Shopify Co-Founder and Military Veteran Launch $50 Million Military Tech Fund

One9 Venture Partners, an investment firm focused on bridging the divide between private capital markets and innovative military technologies, has launched a new fund, Special Mission Fund I. The fund will focus on national security and infrastructure and is co-led by general partners Daniel Weinand, a co-founder of Shopify, and Glenn Cowan, a retired squadron commander in Canada’s Joint Task Force 2.

One9 aims to raise a total of $50 million for the fund. Kensington Capital Partners is the lead investor and has already committed $10 million. Cowan says that the fund is experiencing significant fundraising traction and estimates they will complete their fundraising efforts by the end of the year.

The fund will primarily invest in Series A startups with an average investment of $2-3 million. One9 is particularly interested in investing in startups with annual recurring revenues of at least $1 million.

One9 has already deployed investments in Tomahawk Robotics, a Florida-based robotic and AI startup; Strider Technologies, a Utah-based firm that uses intelligence solutions to mitigate risks associated with intellectual property theft and supply chain vulnerabilities; and Ventus Respiratory, which produces respirators for military and law enforcement personnel.

The firm has formed a strong advisory network that includes, among others, Peter MacKay, Canada’s former Minister of National Defence, and Mike Janke, a six-time founder and former member of the United States Navy SEALs.