The core message of the provided session segment is that European defense investing has moved from a niche, ethically contested category into a structural venture opportunity, but investors must understand where the market is in its cycle, how procurement works, and how sovereignty concerns shape capital and scaling. The moderator opened by framing Munich as Europe’s “de facto defense capital,” noting that more than half of Munich’s venture money last year went into defense, security, and resilience, while Europe’s sector attracted a record EUR 8.7 billion. She immediately paired the financial momentum with an ethical shift: four years ago, 7% of LPs accepted purely military applications; now, the figure is one third.