🇺🇸 The Veteran Fund Update: JANUARY 2026
The Veteran Fund Update: January 2026
As we advance into 2026, we’re proud to announce that The Veteran Fund has achieved top-decile performance among venture capital firms, driven by the exceptional leadership of our portfolio companies.
In 2022, we started The Veteran Fund with the conviction that the operational excellence and disciplined execution ingrained in military leaders uniquely prepare them to build enduring, critical technology companies that strengthen America and her allies.
Today, our thesis is delivering results. Fund I’s top-decile performance is driven by our portfolio companies that are rapidly scaling, winning important government and commercial contracts, and have collectively raised over $350M in capital.
As America approaches her 250th birthday on July 4, 2026, we are reminded that the freedoms we enjoy, and the economic engine that sustains them, have always been shaped by leaders willing to take responsibility, embrace risk, and lead through uncertainty. From the founders who pledged their lives and fortunes in 1776 to today’s elite veterans building critical technology companies at the frontier of innovation, the through-line is that liberty is earned through leadership, purpose, and resilience in action.
With the launch of The Veteran Fund II, we recommit our capital and conviction to the same ideals that sparked America’s founding: liberty, unity, and leadership in service of something greater than ourselves to build a better world for all of humanity.
📈 Portfolio Highlights
Havoc AI recently closed an $85 million funding round backed by strategic partners including Lockheed Martin, In-Q-Tel, and Hanwha.
The company has solidified its position as the premier leader in maritime autonomy as it rapidly scales its fleet by deploying four new vessels and unveiling high-capability hulls like the 100-foot Atlas.
In addition to securing critical partnerships with industry titans such as SAIC and Metal Shark, Havoc’s technical superiority was recently validated by two U.S. Army contract wins and a historic demonstration of GPS-denied autonomous control across both air and sea domains.
Vatn Systems closed its $60 million Series A and announced its acquisition of Crewless Marine, a leader in advanced underwater acoustic sensing and signal processing.
The acquisition accelerates Vatn’s ability to deliver high-performance, low-cost torpedo, decoy, and sensor solutions at scale while positioning it to expand into harbor defense and environmental monitoring.
The Series A featured a heavy-hitting syndicate including BVVC, Airbus Ventures, Geodesic Capital, Hanwha, and our friends at Veteran Ventures Capital, along with strategic follow-on from Lockheed Martin Ventures and SAIC Ventures. This capital will accelerate the mass production of Vatn’s modular autonomous underwater vehicles (AUVs).
Glīd won first place in the prestigious TechCrunch Disrupt 2025 Startup Battlefield, closed an oversubscribed $3.1M Pre-Seed round, and advanced its dual-mode autonomous “Glīders” from concept to deployment-ready systems.
Glīd has rapidly emerged as a breakout logistics and autonomy platform under the leadership of founder Kevin Damoa, a former SpaceX engineer and military logistics expert.
By enabling vehicles to operate seamlessly on both road and rail, Glīd is unlocking underutilized rail corridors and redefining throughput for both commercial freight and defense logistics. With field deployments launching in 2026 and growing interest from ports, shippers, and national security stakeholders, Glīd is moving decisively from R&D into real-world impact, positioning itself as a category-defining solution in the $20T global freight market.
Firestorm closed a $47 million Series A funding round led by NEA, with significant participation from J.P. Morgan, Lockheed Martin Ventures, Booz Allen Ventures, and Washington Harbour Partners.
The investment will be used to scale xCell, Firestorm’s “factory-in-a-box” expeditionary manufacturing platform for contested logistics.
The xCell technology allows for the 3D printing of critical parts, including Firestorm’s modular, open-architecture UAS platform, Tempest, directly at the point of need, effectively eliminating long logistics tails and enabling frontline units to adapt and replenish fleets in contested environments.
TERN closed a $7.5M oversubscribed Seed Extension round and was named one of TIME’s Best Inventions of 2025.
The company recently completed a 53-mile, GPS-free convoy demonstration for the U.S. Army and was named a winner of the Army’s xTech Overwatch competition, beating more than 600 entrants and securing a path to a $2M SBIR Phase II.
