Netherlands to house new $1.1 bln NATO innovation fund for European startups

The Netherlands will house a new 1 billion euro ($1.07 billion) NATO fund that will invest in European startup companies devel-oping technology with possible military or defense applications.

The fund, announced last year, will be officially launched during NATO’s annual summit in July, the Dutch ministry of Economic Affairs said in a statement published late on Monday.

“We expect that housing this fund in the Netherlands will make it easier for innovative Dutch start-ups to find their way to capital, stimulating solutions for both societal and military problems,” the ministry said.

The multinational fund is meant to bring together governments, the private sector, and academia to bolster NATO’s technological edge, the alliance said last year.