organisations, and sovereign nations. The militarisation of space is a reality—and it is our responsibility to ensure its security, resilience, and accessibility for future generations.
2. The Urgency of Action
   The global space environment is becoming increasingly contested. The weaponisation of space, rising geopolitical tensions, and space debris pose a direct threat to the security of all space assets.
   As investors in the defence sector, we recognise the urgent need to fund and support technologies that protect against threats like anti-satellite weapons (ASATs), cyberattacks, and orbital collisions. The long-term stability of space-based infrastructure depends on immediate and decisive investment in defence-focused space technologies.
3. The Power of Public-Private Partnership
   Governments alone cannot secure the future of space. The space industry must unite through public-private partnerships (PPPs) to foster innovation, resilience, and sovereign autonomy.
   We commit to aligning our investments with government priorities, including EU and NATO defence frameworks, while empowering space startups and dual-use technologies that provide both commercial and defence capabilities.
   We recognise that collaboration between the private sector and defence agencies is essential to meet the ever-growing demands of space security and to keep pace with emerging threats.
4. The Role of Investment in Resilience and Sovereignty
   Our investment strategy must focus on space resilience, including resilient satellite infrastructure, space domain awareness (SDA), debris mitigation, and space cyber defences. We will support the development of autonomous space capabilities to ensure that no nation is vulnerable to malicious interference.
   By funding technologies that enhance strategic autonomy, we help guarantee sovereign defence in space and support national and European objectives for security and self-sufficiency.
5. The Commitment to Ethical Investment and Governance
   As investors, we uphold the principles of responsible governance in space, ensuring that investments adhere to ethical standards and align with international law. We call on all space operators to adopt guidelines that protect the peaceful use of space, following frameworks such as the United Nations Outer Space Treaty, the European Space Strategy for Security and Defence, and the EU’s Space Programme.
   We will ensure our investments contribute to equitable access to space, secure and sustainable operations, and the prevention of harmful space activities.
6. The Imperative of Geostrategic Stability
   Space is not just a commercial frontier—it is a geostrategic asset. The future of international stability and peace hinges on the ability to secure space. We, as investors, understand that space security is a core pillar of national security, and we are committed to driving investments that contribute to global peace and geostrategic stability.

Our Vision for the Future of Space Defence

We envision a future where space is:

• A secure and resilient domain free from aggression and disruption.
• A cooperative arena for nations and companies, underpinned by shared principles of security, sovereignty, and peace.
• A space of innovation, where technologies like AI, quantum encryption, space-based defence systems, and space situational awareness create new possibilities for defence and security.

Our Call to Action

We, the investors, commit to:

• Funding resilient, secure, and innovative space technologies that protect space-based infrastructure and national security.
• Aligning with global defence strategies, including the EU Space Strategy, NATO’s Space Policy, and international frameworks for space security.
• Ensuring that all investments contribute to the responsible use of space, in line with the United Nations Declaration of Human Rights and Space Law.
• Collaborating with governments, space agencies, and defence organisations to build a space defence ecosystem that is sustainable, autonomous, and secure.

Space is the next frontier of defence.

We must act now to secure it.

Let’s invest in space defence today—so that peace, security, and prosperity in space can be a reality for all.

Today, at the Artificial Intelligence (AI) Action Summit in Paris, Commission President Ursula von der Leyen has launched InvestAI, an initiative to mobilise €200 billion for investment in AI, including a new European fund of €20 billion for AI gigafactories. This large AI infrastructure is needed to allow open, collaborative development of the most complex AI models and to make Europe an AI continent.

Read more

In the latest episode of the Ignite Podcast, we dive deep into the world of venture capital with Ian Sosso, founder and managing partner of Monte Carlo Capital. While many may not have the time to tune into the full conversation, this blog post captures the essence of Ian’s insights, from his unconventional path to venture capital to the innovative strategies that define his success.

Ian Sosso’s Journey: From Investment Banking to Venture Capital

Ian Sosso’s story begins in Monaco, where he was one of the Principality’s 9,000 citizens. Educated in the UK, Ian embarked on a high-flying career in investment banking, working for global powerhouses like JP Morgan and UBS. After years of managing trading floors across London, Tokyo, and Hong Kong, Ian transitioned into venture capital, leveraging his financial acumen to identify high-potential startups.

Monte Carlo Capital began as a vehicle for Ian’s personal investments. Over time, it evolved into a hybrid investment model that combines angel syndicates and venture funds. This approach allows Ian to invest early, often as the lead investor, and build concentrated positions in promising startups.

