Madeline Mekelberg

I mean, look, defense tech, we've been talking about it all week, Ed.

And that was after we were, of course, at Hill and Valley Forum.

We talked also about reindustrialization more broadly.

And one venture firm that's been focused on exactly that is Construct Capital, which recently raised $300 million in a vehicle to back early-stage startups focused on foundational industries.

Well, Rachel Holt is co-founder, managing partner at Construct.

I'm pleased to say you join us.

And you were also in D.C.

with us when Hill and Valley Forum was upon us.

And Rachel...

This wave, this movement into a realization of real industrialization of defense tech needed in the U.S.

Are you seeing enough more buyer activity, the government realizing this and allocating money for you to put your money to work in an early stage?

You and Dana Grayson have, as you mentioned, been doing this since 2020, let's say before it got cool.

And now everyone piling in, how have you distinguished yourselves with LPs?

How have you managed with, we're looking at your portfolio companies, the growth in Hadrian, for example, is that what's brought people forward to want to back the next fund?

Rachel, how do you get that confidence before that contract is signed?

There has been a lot of hype, dare I say it, around certain defense tech names, and many people worrying that actually the proof point really isn't there.

And I think what we see is those founders are finding a way to do that today.

I have to jump in, but we so appreciate you joining us today.

Rachel Holter, co-managing partner at Construct Capital.