In 2025, investment group Dragon Capital began investing in Ukraine’s military technology sector, or miltech, which the company believes already holds a leading global position in terms of development speed and innovation. This was announced by Dragon Capital founder and CEO Tomas Fiala during the “Prosperity of the Nation” discussion organized by NV media group as part of the “Dialogues about the Future” project.
According to Fiala, one of the most dynamic defense technology ecosystems has emerged in Ukraine in recent years, attracting significant interest from international investors.
“Ukraine is already a leader in this sector. We ourselves started investing in it last year. What has been created in Ukraine over the past four years is something many countries could envy,” he said.
The head of Dragon Capital emphasized that miltech remains one of the few segments of the Ukrainian economy where there is no shortage of capital. On the contrary, foreign investors are actively considering investments in the equity of Ukrainian arms manufacturers and defense technology companies.
As Fiala clarified to Interfax-Ukraine, the company had been exploring investment opportunities in miltech as early as 2023, but at that time decided to postpone entering the sector. At present, Dragon Capital is investing in defense technologies not directly, but through several specialized investment funds established by industry experts.
According to him, such investments also serve as a strategic hedge for the group’s investment portfolio. If the war in Ukraine continues for longer, the defense technology sector will receive additional growth drivers, increasing the investment appeal of relevant assets. If the war ends sooner, other business areas and projects in which Dragon Capital invests may demonstrate higher growth rates and returns.
Dragon Capital is one of Ukraine’s largest investment groups and has traditionally specialized in real estate, private equity, the financial sector, and capital markets. The company’s move into miltech reflects growing interest from institutional investors in Ukraine’s defense technology sector, which in recent years has become one of the country’s key drivers of innovation.