TERN’s breakthrough navigation technology has gained significant global visibility, being named the Navigation Technology Innovation of the Year by the AutoTech Breakthrough Awards. TERN is solving the critical “GPS-denied” challenge that is a top priority for the Department of War.
Proteus was awarded Prime Contractor role on a $151 billion contract through the Missile Defense Agency after the successful space launch of MERCURY ONE.
The first AI-designed spacecraft achieved multiple historic milestones, including compressing the full “design-to-launch” cycle to nine months, proving that Proteus can deliver space-grade hardware at a speed previously considered impossible and positioning the company at the center of a decade-long effort to deploy advanced, AI/ML-enabled, multi-domain defense capabilities.
Together, the rapid MERCURY ONE execution and prime contractor designation underscore Proteus Space’s emergence as a category-defining player in next-gen space and missile defense critical infrastructure.
Chris Stott, CEO of Lonestar Lunar, with His Majesty King Charles III
Lonestar met with His Majesty King Charles III and closed an oversubscribed $6M Series Seed Extension round on the heels of two successful lunar missions.
To bridge the path to its permanent lunar infrastructure, Lonestar secured multiple data center contracts and is set to launch a Low Earth Orbit (LEO) data center in 2026 as a critical stepping stone to its ultimate cislunar storage solution.
By storing data off-planet, Lonestar offers a premium, ultra-secure backup solution that provides unprecedented resilience and sovereignty, far removed from Earth’s terrestrial threats. Their 2026 LEO launch provides an immediate proof of concept for “high-ground” data security, addressing the growing vulnerability of terrestrial servers to kinetic and cyber interference.
🚀 New Investment
We are proud to announce our latest investment in Defiant Space, a company currently in stealth developing next-generation space architecture with significant implications for national security, defense, and deterrence.
While the team remains in stealth today, we look forward to sharing more with our community later this year as Defiant Space is able to emerge publicly.
🇺🇸 Featured Limited Partner Book Release: Unlocking the Last 20% by Tucker “Cinco” Hamilton
Limited Partner Tucker “Cinco” Hamilton is publishing a book on March 24, 2026, titled Unlocking the Last 20%: Rising to Greatness Through Discipline, Balance, and Resiliency.
As the Air Force’s former Chief of AI and one of the most accomplished F-35 test pilots in the world, Cinco draws upon decades of experience operating at the intersection of leadership, resilience, and innovation. The message aligns deeply with what we stand for: helping principled leaders rise and create meaningful impact.
There are several ways you can support Cinco and help amplify his important message:
Pre-order the book directly through his website: www.tuckerhamilton.com
Make introductions to conferences, podcasts, or forums where he can share these ideas more broadly
📣 Announcements and Events
The Veteran Fund Featured by the National Venture Capital Association (NVCA)
We are honored to share that The Veteran Fund was featured in a Member Spotlight by the National Venture Capital Association (NVCA), the leading voice for the U.S. venture capital ecosystem. This recognition serves as a powerful validation of our thesis, reinforcing that the “veteran edge” is not a social mission, but a sophisticated investment strategy delivering superior returns while securing the future of freedom through frontier technology.
In the deep dive, General Partner Ryan Micheletti discusses our firm’s mission to back elite veteran founders building critical technologies that strengthen both economic and national security. As we scale with the launch of Fund II, this recognition from the NVCA underscores our commitment to advancing American competitiveness and validating the outperformance of veteran-led startups on the global stage.
Annual LP Dinner with General McChrystal
The Veteran Fund and LP General McChrystal hosted our annual backyard BBQ dinner at his home, bringing together LPs, portfolio company CEOs, senior military leaders, and key ecosystem partners for an intimate evening of candid conversation and connection.
The gathering reflected what makes our community distinct: leaders with deep operational experience, a shared commitment to service, and a long-term view on building enduring institutions. Conversations spanned national security, leadership under pressure, and the responsibility of founders and investors to build technologies that strengthen both economic and strategic resilience.
Mike Sherbakov and Justin Nahama in Antarctica
Veteran Leadership in Antarctica
General Partners Mike and Justin joined several LPs and more than 100 global business leaders on a well-being expedition to Antarctica led by LP Dr. Deepak Chopra.
