Investment of $5M by EIFO in defense technology venture capital fund D3, based in Ukraine.
In a significant move, the Danish Export and Investment Fund (EIFO) has invested $5 million in D3, a defence technology venture fund based in Ukraine. This partnership marks the first state-backed fund investment into D3 and underscores Denmark's strategic commitment to supporting Ukraine in its fight for freedom and enhancing European defence capacity.
Established in 2023 by Eveline Buchatskiy, Anton Verkhovodov, and Elya Chiechienieva, D3 focuses on investing in early-stage defence tech startups primarily in Ukraine and allied countries. The fund targets Pre-Seed and Seed-stage companies and aims to support innovative founders developing technologies that contribute to Ukraine’s defence and enhance European security.
With this investment, D3 continues to make a significant impact, having backed over 16 investments out of more than 700 screened startups. Notable co-investors include prominent VC funds like Sequoia Capital, a16z, and Lux Capital.
D3 acts as a bridge between Ukraine’s asymmetric defence expertise and allied countries, facilitating access to capital and partnerships necessary to scale cutting-edge defence technologies such as drones, sensors, demining, and AI solutions. The fund's portfolio includes combat-proven technologies that contribute to Ukraine's ongoing defence efforts and Europe's broader security landscape.
Denmark's Minister for Industry, Business and Financial Affairs, Morten Bødskov, stated that the investment into D3 demonstrates Denmark's unwavering support for Ukraine's fight for freedom and European security. Ukrainian Minister of Strategic Industries, Herman Smetanin, viewed the investment as not only a contribution to Ukraine's security but to the shared capacity of the democratic world to respond to emerging threats.
The EIFO investment in D3 is more than just financial support. It is also seen as Europe's growing recognition that combat-proven innovation from Ukraine is vital to collective defence. The partnership between D3 and EIFO will benefit Denmark by opening doors for Danish companies to access new technology, knowledge, and partnerships.
For Eveline Buchatskiy, the founding and managing partner at D3, Denmark's investment is a testament to the country's bold leadership in understanding the importance of technology in Ukraine's defence. With this investment, D3 is poised to invest in over 30 early-stage startups, further strengthening the defence technology ecosystems in Ukraine and Europe.
In conclusion, the investment into D3 by the Danish Export and Investment Fund accelerates the fund's goals and connects Danish and European industry players with Ukraine's vibrant defence tech ecosystem. This partnership is a significant step towards enhancing security in Ukraine and Europe through early-stage defence technology innovation.
Technology is a crucial focus for D3, a defense tech venture fund established by Eveline Buchatskiy, Anton Verkhovodov, and Elya Chiechienieva. With the aim of supporting innovative founders developing technologies that contribute to Ukraine’s defense and enhance European security, D3 invests in early-stage defense tech startups primarily in Ukraine and allied countries, having backed over 16 investments out of more than 700 screened startups.
