Twin Track Ventures Research
Investment Thesis
Twin Track Ventures is a London-based pre-seed venture fund backing dual-use deep tech founders. The firm's core thesis is that the most durable deep tech companies are those that can strengthen NATO & Allies' defence capabilities while simultaneously scaling into large commercial markets. Twin Track positions itself as "trusted NATO aligned capital" and a guide through the defence ecosystem, offering warm introductions to government and prime customers alongside a focus on multi-market commercialisation.
Sector Focus
The fund organizes its thesis around four capability areas:
- Compute — autonomy and decision advantage
- Communications — resilient networks for contested environments
- Sensors — advanced perception and awareness
- Supply Chain — materials, manufacturing, and energy resilience
Founder Nicola Sinclair has spent her post-RAF career specifically helping deep tech founders secure defence and security customers, and Twin Track's diligence and portfolio support are built around that defence-to-commercial bridge.
Stage Focus
Twin Track invests pre-Series A, concentrating on pre-seed and seed rounds. It typically writes cheques of £150K to £500K per deal (roughly $190K–$630K), positioning itself as an early, foundational check for technical founders addressing defence capability gaps with commercial scalability.
Check Size
Reported range: £150K–£500K per investment. The fund plans to back roughly 25 startups over its life.
Lead Tendency
Not explicitly stated by the firm or press coverage. Its one confirmed portfolio investment on record (Uplift360) was a participation alongside a lead investor (Promus Ventures), suggesting Twin Track often co-invests rather than leads, though this is not confirmed across the full portfolio.
Recent Activity
- December 2025: Announced a £5M first close for its debut fund, backed by the NATO Innovation Fund as an institutional LP, with a target final close of £10M in 2026.
- The fund has made five investments to date (per Tech Funding News), including UK-based Uplift360.
- December 2024: Participated in Uplift360's €1M pre-seed round (led by Promus Ventures) for sustainable, energy-efficient materials recycling technology.
Twin Track is actively deploying capital from its first close while continuing to raise toward its £10M target.
Portfolio Highlights
Six portfolio companies are listed on the firm's website:
- CASSI (cassi-ai.com)
- Hadean (hadean.com)
- Oshen Data (oshendata.com)
- Outer Limit (outerlimit.com)
- SE3 (se3.ai)
- Uplift360 (uplift360.tech) — sustainable materials recycling; went on to raise a €7.4M seed round in February 2026 led by Extantia, with NATO Innovation Fund and Promus Ventures also participating (Twin Track did not participate in that later round)
Team
- Nicola Sinclair, Founder & General Partner — Solo GP. Served 20 years as a Royal Air Force officer in operational roles, including international projects and a NATO headquarters delegation. Founded the Air Innovation Fund in 2018, backing 20+ pre-seed/seed deep tech companies in securing defence contracts. Authors the annual "Working with Defence and Security Report" and sits on the European Defence Investors Network. One of a small number of female investors focused on the defence sector.
Decision Process
Solo GP structure — Nicola Sinclair is the sole General Partner and decision-maker. Sinclair has stated she intends to maintain the solo-GP structure for the foreseeable future.
Founder Preferences
Twin Track looks for technical founders building foundational deep tech with a credible, near-term path to both defence/security customers and broader commercial markets — i.e., genuinely dual-use technology rather than defence-only or commercial-only plays.
Geographic Focus
UK and NATO & Allies more broadly (including EU, Nordics, and Balkans). The fund itself is headquartered in London.
LPs and Backers
Institutional backers include the NATO Innovation Fund and emerging-manager investor Allocator One, alongside undisclosed VC firms and individual investors from the defence and security community.