America’s Frontier Fund Raises $315 Million to Boost U.S. National Security Startups

America’s Frontier Fund, a venture capital firm focused on national security and strategic technologies, is in the process of raising up to $315 million for its debut fund. According to documents viewed by Business Insider , the fund will combine $140 million in private capital with $175 million in U.S. government-backed loans. The financing is being structured under the Small Business Investment Company Critical Technology Initiative, a joint program of the Department of Defense and the Small Business Administration. This program aims to accelerate private investment into advanced technological sectors deemed critical to U.S. economic and geopolitical competitiveness. The size and structure of the Frontier Fund are notable given current conditions in the venture capital market. While VC fundraising has slowed due to market volatility and delayed public exits, America’s Frontier Fund is pursuing one of the largest first-time raises in recent history. According to PitchBook, the average first fund size in the U.S. was just under $41 million in 2024. In contrast, the Frontier Fund’s $315 million target represents a significant outlier and reflects both political momentum and strategic urgency. The fund’s thesis is aligned with the Trump administration’s renewed emphasis on defense technology as a foundation for long-term national security.