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
About the guests:
Nicola Sinclair is the General Partner at Twin Track Ventures, a London-based early-stage fund backing deep technologies that can serve commercial and defence & security customers. After 20 years in the UK’s Royal Air Force, working in operations and capability development, she now supports founders turning advanced science and engineering into high-growth companies. She co-founded the Quantum Investors Network and is part of the European Defence Investors Network.
Samuel Burrell is an investor, soldier and former operator, specialising in defence and security investments. He has first-hand experience as an end-user of defence tech, having served as Captain in the Royal Marines, a career which included operational deployments in Afghanistan and the Indian Ocean. He is still a serving reservist.
After leading operations for a Rocket Internet startup, Samuel subsequently transitioned into venture investing, cutting his teeth at Octopus Ventures. He went on to specialise in deep tech and quantum at NSSIF, leading investments into Oxford Ionics, PsiQuantum, Riverlane, Infleqtion and NuQuantum. With his deep expertise in defence applications and his extensive military and security networks, Samuel is now Partner and Investment Lead for AUKUS at Expeditions. He holds an MBA from INSEAD and writes a weekly newsletter This Week in Dual-Use.
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