Black Flag Research
Investment Thesis
Black Flag is a virtual accelerator program operating under Harpoon Ventures that specializes in providing capital and hands-on support to founders building critical technologies for American national security and technological leadership. Launched in 2025, Black Flag represents the intersection of venture capital and national defense strategy, investing in audacious founders building the technologies that define geopolitics.
The fund's core mission is to be "the first check in for founders building America's next era of critical technologies." Black Flag operates as a virtual, rolling accelerator with a personal touch, focusing on companies that address gaps in American technological leadership across defense, aerospace, energy, AI, robotics, manufacturing, cybersecurity, and life sciences sectors.
Fund History and Structure
Black Flag is an initiative of Harpoon Ventures, founded in 2018 by Olympic medalist and former Navy SEAL Larsen Jensen. Harpoon was backed early by prestigious investors including a16z and Lightspeed Ventures. Black Flag launched in 2025 as a specialized accelerator program operating through a strategic partnership:
- Primary Investor: Harpoon Ventures
- Strategic Partners: Shield Capital and In-Q-Tel (Intelligence Community venture arm)
- Fund Model: Virtual accelerator with rolling applications (monthly review cycles)
- Capital Deployment: $250K-$1M per company investment from Harpoon
- Total AUM (Harpoon): $1B+ deployed across portfolio to date
- Government Contracts Facilitated: $1B+ in government contracts secured for portfolio companies
Investment Strategy & Philosophy
Thesis Focus: Black Flag invests in companies solving "critical" technology challenges across seven core sectors: Defense, Aerospace, Energy, AI, Manufacturing, Cybersecurity, and Health + Bio. The fund explicitly states it believes "national security benefits from support across all sectors of innovation."
Stage & Check Size:
- Investment Stage: Pre-Seed and Seed stage
- Check Size: $250K-$1M standard ticket (may increase for exceptional opportunities)
- Typical company maturity: Idea-stage through early product-market fit
- No fixed fund timeline; rolling accelerator that operates continuously
Value Proposition Beyond Capital:
- Government Access: Unmatched relationships with U.S. military branches, DARPA, DIU (Defense Innovation Unit), Department of Energy, and federal procurement
- Non-Dilutive Funding: Guidance on SBIR/STTR grants, government contracting, and capture strategies
- Mentor Network: Direct access to 40+ founder-mentors including:
- H.R. McMaster (Former U.S. National Security Advisor)
- John Gedmark (CEO, Astranis - $9M+ government satellite contracts)
- AJ Piplica (CEO, Hermeus - hypersonic flight)
- Dan Magy (CEO, Firestorm Labs - defense drones)
- Yaron Singer (CEO, Robust Intelligence - AI safety)
- Andy Yakulis (CEO, Vector Defense)
- Go-to-Market Acceleration: Hands-on support for government sales, enterprise sales, manufacturing scaling
- Tech Partnership Credits: Nearly $1M in credits from enterprise partners:
- Palantir (AIP and Foundry platforms)
- Anthropic (Claude API and models)
- Microsoft (Azure credits, GitHub Enterprise)
- Second Front (2F Workshop)
Investment Decision Process: Partnership-based evaluation. All investments come from Harpoon Ventures with strategic review by Shield Capital and In-Q-Tel (who may co-invest on their own terms).
Investment Sectors & Technology Focus
Black Flag focuses exclusively on technology critical to American national security across seven sectors:
Primary Sectors:
- Defense: Military equipment, systems, and defense infrastructure
- Aerospace: Satellites, hypersonic flight, autonomous aircraft, space infrastructure
- Energy: Clean energy, nuclear (mass-manufactured small modular reactors), energy grid modernization
- AI: Large language models, AI safety, autonomous systems, AI-native software
- Manufacturing: Advanced manufacturing, robotics, industrial automation
- Cybersecurity: Network security, supply chain security, AI-native security
- Health + Bio: Biotech, drug discovery, medical devices, pandemic preparedness
Technology Enablers: Deep tech, hardware, software, AI/ML, biotech, advanced materials, autonomous systems
Explicit Non-Interests: Black Flag does not invest in consumer apps, pure software without national security relevance, or companies not meeting their strategic criteria. Early focus on technologies solving immediate national challenges.