The journey came together as a direct result of The Veteran Fund’s commitment to building a deeply connected LP community, bringing together like-minded leaders who believe that meaningful collaboration, trust, and shared values create an enduring edge in both life and investing.
After successfully navigating the Drake Passage, Mike and Justin shared how The Veteran Fund’s mission-driven venture capital model is delivering tangible impact by backing elite veteran founders building technologies that matter.
Ryan Micheletti, LP Chris Gosselin, Cathie Wood, Mike Sherbakov
GPs Ryan and Mike joined several LPs at the Wyoming Global Tech Summit in October, an invitation-only gathering of leading investors, founders, and policymakers focused on the future of frontier technologies and capital formation.
Hosted by LP Jack Selby and The Jackson Hole Technology Partnership, the summit brought together a highly curated group to discuss innovation at the intersection of AI, space, energy, and national security.
Ryan and Mike spent time with Cathie Wood and other thought leaders exploring long-term technology adoption, defensible innovation, and the role of mission-driven capital in shaping the next generation of market-defining companies. The summit reinforced the importance of disciplined, long-duration investing and strengthened relationships across our LP and partner ecosystem as we continue to scale The Veteran Fund platform.
Mike Sherbakov and Jamie Dimon, CEO of JPMorgan Chase
Private Lunch with Jamie Dimon in New York City
GP Mike Sherbakov was honored to attend a private lunch in New York City with Jamie Dimon, Chairman and CEO of JPMorgan Chase, where Mr. Dimon shared details of the firm’s newly announced Security and Resiliency Initiative. This decade-long, $1.5 trillion commitment is designed to facilitate, finance, and invest in industries critical to U.S. national and economic security.
The initiative includes up to $10 billion in direct equity and venture capital investments focused on areas such as defense, advanced manufacturing, energy resilience, and frontier technologies including AI and quantum computing.
These priorities closely align with The Veteran Fund’s investment thesis and long-term focus on backing veteran-led companies building critical technologies that strengthen America and her allies.
As we look ahead to 2026, the performance of Fund I establishes the foundation for a successful Fund II, supported by an expanding pipeline, accelerating demand for critical technologies, and unprecedented strategic interest in our mission.
Our portfolio companies’ results are not accidental; they are the product of disciplined capital, aligned incentives, and founders who live and breathe our core values of leadership, purpose, and resilience.
With liberty once again protected by speed, resilience, and technological superiority, we enter this next chapter with confidence, momentum, and conviction.
History rarely offers clear signals. But when it does, the prepared act. We invite leaders who share our conviction to join us as we build the next generation of companies shaping the future of America.
-Mike, Lisa, Ryan, and Justin
🇺🇸 The Veteran Fund Update: JULY 2025
The Veteran Fund Update: Q2 2025
Q2 2025 was a breakout quarter for The Veteran Fund, marked by strong momentum across our portfolio, as critical technologies continue to capture global attention.
On Independence Day, we made a bold declaration, one rooted in conviction, character, and the belief that liberty must be earned by each generation, not simply inherited.
Pitchbook featured The Veteran Fund’s upcoming $50M Fund II, reinforcing our mission to back veteran-led, seed-stage companies driving U.S. leadership in national security, AI, robotics, energy, aerospace, cybersecurity, and defense.
In a world increasingly shaped by geopolitical volatility, we believe leadership matters more than ever. From Ukraine’s Operation Spiderweb campaign inside Russia to escalating strikes between Israel and Iran, and the U.S. Operation Midnight Hammer targeting Iranian nuclear infrastructure, the global spotlight is on critical technologies.
That spotlight is intensifying with new Executive Orders from the Administration aimed at accelerating American innovation, including a sweeping directive to fast-track drone production and deployment. This order gives military commanders the authority to independently test and procure uncrewed systems, a shift that will directly benefit several of our portfolio companies.
With rising Department of Defense budgets and favorable macroeconomic conditions, including expanded QSBS tax-free capital gains for venture investors, the moment to double down on America’s technological and economic edge is now.
In this quarterly update, we are proud to announce several new investments aligned with the executive order to “Unleash American Drone Domination”, share exciting portfolio company updates, and invite you to join upcoming events.
