In the latest Seedcamp Deep Dive, our Managing Partner, Carlos Eduardo Espinal, discusses the complexities of investing in deeptech, dual-use and the defence sector. He's joined by two distinguished guests from defence and investment backgrounds: Nicola Sinclair, General Partner at Twin Track Ventures, and Samuel Burrell, Partner at Expeditions Fund.

Nicola begins the conversation by explaining her motivation for founding Twin Track, highlighting the need to connect startups with the defence and security sectors and detailing her approach to evaluating deep tech investments. Sam then discusses his transition from military service to venture capital and emphasizes the importance of understanding end-user needs in defense tech investments.

This insightful conversation covers a wide range of topics, including:

- The challenges of dual-use technologies

- The role of prime contractors

- The evolving geopolitical landscape

- Investment opportunities in space technology

- The future of defence tech investments

Show Notes:

Nicola Sinclair - linkedin.com/in/nicola-sinclair-

Samuel Burrell - linkedin.com/in/samuelrburrell

Carlos Eduardo Espinal - linkedin.com/in/carloseduardoespinal

Twin Track Ventures - twintrack.vc

Expeditions Fund - expeditionsfund.com

Seedcamp - seedcamp.com

Sam’s weekly newsletter This Week in Dual-Use [www.samuelburrell.com]

“Working with Defence & Security” Survey. The results will be released on 14 November 2025