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§ Venture Capital · San Francisco, CA, USA
Veteran Fund is an Advancing America through venture capital firm.
Key people at The Veteran Fund.
The Veteran Fund was founded in 2022 by Justin Nahama (Co-Founder and General Partner).
The Veteran Fund operates as a venture capital firm, strategically investing in high-growth technology startups. The firm's core focus lies in identifying and backing seed-stage, critical technology companies that are specifically led by exceptional founders from the military community, leveraging their distinct leadership and problem-solving capabilities. This approach aims to cultivate innovative businesses that benefit from the unique strengths of veteran entrepreneurs.
The company was founded in 2021 by a team including Ryan Micheletti, Mike Sherbakov, Lisa Song Sutton, and Justin Nahama. Their foundational insight stemmed from recognizing the profound value and untapped potential within the military veteran community, understanding that these battle-tested leaders possess a unique aptitude for navigating complex challenges and building resilient teams, qualities highly conducive to startup success.
The Veteran Fund's primary clientele consists of burgeoning technology startups spearheaded by military veterans. The firm’s overarching mission is to advance America through venture capital by championing these veteran-led enterprises. This vision looks forward to fostering significant innovation and economic growth by channeling investment into a demographic proven to excel under pressure and lead with unparalleled determination.
# The Veteran Fund: Advancing America Through Venture Capital
The Veteran Fund is a mission-driven venture capital firm dedicated to advancing America’s leadership in critical technology by investing in seed-stage startups led by U.S. military veterans. Its mission centers on backing resilient, mission-driven founders who are building frontier technologies that strengthen both national security and economic competitiveness. The firm’s investment philosophy is rooted in the belief that veteran leaders—battle-tested in high-pressure, complex environments—bring unmatched decisiveness, integrity, and operational excellence to the startup ecosystem.
The Veteran Fund focuses on dual-use technologies that serve both commercial and defense markets, including artificial intelligence, robotics, cybersecurity, energy, aerospace, and advanced manufacturing. Its portfolio companies have collectively raised over $150 million in private capital and secured more than $30 million in non-dilutive government funding, demonstrating the resilience and strategic value of veteran-led innovation. By supporting these founders, The Veteran Fund is shaping the next generation of American technological strength and fostering a startup ecosystem that bridges the gap between defense and commercial innovation.
Founded in California, The Veteran Fund was established to address a critical gap in the venture capital landscape: the underrepresentation of veteran founders in high-growth technology. The firm was co-founded by Ryan Micheletti, a Managing Partner with deep experience in both venture capital and national security, alongside a team of partners with elite military backgrounds. From its inception, the fund’s focus was clear—source, invest in, and scale startups led by veterans who could leverage their unique leadership skills to solve complex, high-stakes problems.
Over time, The Veteran Fund evolved from a niche player into a top-decile venture firm, with its first fund oversubscribed and delivering returns in the top 10% of global venture funds. The firm’s success attracted institutional investors and strategic partners, leading to the launch of Veteran Fund II—a $50 million fund designed to expand its proven model and back the next wave of veteran-led frontier technology companies.
The Veteran Fund is riding a powerful trend: the convergence of national security and commercial technology. As geopolitical tensions rise and defense budgets grow, dual-use technologies are becoming increasingly critical to both government and private sector success. The timing is ideal—record defense spending, surging demand for AI and autonomy, and a growing recognition of the value of mission-driven leadership are all working in the firm’s favor.
By backing veteran founders, The Veteran Fund is not only strengthening America’s technological edge but also reshaping the venture capital ecosystem. It is proving that leadership, resilience, and integrity—qualities honed in military service—can drive innovation and deliver meaningful returns. The firm’s influence extends beyond its portfolio, inspiring other investors to recognize the untapped potential of veteran entrepreneurs and helping to bridge the gap between defense and commercial markets.
The Veteran Fund is poised for continued growth as the demand for dual-use technologies accelerates. With the launch of Veteran Fund II and deepening partnerships with top-tier venture firms, defense accelerators, and institutional LPs, the firm is well-positioned to back the next wave of veteran-led innovation. The future will likely see even greater integration of defense and commercial tech, and The Veteran Fund will remain at the forefront, shaping the trajectory of American technological leadership.
As the world faces increasingly complex challenges, the value of mission-driven leadership will only grow. The Veteran Fund’s model—backing resilient, purpose-driven founders at the intersection of national security and commercial innovation—offers a blueprint for how venture capital can drive both profit and purpose. In a world where leadership matters more than ever, The Veteran Fund is not just investing in startups; it’s investing in America’s future.
The Veteran Fund was founded in 2022 by Justin Nahama (Co-Founder and General Partner).
Key people at The Veteran Fund.
The Veteran Fund has 8 tracked investments across 8 companies. The latest tracked deal is $28.0M Series A in Natilus in February 2026.