🚀 New Investments
Natilus is reshaping the future of flight by building the most efficient aircraft ever developed. With over $23.7 billion in reservations of its aircraft from Tier 1 customers, including major U.S. airlines, Japan Airlines, and Ameriflight, the company is positioned to lead the next generation of aerospace innovation. Natilus’ proprietary blended-wing-body design dramatically cuts emissions, reduces operating costs, and increases both cargo volume and passenger capacity. The Natilus team consists of industry leaders and has secured key launch partners to raise its Series A and support the first full-scale prototype flight of its Kona aircraft.
Alongside our fund investment, The Veteran Fund successfully oversubscribed an SPV for Natilus, providing an additional direct investment opportunity for our LPs.
Based on the success of our previous SPVs, The Veteran Fund will occasionally open up investment opportunities to accredited investors beyond our LP base. If you’re interested in staying informed, you can request more information here. Please note: This is not an offer to invest or a solicitation of securities.
The Veteran Fund participated in Bravo Ordnance’s $3M pre-seed round to accelerate the future of energetics manufacturing at the edge. By pairing advanced manufacturing techniques with years of internal R&D, Bravo reduces munition production timelines by up to 90%, delivering warheads and fusing at a fraction of traditional costs.
In an era where warfighters and defense suppliers require adaptable, on-demand solutions, Bravo is pioneering battlefield-ready manufacturing that delivers in days, not months. Their platform directly addresses contested logistics and enables rapid, precision production for warfighters operating at the tactical edge.
SplashOne is pioneering the next generation of counter-UAS technology with fully autonomous, low-altitude fighter drones engineered to intercept and defeat small unmanned aerial systems (sUAS) at scale. Their solution directly addresses the urgent and rapidly growing threat posed by sUAS across both military and civilian domains.
The SplashOne team includes nationally recognized leaders from the DoD’s Replicator program, U.S. Special Operations, Harvard, MIT, Boeing, and Apple, bringing unmatched expertise in autonomy, engineering, and defense. With a focus on scalable, low-cost counter-drone systems, SplashOne is positioned to lead a market projected to exceed $26 billion by 2034, bolstered by recent congressional funding that underscores the strategic importance of their mission.
📈 Portfolio Highlights
We’re excited to share that portfolio company Glīd has closed an oversubscribed $3.1M pre-seed round, with our friends at Outlander VC leading the round. They were also just named one of the top deep-tech companies by Deep Checks. Glīd is developing an AI-powered Mobility-as-a-Service platform with autonomous road-to-rail vehicles and smart infrastructure to streamline freight across ports, rail, and industrial corridors. Led by veterans from SpaceX, Google, Matbock, and the U.S. military, the team is deploying vehicles under signed contracts and gearing up for a $10M Seed round later this year.
Vatn Systems opened a state-of-the-art manufacturing facility in Rhode Island capable of producing up to 2,000 units annually, and unveiled its new Skelmir S12 AUV‑Torpedo, an autonomous underwater vehicle with a range of over 200 nautical miles and payload of 250 pounds. We’re proud to celebrate this major milestone and the team’s continued leadership in dual-use maritime innovation. Press release.
On the heels of Cyber Command requesting a 6x budget increase, Cyberspatial has opened a second headquarters in Colorado Springs, signaling rapid growth and deepening its commitment to defense and cybersecurity innovation. With several multi-million dollar contracts, this expansion adds local engineering, operations, and sales capacity, positioning Cyberspatial to better serve military and government clients. It’s a strategic move that underscores the strength of their dual-use business model and accelerates national security reach from coast to coast. Press release.
Stitch3D has closed a $1.92M seed round to accelerate its cloud-native platform for managing LiDAR and 3D point cloud data. Their technology enables enterprises to adopt the use of 3D data, which drastically improves analysis and collaboration of large-scale projects in construction, defense, and oil and gas by allowing teams to interact with complex 3D spatial data, LIDAR, and photogrammetry point clouds that drive actionable insights in ways never before possible. Stitch3D is seeking customers in Oil and Gas, where enterprises can leverage 3D laser scanning to document real assets such as offshore rigs, facilities, pipelines, and oil wells. Specifically, they are looking to speak with civil engineers, surveyors, and cartographers.
