A new €15 million defense fund, Darkstar, has officially launched in Ukraine, aiming to invest in early-stage domestic defense technology startups. Backed by European entrepreneurs, family offices, and Estonia’s state-owned fund SmartCap, Darkstar plans to increase its capital to €25 million within the next 6–12 months.
The fund focuses on pre-seed and seed-stage investments, with average ticket sizes ranging from €500,000 to €1 million. Darkstar is actively seeking startups working on drone components, sensors, command and communication systems, electronic warfare tools, as well as cybersecurity, intelligence, and dual-use technologies.
A key requirement for portfolio candidates is proven or high-potential real-world combat application of the technology.
In addition to capital, Darkstar provides operational support, including assistance with company registration in Europe, opening bank accounts, market access in NATO countries, and partnership development.
Darkstar is a coalition of more than 30 members, including unicorn founders, hackers, and investors from Estonia, Ukraine, Germany, France, and the United Kingdom. In Ukraine, the fund organizes hackathons and supports the development of defense technologies.
In September 2024, the coalition invested €600,000 in Farsight Vision, a Ukrainian-Estonian situational awareness platform. In May 2025, another €600,000 was invested in Deftak, a startup developing drone-deployed munitions.
According to Forbes, one-third of the 24 most active investors in Ukrainian startups in 2024 specialized in defense technologies (DefenceTech).
