الodefense وال_vc_used_to_rarely_overlap,_but_that's_no_longer_the_case._Defense_tech_vc_dealmaking_set_a_record_in_Q1_2026,_and_new_vc_firms_have_emerged_around_the_world_to_invest_solely_in_defense_startups._One_of_these_is_two-year-old_Protego_Ventures,_which_presents_itself_as_the_first_and_largest_dedicated_defense_tech_vc_in_Israel._Led_notably_by_two_women,_Lital_Leshem_and_Lee_Moser,_it_has_just_completed_the_final_close_of_its_debut_fund_with_$125_million_in_capital_commitments._This_fund_size_is_enabling_Protego_to_invest_between_$5_million_and_$50_million_per_company,_with_a_focus_on_startups_addressing_the_critical_defense_and_security_needs_of_Israel_and_the_global_community._These_include_the_likes_of_drone_maker_XTEND,_its_first_portfolio_company,_which_went_public_on_the_NYSE_earlier_this_month._That's_also_why_Protego_stopped_short_of_its_$150_million_target:_a_smaller_fund_magnifies_the_impact_of_a_single_big_win_on_overall_returns,_and_with_XTEND_now_looking_like_a_potential_fund_maker,_raising_more_capital_would_only_dilute_that_upside_among_a_larger_pool_of_investors._Ares_Management_is_one_of_Protego's_biggest_backers,_suggesting_Leshem_and_Moser_join_forces_and_start_Protego_in_the_aftermath_of_the_October_7,_2023,_Hamas_attack,_with_the_conviction_that_new_technologies_would_be_key_to_boosting_Israel's_defense_capabilities._With_a_$30_million_investment_as_a_limited_partner,_Ares_gave_Protego_the_support_it_needed_to_start_investing_right_away._Besides_XTEND,_its_portfolio_also_includes_startups_such_as_ASIO,_which_develops_situational_awareness_systems_and_has_partnered_with_Anduril._Protego_won't_have_the_field_to_itself_for_long,_as_Israeli_authorities_have_awarded_other_vc_firms_state_guarantees_to_invest_in_military_technologies._Meanwhile,_Protego_is_already_planning_its_next_move:_a_second_fund_in_the_first_quarter_of_2027,_backed_by_Israeli_institutional_investors_and_one_large_U.S._commitment.