🇺🇸 Featured Limited Partner: Lieutenant General Scott Kindsvater, U.S. Air Force (Retired)
Our featured LP this quarter is General Scott D. Kindsvater, a retired U.S. Air Force Three Star General and former Deputy Chairman of the NATO Military Committee. With a distinguished career spanning nearly four decades in intelligence, operations, and multinational defense strategy, General Kindsvater brings unmatched insight to The Veteran Fund. His leadership at the highest levels of global security makes him a valued advisor and strategic thought partner to our portfolio. His commitment to service, innovation, and mission alignment exemplifies the values we champion. We are honored to have General Kindsvater in The Veteran Fund LP network.
📣 Announcements and Events
Limited Partner General Stan McChrystal Featured on The Daily Show: Congratulations to LP General Stanley McChrystal on his powerful discussion with The Daily Show, discussing how character and decisive leadership shape both individual lives and national outcomes. His insights on integrity, accountability, and shared purpose resonate deeply with our mission and inspire the next generation of veteran entrepreneurs.
Photo credit: Tectonic Defense
Secretary of Defense Orders Military to “Unleash” Use of Small Drones: In a bold new directive titled “Unleashing US Military Drone Dominance,” Secretary of Defense Pete Hegseth called small drones “the biggest battlefield innovation in a generation” and announced sweeping reforms to accelerate their deployment. Group 1 and 2 drones will now be treated as consumables, like ammo, making it easier to use, replace, and scale them in combat. Lower level commanders are empowered to procure, modify, and field drones rapidly, including through 3D printing. By the end of FY2026, every Army squad must be equipped with low cost, expendable drones, with training ranges and major exercises focused on drone warfare. The Pentagon will also streamline procurement and launch a certified “Blue List” of US made drones by early 2026.
Photo credit: The Wall Street Journal
Big Win for Venture: Tax Free Gains Expanded for Early Stage Investors: The proposed QSBS expansion in the Big Beautiful Bill is a major win for venture investors, offering up to 100% capital gains exclusion on qualified stock held for five years, with lower thresholds at three and four years. It raises the per issuer gain cap to 15 million dollars and the asset eligibility limit to 75 million dollars broadening access and increasing potential tax free returns for venture investors. This update strengthens the long term incentives for investing in early stage, high growth companies.
On July 31st, The Veteran Fund is hosting an LP call to discuss the implications of the Big Beautiful Bill’s expanded QSBS exemptions and inviting accredited investors beyond our LP base to join. If you are interested in learning more, please register here: veteran.fund/qsbs
Limited Partner Deepak Chopra is partnering with Insider Expeditions to lead an extraordinary 10‑day “Conscious Mindfulness Expedition” to Antarctica this November.
This voyage, aboard the luxury Ocean Victory, offers a powerful opportunity for deep reflection and connection with nature, science, and one’s inner self. We’re excited to highlight this unique LP-led journey, which aligns with our mission to foster transformative experiences for leaders and creators. Use code “TVF2025” for $1000 off.
We couldn’t be more excited about what lies ahead: a soon to be launched Fund II, a rapidly advancing portfolio, and a global landscape demanding resilient, dual-use innovation.
From autonomous vehicles and UAVs to AI-powered logistics and maritime defense, The Veteran Fund is backing the builders who are strengthening America’s future.
Thank you for your continued partnership, belief, and conviction. Together, we’re not just funding companies, we’re building a better future rooted in liberty and prosperity.
-Ryan, Lisa, Justin, and Mike
🇺🇸 The Veteran Fund Update: Q1 2025
The Veteran Fund Update: Q1 2025
As geopolitical tensions elevate the demand for critical technologies, we are proud to report that The Veteran Fund has delivered a breakout quarter.
Our investment thesis is not just working - it’s winning. Veteran-led portfolio companies are thriving, proving the unmatched value of backing mission-driven leaders with elite military backgrounds. At a time when many sectors are facing headwinds, private market investments into dual-use technologies - those that solve urgent defense needs while simultaneously driving commercial innovation - have proven to be especially resilient.
