Squadra Ventures Research
Investment Thesis
Squadra Ventures is a Baltimore-based venture firm that invests in early-stage cybersecurity and national security companies, with a focus on dual-use technology. The firm's stated view is that innovation is a national security imperative, that the commercial sector now outpaces government in key technology areas, and that demand inside the federal government is rising because of competition with China and the war in Ukraine. Squadra says it was on the front lines of cyber before it was called cyber, and pairs capital with go-to-market help for founders selling into a complex government buyer.
Stage Focus
Squadra invests at Pre-Seed, Seed and Series A. It is often the first institutional capital after friends-and-family, angel or accelerator money, usually where there is product-market fit or a clear path to it. It specializes in priced equity rounds with clean, industry-standard terms.
Check Size
The firm states a typical check of $1M to $4M. It targets 1-2 new investments per quarter and keeps pro rata rights in follow-on rounds.
Lead Tendency
Squadra describes itself as a lead investor. It takes an active role in diligence, valuation, deal structure, syndicate selection and a joint post-investment plan.
Recent Activity
Portfolio news on the Squadra newsroom in 2026 includes Copia raising $26M (June), PDW receiving a conditional $820M loan commitment from the US Department of War (July), Aurelius Systems raising a $40M Series A (August), Airbase winning DIU's Project Spectrum Strike Prize Challenge (September), Shift5 winning a $99M Army contract (October), Primordial Labs raising an $18M Series A (November 10) and UFORCE raising $700M at a $6B valuation (November 12). NetRise was reported as being acquired. Third-party profiles say Squadra has invested in about 22 companies, with 6 new investments in the 12 months to mid 2026, and one profile cites an initial $27M Fund I; that fund figure is unconfirmed on the firm's own site.
Portfolio Highlights
- UFORCE: combat-proven unmanned warfare systems across air, land and sea.
- PDW: ISR and autonomous drone systems.
- Shift5: observability for onboard operational technology.
- Primordial Labs: human-machine interface for warfighters teaming with autonomous systems.
- Aurelius Systems: directed-energy counter-drone defenses.
- NetRise: XIoT firmware security.
- Tidal Cyber: threat-informed defense platform.
- Airbase: RF spectrum coordination software.
- Copia Automation: industrial automation code control.
- Exits: Privva (acquired by Entreda), VirgilHR (acquired by VensureHR), Pinkaloo (acquired by RenPSG).
Team
- Guy Filippelli, Managing Partner: founded Squadra in 2019; former founder and CEO of Red Owl Analytics (acquired by Forcepoint, 2017) and Berico Technologies (acquired by Novetta, 2018); West Point graduate, Marshall Scholar, former US Army intelligence officer.
- Margaret Roth, Principal, Seed Companies: runs post-investment support; co-founder of Yet Analytics.
- Dan Madden, Principal, National Security: leads the national security practice; former Mid-Atlantic Regional Director at the National Security Innovation Network and RAND analyst.
- John Timken, COO and CFO: finance, compliance and fundraising.
- Dominic Ventimiglia, Principal, Network Operations: retired Army Special Forces warrant officer.
- Meghan McGee, Head of Platform: portfolio support, formerly at Camden Partners.
- Navneet Vishwanathan, Principal, Investments: national security and cyber deals.
- Dakota Robinson, Senior Associate: sources and evaluates national security and cyber companies.
Decision Process
The process runs through the whole team: an intake form, a half-hour pitch to the investment team, a pitch to a Venture Partner Network of 50+ industry executives, practitioners and potential customers, team 1:1s, reference calls, and a product and plan deep dive. The firm looks for 2-3x potential in 24 months with the elements of a 10x outcome, and builds an 18-24 month plan with the founders.
Founder Preferences
Squadra backs magnetic leadership teams with external credibility, a sustainable business model and a large market, selling to defense, intelligence and cyber buyers. Many of the partners are military or intelligence veterans and operators.
Geographic Focus
The firm is headquartered in Baltimore, MD with an office in Washington, DC, and says it sources nationwide. Portfolio companies are spread across the US, with some international exposure (UFORCE operates in Ukraine and allied countries).
Gaps
The firm's site does not publish fund size, and it names no investment dates or round stages on the portfolio page, so stage per company is left unset.