EIFO invests USD 5 million in D3 Defense Venture Fund to support Ukrainian defense tech

EIFO (Export and Investment Fund of Denmark) has announced a USD 5 million investment in D3. This is a venture capital fund for defense technology represented in Ukraine. The investment will foster innovation in the defense sector in Ukraine and Europe by financing the development and scale-up of new defense technologies, including drones, sensors, mine clearance and artificial intelligence solutions.

D3 acts as an intermediary between Ukraine and its partner countries, connecting startups with the capital and partnerships needed to scale cutting-edge technologies. The partnership between D3 and EIFO will have additional benefits for Denmark, giving Danish companies access to new technologies, Ukrainian experience and partnerships.

EIFO is the first foreign sovereign wealth fund to invest in D3. At the same time, EIFO is implementing a guarantee system for investments in Ukraine's defense industry with a total budget of DKK 1 billion (USD 157 million).

Ukraine is a center of defense innovation. One of the key advantages that Ukrainian manufacturers gained during the war is the ability to quickly adapt new technologies and advanced solutions to the conditions of combat operations. This has made it possible to quickly test new products, from UAVs to robotic systems, and receive direct feedback from the frontline. This is what makes defense tech manufacturers a unique partner for technological cooperation.

"We are grateful to Denmark and EIFO for this strategic investment. An investment that paves the way for the next generation of defense technologies. This is not only a contribution to Ukraine's security, but also to the common ability of the democratic world to respond to new threats. Ukrainian engineers and entrepreneurs have proven their ability to create breakthrough solutions, and with the support of Denmark, we can now scale these innovations for the benefit of the entire Euro-Atlantic community," said Herman Smetanin, Minister for Strategic Industries of Ukraine.

"Our investment in D3 underscores EIFO's strategic goals of supporting Ukraine, strengthening the Danish defense industry and enhancing European defense capabilities. In partnership with D3, we are providing capital to defense and security startups in Ukraine, receiving in return vital battle-tested technologies. D3 is one of the most insightful, active and effective defense investors in Europe, and we are proud to partner with this dedicated team," said Peder Lundqvist, CEO of EIFO.

"Denmark stands shoulder to shoulder with Ukraine in its fight for freedom. We are once again demonstrating this unwavering support by investing in D3. This not only supports Ukraine's heroic defense and freedom, but is also an investment in European security. At the same time, EIFO provides Danish companies with access to new technologies, knowledge and partnerships. It is an investment in the defense industry of the future, where innovation and cross-border cooperation are crucial for both security and growth," emphasized Morten Bødskov, Minister for Industry, Business and Financial Affairs of Denmark.

"We are proud that EIFO has become a strategic investor in D3. Denmark has demonstrated bold leadership in understanding how Ukraine fights - and how important technology is to victory. As a public fund, EIFO's support demonstrates Europe's growing recognition that battle-tested innovations from Ukraine are vital to our collective defense. This is more than solidarity - it's about building the technological foundation for a resilient, democratic Europe," said Eveline Buchatskiy, Founding Managing Partner at D3.

Founded by Eveline Buchatskiy, Anton Verkhovdov, and Elya Chiechienieva in the summer of 2023, D3 aims to fund the most promising and innovative startups in areas such as unmanned aerial vehicles, autonomy, robotics, electronic warfare, and demining, and help them reach the next level for the benefit of Ukraine and Europe.