The Veteran Fund now has 21 portfolio companies that have collectively raised $150M+ in private investment capital, and over $30M of non-dilutive funding. This quarter’s performance underscores the strategic advantage of venture capital investment at the intersection of mission-driven leadership and critical technology. Our founders’ backgrounds in the military give them the decisiveness, resilience, and leadership thinking required to build in complex, regulated, and strategically-important markets.
In addition to introducing two new portfolio companies, we’re thrilled to share performance updates, subsequent funding rounds, and other announcements.
We remain focused, disciplined, and bullish on the future. The Veteran Fund was built for this moment - and we’re just getting started.
🚀 New Investments
Originally developed for military-grade information warfare, Andromeda is a cutting-edge enterprise intelligence platform that delivers unparalleled, hallucination-free analysis of massive, unstructured data sets. As one of the first tools capable of navigating and analyzing millions of documents with no hallucinations, Andromeda empowers high-stakes sectors like government and risk management with rapid, reliable decision making through fact-based intelligence. The team is led by an accomplished group of executives and advisors, including the former Chief Data Officer for SOCOM and the Department of Defense, with deep expertise in data science, machine learning, and AI.
Glīd is developing the first AI-powered, road-to-rail autonomous vehicle platform for freight and logistics. Led by a team of former SpaceX, Google, and U.S. Army and Air Force veterans, their patented system combines robotics, intelligent infrastructure, and freight brokerage software to unlock massive efficiency and value in the autonomous logistics market. The Veteran Fund invested in Glid’s pre-seed round, and they are now raising a seed round to scale production and deploy their next-generation vehicles and software to achieve more than $5M in revenue by the end of 2026.
📈 Portfolio Highlights
HavocAI closed a $13.4M Seed+ financing at a substantial markup to expand manufacturing and accelerate the development of a new sea vessel. The company's low-cost, attritable approach has secured multiple contracts with various branches of the military and defense contractors. With this momentum, the company is aiming to begin its Series A in Q2 this year.
The Veteran Fund increased our investment into Proteus Space, helping close an oversubscribed $6.1M Seed-2 funding round with participation from Lavrock, SAIC, Moonshots Capital, and AIN. The company achieved a breakthrough with their automated high-fidelity structural design engineering system, MERCURY™, which drastically reduces custom satellite design from over 12 months to under 1 week - a more than 48x cost and schedule reduction. Proteus also secured their first commercial payload customer, a major defense contractor, for Mercury One launching Oct 2025.
Firestorm Labs continues to distinguish itself by successfully securing STRATFI funding from the U.S. Air Force to scale production and operational deployment of its modular unmanned aerial systems. The award aligns with the DoD’s goal of rapid capability fielding, providing scalable and adaptable UAS to support warfighters in demanding operational environments. Firestorm’s 3D-printed, rapidly deployable drone technologies can produce drones 10x faster at 20% of the cost, while enabling on-demand mission customization. Firestorm’s success exemplifies the strategic value of critical, defense-ready technologies led by elite veteran founders. Read the press release here.
In a landmark achievement, Lonestar has validated the viability of commercial data infrastructure on the lunar surface with their second Moon landing. Despite challenges faced by Intuitive Machine’s lander, Lonestar’s payload achieved unparalleled operational success, conducting robust data transmission across all phases of the mission. Lonestar's ability to maintain full functionality under extreme conditions and their consistent performance across multiple lunar missions underscores their engineering excellence and reliability, positioning them as a leader in the emerging lunar data economy. Lonestar is raising their Series A to build their cislunar satellite, providing 24/7 connectivity to Earth and power from the Sun, and unlock a large pipeline of customer demand. Learn more here.
Tern AI was featured in TechCrunch about their low-cost, AI-driven positioning system as a compelling alternative to GPS. As critical infrastructure and defense systems increasingly require robust, reliable, and secure positioning solutions, Tern's innovation addresses a crucial gap. Beyond its defense applications, Tern's innovation unlocks substantial commercial potential within the multi-trillion dollar logistics and automotive industries, where GPS reliance represents a single, catastrophic point of failure. Read the article here.
