Jack Wang
Partner & Managing Director at Project A
24 Oct 2025etn. Episode 4
Jack Wang Joins the Studio
Jack Wang joins the studio as the hosts preview the day's news still to cover, including Clara Gold's move to San Francisco — 'Clara Gold has broken up with France' — and Wanda Studios' seed round announced earlier that day. The transcript ends as the segment gets underway.
Project A's Jack on Europe's Defense Tech Boom
Jack, a partner leading deep tech and defense tech investing at Project A, introduces the 12-year-old Berlin fund (~€1.3B AUM) and its defense track record, including Quantum Systems (2022 Series A co-invested with Peter Thiel) and the recently announced Stark. He reacts to the wave of European defense capital — Bessemer's 'no limit' stance, General Catalyst, roughly 3.5B invested this year vs 1.8B in 2024 — saying every VC is now looking at the space and LP questions are pulling new funds in. He argues defense tracks 10-year MOD budgets rather than typical VC hype cycles.
Ukraine Revenue Risk, Diversification & New Defense Founders
Jack says fund managers with 10-year cycles can ride out hype, but founders reliant on Ukraine-centric revenue face an acute one-to-two-year hit if the war ends, creating a race to diversify customers — the logic behind Quantum Systems' UK expansion (its largest customer is actually Australia). On whether new money attracts bad actors, he contrasts Slush, where ~90% of startups are VC-backed, with DSEI, where only ~5% of exhibitors are, with most being primes or PE-backed. He concludes the influx of talented new founders is a net positive, though VC blogging won't speed up procurement.
Made in Europe: Defense Strengths & Anduril's Marketing
Jack locates Europe's defense edge in blended hardware/software talent, onshore production capability in countries like Germany and the UK, and the 'made in Europe' procurement advantage of near-shore supply chains. On why defense firms now run consumer-style marketing — Anduril's anime launches, Helsing opening up to Sifted, Quantum Systems' London billboard — he explains the US 'court of public opinion' feeds procurement via Congress in ways fragmented Europe's doesn't, but neoprimes will keep differentiating from legacy primes this way. The segment wraps with the hosts noting Project A's Uwe has moved over to become Stark's CEO.