Listen here!

At EBAN, we take pride in representing the voice of Europe’s early-stage investment community, and we were honored to participate in the Investors Edge Conference, part of the Slovenian Startup Forum. This dynamic gathering brought together investors, entrepreneurs, and key policymakers to advance Slovenia’s bold ambition of becoming a leading startup hub in Europe.

The event showcased innovative solutions, inspiring discussions, and actionable insights on creating a thriving investment ecosystem. Our Director General, Jacopo Losso, and President Jesper Jarlbæk actively contributed to conversations on fostering cross-border collaboration, syndication opportunities, and the crucial role of angel investors in driving impactful growth for early-stage ventures. A special thanks to EBAN Vice President and Treasurer Nina Dremelj for hosting us and contributing her expertise to the discussions. The conference provided a platform for exchanging ideas on cross-border collaboration, syndication, and the key role of angel investors in driving early-stage growth.

Slovenia’s startup landscape is brimming with potential, and it’s encouraging to see stakeholders uniting to double the number of startups and amplify venture capital opportunities. At EBAN, we believe that angel investors are pivotal in this journey, providing not only capital but strategic guidance and mentorship.

We are excited to continue partnering with Slovenia and its vibrant investment ecosystem, working towards a stronger, more connected European startup landscape. Here’s to more meaningful partnerships and groundbreaking innovations ahead!

See pictures from the event here!

About the Event:

The Investors Edge is part of the SLOVENIAN STARTUP FORUM, uniting key stakeholders and government leaders to advance the Slovenian Startup Strategy 2030. Exploring bold goals, such as doubling the number of startups and significantly boosting venture capital, while showcasing international best practices and solutions to position Slovenia among Europe’s top startup ecosystems.
The program is co-financed by the Republic of Slovenia and the European Union through the European Regional Development Fund. It is implemented under the program “Content Support for Faster Global and Sustainable Growth of Innovative SMEs (DevelopmentPlus Program)” as part of the European Cohesion Policy Program for the 2021–2027 period.

Executive summary

Every startup begins with an idea. And that idea begins with the founding team.

In some cases, that founding team is one individual—a solo entrepreneur with an appetite to do it all. In other cases, the team includes multiple co-founders who hope to use their complementary skills to conquer a market.

In the beginning, the founding team typically owns all of the startup’s equity. But this state of affairs rarely lasts for long. From the outset, deciding how to divide equity among co-founders, investors, employees, and other stakeholders is a strategic choice—and it remains critical as a company continues to grow.

This report uses anonymized data from more than 45,000 startups incorporated from 2015 through 2024 to shed new light on how founder ownership works across the U.S. venture ecosystem, digging into first-of-its-kind data on the composition of founding teams, how founding teams divide their initial pool of equity, and how equity ownership evolves as startups move through their fundraising journeys.

How should a company spend this precious equity resource? We hope this data can help founding teams and their investors as they consider this question at every stage of the venture-backed journey.

Report highlights

• Solo founders are stepping up: The percentage of all startups incorporated on Carta that are led by a solo founder has more than doubled over the past decade, reaching 35% in 2024. Over this same span, startups with three, four, and five founders have become less prevalent.

• Solo founders are less likely to raise VC funding: Compared to larger founding teams, solo founders are less successful in raising venture capital. While solo founders comprised 35% of all companies incorporated in 2024, they accounted for just 17% of all companies launched in 2024 that also closed a VC round before the end of the year.

• Equal equity splits are becoming more common: While most founding teams choose to divide equity among themselves on an unequal basis, a growing number of co-founders are opting for an even split. In 2024, 45.9% of two-person founder teams divided up their equity equally, compared to 31.5% back in 2015.

• Founder ownership declines most at early stages: After raising a seed round, the median founding team collectively owns 56.2% of their startup’s equity. At Series A, that figure falls to 36.1%, and at Series B, it’s 23%.

Read it here!

The CVC paradox: High investment activity, low acquisition rates by corporate sponsors

Corporate venture capital has been an undisputed force in the US venture ecosystem. Since 2014 it has accounted for more than 46% of total VC deal value and 21% of deal count. Yet despite having deployed massive capital, CVCs haven’t converted many of their portfolio companies into acquisitions.

PitchBook’s latest analyst note examines 25 years of CVC activity, exploring the reasons why M&A may not be the end goal for many of these investors. Senior analyst Kaidi Gao lays out some of the strategic and financial considerations for these investors and how a changing M&A landscape may impact potential CVC-backed acquisitions in 2025 and beyond.