🇺🇸 Featured Limited Partner: Kevin Bubolz
Kevin Bubolz is a former Army helicopter pilot turned marketing expert. After completing his MBA, he scaled his company, Golden Retriever Life, to 15M+ followers; launched products in over 1,800 Target stores; and collaborated with brands such as USAA, Starbucks, and Amazon. Kevin’s business expertise and mission-focused impact have been featured on industry-leading media platforms including The Tonight Show, Mr. Beast’s platforms, The Kelly Clarkson Show, and People Magazine. Kevin recently joined 9FB Capital as a General Partner and will announce an NFL Draft pick representing the Pat Tillman Foundation in April. We are honored to have Kevin in The Veteran Fund LP network.
📣 Announcements and Events
Welcoming the newest member of our tribe: We are thrilled to share that our incredible General Partner, Lisa Song Gunderson, and her husband, Josh Gunderson, welcomed a beautiful baby boy, Gabriel Gunderson, into the world this quarter. Lisa’s passion for building a stronger future continues to inspire our team, and we are overjoyed to celebrate this special milestone with her. The Veteran Fund is truly a family, and we’re honored to welcome Gabriel as the newest (and youngest!) member of The Veteran Fund tribe.
The Veteran Fund Annual LP Summit: We hosted The Veteran Fund Annual LP Summit in Las Vegas January 30th - February 1st. We shared exclusive fund updates, team building activities, and an opportunity for our incredible investor ecosystem to meet one another. We find that partnerships, collaborations and friendships, like the Antarctica expedition below, always emerge from this annual gathering.
Invitation to Antarctica with Deepak Chopra (LPs Only): We’d like extend an invitation to join a collaboration between two Veteran Fund LPs leading a 10-day transformative expedition to Antarctica. LP Carl Shephard, founder of Insider Expeditions, has partnered with LP and wellbeing pioneer Dr. Deepak Chopra for a once-in-a-lifetime experience in science, spirituality, and nature to venture to the Earth’s southernmost pole. More information on the trip can be viewed here, and Veteran Fund LPs can use code TVF2025 for a $1,000 discount.
The Veteran Fund On The Road: Q1 was packed with high-impact events and unforgettable moments for our team.
General Partners Mike Sherbakov and Ryan Micheletti joined several LPs in Cape Canaveral, Florida, to witness the historic launch of Lonestar’s lunar data center aboard a SpaceX Falcon 9 rocket - marking another milestone for one of our standout portfolio companies.
Mike served as a judge for the pitch competition at the 2025 Military Veteran Startup Conference, supporting the next generation of veteran-led startups - congratulations to winner Charles Masters Rodriguez, CEO of Autoket!
From top left to bottom right: 1. Chris Gosselin (Skypad), Mike, Nicole Stott (astronaut), Craig Cummings (Moonshots Capital), Ryan 2. Craig, David Kervin (Proteus Space), Katie Swanson (SAIC), Mike 3. Angelina, Mike, Julia Price (Millbrook Estate), Ryan 4. Mo Jomaa (Capital G), Maggie Sprenger (Audere Capital), Paul Campbell (Brown Venture Group), Mike 5. Mike and Dan Magy (Firestorm) 6. Mike, Sherman Williams (AIN), Kelly Perdew (Moonshots Capital) 7. Lt. General Ross Coffman (ret), Mike, Sherman, Lt. General Edmond Brown (Army Futures Command) 8. Melissa Medina (Medina Ventures/eMerge) and Mike 9. Steven Simoni (Allen Control Systems), Mike, Will Edwards (Firehawk), Naweed Tahmas (Aeon)
Mike and Ryan took the stage at FounderX, Founder Institute’s global summit of entrepreneurs and investors in Austin, Texas. Mike connected with founders and LPs while speaking at SXSW, judging their pitch competition hosted by KPMG.
He also joined the lineup at eMerge Americas, Miami’s premier tech conference, where he shared insights moderating a panel on the future of dual-use and defense innovation.
We are proud to represent The Veteran Fund across the country and strengthen relationships with our community at each stop.
We remain incredibly grateful to our world-class Veteran Fund LP base for their active involvement across our portfolio companies, with the majority of LPs being highly-accomplished investors, technologists, exited business operators, and decorated veterans.
Please continue to make warm introductions to exceptional veteran startup founders building critical technologies and values-aligned investors to support our mission.
We are honored to be stewards of this community.
-Ryan, Justin, Lisa, and Mike
