Investment company Inzhur will launch its new Inzhur MilTech fund on August 13, allowing private investors to invest in Ukraine’s defense manufacturing sector. The fund’s first asset will be FPV drone manufacturer Vyriy Industries. The minimum investment will be just UAH 1,000, according to the company.
The fund will invest the capital raised in corporate bonds issued by Vyriy Industries. The company plans to use the financing to increase working capital, expand production capacity, and scale up drone deliveries.
Inzhur acted as underwriter, or organizer of the corporate bond issue, for Vyriy Industries. The project is expected to raise up to UAH 5 billion for the drone manufacturer. According to Inzhur founder and CEO Andriy Zhurzhiy, the scale of the program is significant for Ukraine’s corporate debt market: in the whole of 2025, corporate bond issuance in Ukraine totaled UAH 4.7 billion.
For investors, Inzhur is targeting an expected fund return of 25–29% per annum in hryvnia. The return is generated by coupon payments on the bonds, which the fund receives every 35 days. The income is expected to be reinvested, increasing the value of the investment certificate and creating a compounding effect.
Investors will be able to monitor the performance of their investments through the Inzhur app. The fund will accept new investments until December 31, 2026.
The structure also provides an option for early exit. Investors will be able to submit a request to sell their investment certificates at any time through their personal account. The fund will repurchase the certificates at the prevailing price in accordance with the fund’s terms. The stated settlement period following a sale is up to three working hours.
Inzhur MilTech represents a new business line for Andriy Zhurzhiy’s investment company, which specializes in raising capital from private investors across different asset classes. Its core business remains commercial real estate through the Inzhur REIT fund. The company also offers investments through Inzhur Energy, linked to a small power generation facility near Kyiv, as well as access to Ukrainian domestic government bonds.
As of June, Inzhur had approximately 81,900 active investment accounts, providing the company with a broad retail investor base potentially interested in the new defense-focused product.
The first company to receive financing through Inzhur MilTech will be Vyriy Industries, one of Ukraine’s largest FPV drone manufacturers. The company produces thousands of drones per month. It is owned by entrepreneur Oleksii Babenko, who is also a co-owner of Ukrainian online media outlet Babel.
In 2024, Vyriy Industries generated approximately UAH 1 billion in revenue, while Babenko estimated the company’s share of Ukraine’s FPV drone market at around 5%. During part of 2025, the company acquired five other businesses as it continued to expand its production capabilities and presence in the unmanned systems market.
At the same time, investments in Vyriy Industries involve elevated risks related not only to the specifics of the defense market but also to the legal situation surrounding the company. On July 7, 2026, Ukraine’s State Bureau of Investigation conducted searches at the premises of Vyriy Industries owner Oleksii Babenko as part of an investigation into the possible artificial inflation of prices for drones supplied under government contracts.
According to the State Bureau of Investigation, investigators are examining transactions that may have involved more than 150 individual entrepreneurs, with the total value of transactions considered suspicious by law enforcement exceeding UAH 197 million. During the search, investigators seized Babenko’s mobile phone and found $3,500 in cash.
The investigation itself does not establish the guilt of the company or its owner, but it represents a material risk factor for potential investors. In addition to legal risks, investments in corporate bonds are exposed to the issuer’s financial condition, its ability to meet debt obligations, the stability of government procurement, and broader conditions in the defense technology market.
For Vyriy Industries, the bond issue provides access to a significant amount of working capital financing without the need to raise the entire amount exclusively from a limited pool of institutional investors. For Inzhur, the launch of MilTech, in turn, gives retail investors access to Ukraine’s defense tech segment, which has previously been focused primarily on specialized investors and government funding.
