In December 2025, Nicola Sinclair, a veteran of the British Air Force with 18 years of service, announced a major milestone in her journey as a venture capitalist. Sinclair successfully raised £5 million in the first phase of her solo GP fund, Twin Track Ventures. This fund focuses on dual-use startups, those developing technology with both commercial and military applications. By 2026, she aims to raise a total of £10 million.
Sinclair’s fund stands out in the competitive arena of defence and dual-use funding. Unlike typical defence funds that focus solely on military tech like drones, Twin Track Ventures targets companies capable of thriving without relying solely on defence budgets. Key sectors include computing, sensors, materials, and energy.
Why Investors Are Backing Sinclair’s Vision
Raising a fund in the highly specialized niche of dual-use technology isn’t a small feat, but Sinclair has built a compelling case for it. Among her backers are high-profile supporters like the NATO Innovation Fund and Allocator One, an emerging manager investor. These supporters recognize the deep details of Sinclair’s approach. For one, she doesn’t just rely on trends; she emphasizes sustainability in business models and looks for startups that can achieve early traction without depending on defence customers with lengthy procurement cycles.
Sinclair’s career in the armed forces uniquely positions her to navigate the complexities of these technologies. She began this fund about 18 months ago and has already invested in five companies. One example is Uplift 360, a UK-based startup innovating in energy-efficient material breakdown. Her concise strategy means each investment is meaningful, aimed at pre-seed and seed-stage companies across NATO countries.
The Solo GP Edge in Venture Funding
Solo GP, the choice to run a fund as a single general partner, is growing in popularity across the venture capital industry. Sinclair’s decision for this setup is deliberate. It allows her to streamline her decision-making process and maintain a laser-focused strategy. She is part of a rising wave in Europe where solo GPs take calculated steps to tackle specialized markets.
Being a woman running a defence-focused fund also sets Sinclair apart, as women remain underrepresented in this space. Her push for dual-use innovation demonstrates that impactful opportunities exist at the overlap between public needs and private market demands.
How Sinclair’s Fund Is Structured to Succeed
Twin Track Ventures plans to write 25 small checks, £500,000 or less per startup. For founders of deeptech or dual-use startups, this structured and manageable chequebook brings significant value. Early-stage funding, particularly for startups operating in heavily regulated spaces like defence, often comes with hurdles. Sinclair offers more than money; she provides expertise that bridges the gap between public systems and fast-moving private markets.
Her fund avoids betting too heavily on sectors with long bureaucratic cycles, such as pure defence systems. Instead, Twin Track aims at crossover markets where military applications naturally align with commercial needs. Her investment thesis appeals to both public and private sectors because it minimizes risk while exploring scalable technologies.
What Makes This the Right Time
Timing matters in venture funding, and Sinclair likely couldn't have executed this better. Changes in defence procurement processes have lowered barriers to entry for suppliers, making this an opportune moment to invest in dual-use startups. Market adjustments over the past three years have made it easier to contract work for governments, opening doors for smaller, nimble startups generally locked out in previous decades.
Simultaneously, more investors are warming to dual-use innovations. Traditionally dominated by large corporates or public entities, Sinclair’s combination of private and public funding strategy fits well into today’s more agile market demands.
Lessons From Sinclair for Entrepreneurs and Investors
- Focus Matters: By specializing in dual-use startups, Sinclair avoids being spread too thin. Entrepreneurs pitching to niche funds will find GPs more efficient and specific when the thesis aligns with their goals.
- Timing Is Everything: Entrepreneurs should consider how economic shifts or policy changes open doors. Sinclair capitalized on reduced barriers in defence contracting to create a timely investment strategy.
- Think Beyond Defence: Founders should explore commercial applications for technology initially designed for military use. As Sinclair’s approach shows, versatility in a startup’s potential market increases funding chances.
Mistakes to Avoid When Launching or Pitching a Fund
- Overestimating Funding Cycles: Some entrepreneurs underestimate how tough it is to gain early customers when working in deeptech or defence. Knowing when to pivot to adjacent industries is critical.
- Underutilizing Experts Beyond Funding: Many startups focus strictly on money, but with guidance from experts like Sinclair, startups can leverage insights to accelerate growth.
- Neglecting Scalability: Pitching ideas that depend solely on defence contracts can limit scale. Startups should clarify how they’ll navigate both commercial and defence spheres effectively.
The Broader Investment Shift
Sinclair’s journey mirrors a larger movement among venture capitalists to shift the perception of defence away from traditional industries. There’s now more willingness to find opportunities that don’t lock startups into narrow markets. When governments adapt processes and private funds foster early ideas, there’s more room for tech crossover solutions that society truly needs.
For entrepreneurs, Sinclair’s success offers a clear tip: look at the macro-level changes shaping specific industries. Waiting to pitch a scalable and adaptable idea at the right time opens doors that previously seemed inaccessible.
Final Thoughts
Sinclair’s £5 million raise is more than just a funding milestone. It reflects changing industry dynamics where public and private sectors work in tandem to grow markets. With five investments already underway and a clear roadmap toward £10 million, Twin Track Ventures sets a great example for solo GPs and entrepreneurs alike.
Entrepreneurs should take this as a sign to explore dual-use applications for their products. It’s not just about building technology, it’s about building solutions that matter in multiple industries. Sinclair's disciplined strategy provides a template not only for investors but also for founders who want their work to resonate both commercially and socially.
FAQ
1. What is Twin Track Ventures, and who founded it?
Twin Track Ventures is a venture capital fund focused on dual-use startups, those with both commercial and military applications. It was founded by Nicola Sinclair, an 18-year veteran of the British Air Force. Read more about Twin Track Ventures
2. How much funding has Twin Track Ventures raised so far, and what is its target?
Twin Track Ventures has raised £5 million in its first funding round and aims to raise a total of £10 million by 2026. Learn about Twin Track’s fundraising efforts
3. What is the focus of Twin Track Ventures’ investments?
The fund invests in dual-use startups that develop technologies applicable to both civilian and military markets, focusing on sectors such as computing, materials, energy, and sensors. Explore Twin Track’s investment strategy
4. Who are the major backers of Twin Track Ventures?
The fund is backed by the NATO Innovation Fund, Allocator One (an emerging manager investor), and several undisclosed VC firms and individual investors with a focus on defence and security. Learn about Twin Track’s backers
5. How is Twin Track Ventures structured, and how many startups does it plan to support?
As a solo GP fund led by Nicola Sinclair, Twin Track Ventures plans to invest in 25 startups, with individual investments capped at £500,000. Find out more about the fund’s structure
6. What is unique about Sinclair's approach to venture funding?
Sinclair focuses on startups that avoid dependency on long defence contracting cycles, emphasizing scalable technologies that address both public and private sector needs. Dive into Sinclair’s investment thesis
7. Why is this a good time to invest in dual-use startups?
Recent changes in defence procurement processes have lowered barriers for suppliers, creating a favorable environment for dual-use innovations. Understand the market timing
8. What are some of the startups already funded by Twin Track Ventures?
One notable investment is Uplift 360, a UK-based company working on energy-efficient material breakdown. Learn about Twin Track’s portfolio
9. How does Sinclair’s background as an Air Force veteran influence the fund’s strategy?
Sinclair’s 18-year career in the British Air Force gives her unique insight into defence and dual-use technologies, making her well-equipped to navigate this specialized funding niche. Discover how her experience shapes the fund
10. What broader significance does Twin Track Ventures have for the venture capital landscape?
Twin Track Ventures exemplifies the rising trend of solo GPs and the growing focus on women-led funds in male-dominated sectors like defence. Learn about the broader trends
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.