Ukrainian closed-end non-diversified mutual investment fund Inzhur MilTech raised nearly UAH 1 billion from approximately 25,000 investors during the first 20 days after launching sales of its investment certificates. The funds are intended to finance production by Ukrainian defense technology company Vyriy Industries, one of the country’s largest manufacturers of FPV drones and related components.
According to Inzhur, the fund’s assets under management have already reached UAH 1 billion. The company said the result was achieved through the cumulative effect of continued investment inflows.
Sales of Inzhur MilTech investment certificates began on August 13, 2026. During the first 24 hours alone, the fund attracted more than UAH 500 million from 12,200 investors, with the average investment amounting to approximately UAH 40,800. Over the following 19 days, the fund raised almost another UAH 500 million and significantly increased the number of participants.
The fund plans to use the proceeds to purchase bonds issued by Vyriy Industries. Inzhur said fundraising through Inzhur MilTech will continue until December 31, 2026. The target size of both the fund and the bond issue is UAH 5 billion.
Bond Issue Terms
In early August, Vyriy Industries registered its first private three-year bond issue with an annual put option with Ukraine’s National Securities and Stock Market Commission. Inzhur acts as the underwriter of the issue, while funds raised through the fund’s investment certificates are initially used to purchase these bonds.
The nominal value of each bond is UAH 1,000. The coupon yield for the first year is set at 25% per annum, with a 35-day coupon period. The bonds mature on July 26, 2029.
For investors in the Inzhur MilTech fund itself, the minimum investment threshold is UAH 1,000.
Inzhur founder Andriy Zhurzhiy also informed investors in another company fund, Inzhur REIT, about the possibility of short-term investment of its available liquidity in Vyriy Industries bonds. The potential volume of such investments could reach UAH 2 billion.
According to Zhurzhiy, after an agreement on the bond issue was reached, Inzhur offered Vyriy Industries preliminary debt financing. Initially, the financing amounted to UAH 500 million for three months at 30% per annum, after which the company was given the opportunity to raise another UAH 500 million on similar terms. The deal included a personal guarantee from Vyriy Industries owner Oleksii Babenko.
At the same time, Inzhur REIT already has a significant investment base. According to information published on the fund’s website, its assets are valued at approximately UAH 6.34 billion, while the number of investors has reached 95,000.
Vyriy Industries Financial Performance
Vyriy Industries positions itself as a Ukrainian defense technology company specializing in the production of FPV drones and components for unmanned systems.
The company disclosed several financial indicators for 2025. Revenue reached UAH 11.2 billion, EBITDA amounted to UAH 2.1 billion, and equity exceeded UAH 2 billion. The bond financing is expected to provide the company with additional funding to expand production capacity and scale output.
At the same time, investments in Vyriy Industries bonds are being made against the backdrop of an investigation by Ukraine’s State Bureau of Investigation. In July 2026, the agency was examining possible overpricing of drones manufactured by the company, as well as information regarding the potential use of a network of companies and individual entrepreneurs with signs of fictitious activity to artificially inflate expenses. On July 7, State Bureau of Investigation officers conducted searches at the company and at the premises of its owner, Oleksii Babenko.
Later, on July 22, Kyiv’s Pecherskyi District Court rejected a request by the State Bureau of Investigation to seize UAH 32 million confiscated during searches at Vyriy Industries. Following the court’s decision, the funds were returned to the company.
Thus, Inzhur MilTech has built an investment pool of nearly UAH 1 billion in 20 days, with the majority of the funds directed toward debt financing of a major Ukrainian FPV drone manufacturer. If the current fundraising pace continues, the fund could move significantly closer to its stated UAH 5 billion target by the end of 2026.
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