Member Spotlight: The Veteran Fund
For this deep dive, we spoke to Ryan Micheletti, Managing Partner of The Veteran Fund.
Tell us about your firm. What makes it different?
The Veteran Fund is a top-decile venture capital firm that invests in seed-stage, critical technology companies led by elite U.S. military veterans. Our founders are battle-tested leaders who have already proven their ability to problem-solve under pressure, lead teams in complex environments, and execute missions with precision and integrity. We back these exceptional operators as they build frontier technologies in artificial intelligence, advanced manufacturing, space, cybersecurity, and dual-use innovation that strengthen both economic and national security.
What sets us apart is our unique combination of mission-driven leadership and top-decile performance. Our first fund was oversubscribed and is performing in the top 10% of all venture funds globally, validating our thesis that veteran-led companies outperform. We combine proprietary deal flow from the national security ecosystem with deep venture experience and a world-class LP network to deliver both purpose and profit.
What defines your portfolio?
Our portfolio reflects a commitment to dual-use innovation and American leadership in critical technologies. Every company we invest in has veterans on the leadership team and is working on transformative technologies with both commercial and defense applications.
The portfolio includes category leaders such as HavocAI, which recently raised an $85M round; Firestorm, which recently raised $47M to scale expeditionary manufacturing for the U.S. and allied defense forces; Glid, winner of TechCrunch Disrupt 2025; and other frontier companies advancing space data infrastructure, AI autonomy, and cyber defense. Collectively, our portfolio companies have raised more than $350 million and are shaping the next generation of American industrial and technological strength.
Tell us about the current VC landscape in your geography/region.
We operate at the intersection of Silicon Valley’s innovation ecosystem, San Diego’s military ecosystem, Washington D.C.’s national security networks, and Austin’s frontier technology hubs. The VC landscape is undergoing a profound shift toward deep tech and dual-use investing, driven by geopolitical competition and a renewed focus on domestic resilience.
We see increasing collaboration between private capital, government programs, and defense innovators, which creates an environment ripe for investors who understand both the speed of venture and the rigor of national security. This convergence of technology and mission is where The Veteran Fund thrives.
What are the benefits of being an NVCA member?
NVCA plays a critical role in uniting the venture ecosystem, shaping policy, and amplifying the voice of investors who drive innovation. As members, we value the opportunity to collaborate with peers who share our commitment to responsible innovation, job creation, and advancing American competitiveness. NVCA’s leadership on policy and advocacy helps ensure that U.S. venture capital remains the most effective force for technological progress and economic growth in the world.
What’s ahead for your firm?
We recently launched The Veteran Fund II, a $50 million fund to expand our proven model and back the next wave of elite veteran founders building frontier technologies. Our goal is to continue outperforming while strengthening America’s leadership in critical industries. We’re deepening partnerships with top-tier venture firms, defense accelerators, and institutional LPs while expanding programs that help our portfolio companies win federal contracts, secure non-dilutive funding, and scale globally.
Ultimately, our mission remains the same: to back the best veteran leaders in the world who are now building the technologies that will define the future of freedom and American exceptionalism.
