Booz Allen gives big boost to its venture arm

Booz Allen Hamilton has tripled the size of its venture capital fund to $300 million in a move to set up more investments in early-stage companies whose technologies show promise for federal usage.

First launched in 2022 at $100 million, Booz Allen Ventures has backed 17 startups with an eye toward scaling their technologies for government missions and helping them navigate the risks and challenges inherent in public sector work.

Artificial intelligence, cybersecurity, defense and deep tech have been Booz Allen Ventures’ core focus areas since its formal start.

This new phase of Booz Allen Ventures will also include backings of companies involved in reindustrialization, which describes efforts by government and industry to reinvigorate domestic manufacturing amid other countries’ investments on that front.

Booz Allen expects to make between 20 and 25 new venture investments over the next five years.

 “We are in a race for global tech supremacy, and America’s innovation ecosystem is our most important source of strategic advantage,” Booz Allen Hamilton’s chief executive Matt Calderone said in a release. “Booz Allen is committed to fueling the solutions that will keep the U.S. strong, safe and prosperous.”

“Our national defense requires fast, powerful technology solutions that deliver outcomes when they are needed most,” added Brian MacCarthy, managing partner of Booz Allen Ventures. “Among fierce global technology competition and evolving geopolitics, this expansion gives us new capacity to collaborate and build with brilliant founders and deliver the best commercial tech to our nation at speed and scale.”

MacCarthy spoke to us after the fund’s official launch for our podcast, which was known as Project 38 at the time.

The reading list below is a snapshot of how we have covered Booz Allen Ventures’ investments along the way.