After almost 15 years as the head of venture capital investments in disruptive technologies and innovation at the European Investment Fund (EIF), David Dana is changing direction. He has joined Expansion Ventures, a venture capital fund specialising in aerospace and defence, as a general partner.
Although the arrival of Marjut Falkstedt as the director general of the EIF in 2023 has led to changes within the institution, Dana says that these developments are not linked to his departure: “I started thinking about leaving a few years ago,” he comments. “I preferred to wait for an opportunity that was really worthwhile. As in any large institution, there are a certain number of constraints and processes which have their raison d’être, but which can sometimes be a little restrictive. That said, I wouldn’t be where I am today without the EIF. It’s a really nice place to work.”
In his new role, the general partner will be responsible for identifying direct investment opportunities in startups and contributing to the fundraising efforts of Expansion Ventures. The fund, based in Paris and Stockholm, has already raised €137m for its first vehicle and is aiming for €200m by the end of 2025. Its portfolio includes French space launcher Latitude and Finnish satellite startup ReOrbit.
Formerly under the aegis of French investment company Audacia, Expansion Ventures went independent last autumn. Other general partners include Audacia founder and chairman Charles Beigbeder; Starburst accelerator co-founder Sandra Budimir; and long-time Nordic investor Ted Elvhage. The fund targets European startups in sustainable aerospace, air mobility, defence and dual-use technologies. It received an investment from the EIF a year ago.
An “extremely promising” space sector
For Dana, the space sector remains “extremely promising” in 2025. While space agencies and European programmes are already supporting companies, “we are now in a phase where many opportunities require institutional and private investors to continue their growth and, hopefully, global expansion,” he says.
The defence and resilience sector is becoming increasingly important with the return of Donald Trump to the White House. “It’s definitely a topic of discussion,” Dana comments, “and will remain so for a long time to come. This only reinforces the idea that Europe must be strong in this specific area and mobilise its resources.”
This article in French.