Recent Investments & Portfolio Activity
While Black Flag only recently launched (2025), the underlying Harpoon Ventures has a strong track record:
Notable Recent Portfolio Companies with Government Traction:
- Astranis: Dedicated satellite communications - $9M+ government contracts signed (2025-2026)
- Northwood: Space infrastructure - $100M Series B + $50M Space Force contract (January 2026)
- Merlin Labs: Autonomous flight - supporting DoD missions
- Kodiak: Autonomous systems - $50M Army contract
- Solugen: Chemical manufacturing - building government-scale production
- Firestorm Labs: Affordable defense drones - special operations and broader military deployment
- Aalo Atomics: Mass-manufactured nuclear power plants
- MatX: High-throughput chips for LLMs
- Genesis Molecular AI: Drug discovery AI
- n8n: Workflow automation with security focus
- Encord: AI data development
Fund Status: Actively deploying from rolling accelerator. Applications reviewed monthly with 24-day application windows. Black Flag companies receive simultaneous review by Shield Capital and In-Q-Tel for potential additional investment.
Geographic Focus
Black Flag invests globally but with emphasis on:
- Primary: United States (with physical teams in Southern California, Seattle, Colorado)
- Secondary: Allied nations and partners with shared security interests
- Philosophy: Best technology and founders regardless of geography, but prioritizing American technological leadership
Team & Leadership
Black Flag operates under Harpoon Ventures leadership:
Larsen Jensen - Founder & General Partner
- Background: Olympic medalist, former Navy SEAL
- Founded Harpoon Ventures in 2018 with vision that "technology will define geopolitics"
- Built Harpoon into major force with a16z, Lightspeed, top pension funds as backers
- Strategic expertise: National security technology, government relationships, founder support
Jeff Torrance - Managing Partner
- Role: Day-to-day operations and founder support
- Expertise: Deep tech commercialization, government sales
Investor Team (5+ investors):
- Riley Loftus, Matias Zorrilla, Mat Vogels, Jake Windle, Andrew Couillard, Jeremy Stein, Clint Brown
- Combined expertise in defense, aerospace, AI, manufacturing, energy
Mentor Network: 40+ founder-mentors including H.R. McMaster, CEOs of leading deep-tech startups
Investment Decision Process
Structure: Partnership decision-making through Harpoon Ventures team with alignment from Shield Capital and In-Q-Tel on opportunities they wish to co-invest.
Timeline: Rolling monthly application cycles with ~24-day windows between review periods
Evaluation Criteria:
- Founders with exceptional vision and execution capability
- Technology addressing clear national security or strategic importance
- Market timing and government procurement opportunity
- Founder background and founder-market fit
- Technical merit and defensibility of approach
Involvement Level:
- Board observation or seat (selective)
- Deep operational support on government sales and contracting
- Monthly check-ins during initial deployment
- Access to entire mentor network for domain expertise
- Strategic introductions to government agencies and customers
Macro Context & Market Opportunity
Black Flag is positioned at an inflection point for American technology investment:
Government Support & Policy:
- Pentagon modernization initiatives across all branches
- DARPA innovation programs
- DIU (Defense Innovation Unit) active procurement
- Department of Energy decarbonization push
- SBIR/STTR grant programs ($4B+ annual)
- IRA and CHIPS Act funding
Market Dynamics:
- Government tech procurement accelerating as agencies recognize need for startup-speed innovation
- Allied nations facing technology gaps (AI, defense, space)
- Commercial technology increasingly applicable to government/defense
- First-mover advantage in government customer relationships
Fund Vintage Advantage: Black Flag launching in 2025 positions portfolio companies for government contracts and programs coming online through 2026-2028. Government procurement cycles align with deep tech development timelines (2-3 year commercialization paths).
Lead Tendency & Investment Style
Lead Tendency: Leads Seed rounds through $250K-$1M investments. May follow into additional rounds. Opens door for other investors (Shield Capital, In-Q-Tel, traditional VCs) to participate.
Typical Involvement:
- Board observation or seat
- Active advisor on government market strategy
- Monthly operational check-ins
- Direct introductions to government stakeholders
- Help navigating federal procurement, SBIR grants, contracts
- Network access to peer founders and mentors
Warm Introduction: Not required. Applications reviewed on rolling basis. Referral from other founders or mentors weighted positively but not necessary.
Summary
Black Flag represents a new category of venture capital: government-aligned deep tech investing focused on national security and technological leadership. Backed by Harpoon Ventures (founded by Navy SEAL entrepreneur Larsen Jensen) and strategically partnered with Shield Capital and In-Q-Tel, Black Flag provides not just capital ($250K-$1M) but unmatched government access, mentor networks, and go-to-market support.
The fund's unique value proposition—deep relationships across military, intelligence, and defense agencies combined with experienced founder-mentors and hands-on support—makes it the premier funding source for founders building critical technologies in aerospace, defense, AI, energy, manufacturing, cybersecurity, and biotech. For founders pursuing government customers or solving national security challenges, Black Flag represents a tactical advantage unavailable elsewhere in the venture ecosystem.