Danish fund invests $5 mln in Ukrainian defense industry – Cabinet
EIFO (Export and Investment Fund of Denmark) announced an investment of $5 million in the defense technology venture fund D3 to support Ukrainian defense tech, the press service of the Cabinet of Ministers of Ukraine reports.
It is noted that D3 is a defense technology venture fund represented in Ukraine. The investment will contribute to the development of innovations in the defense sector of Ukraine and Europe by financing the development and scaling of new defense technologies, including drones, sensors, demining tools and solutions based on artificial intelligence.
"D3 acts as a mediator between Ukraine and partner countries, connecting startups with the capital and partnerships needed to scale cutting-edge technologies. The partnership between D3 and EIFO will have additional benefits for Denmark, opening Danish companies access to new technologies, Ukrainian experience and partnerships," the government emphasized.
EIFO became the first foreign state fund to invest in D3. At the same time, EIFO is implementing a guarantee system for investments in the defense industry of Ukraine with a total budget of DKK 1 billion ($157 million).
"We are grateful to Denmark and EIFO for this strategic investment. An investment that paves the way for the next generation of defense technologies. This is not only a contribution to the security of Ukraine, but also to the shared ability of the democratic world to respond to new threats. Ukrainian engineers and entrepreneurs have proven their ability to create breakthrough solutions, and with the support of Denmark, we can now scale these innovations for the benefit of the entire Euro-Atlantic community," said Herman Smetanin, Minister of Strategic Industries of Ukraine.
EIFO CEO Peder Lundqvist said that the investment in D3 underscores EIFO’s strategic goals of supporting Ukraine, strengthening the Danish defense industry and enhancing European defense capabilities.
"In partnership with D3, we provide capital to defense and security startups in Ukraine, in return for vital, battle-tested technologies. D3 is one of the most insightful, active and effective defense investors in Europe, and we are proud to work with this dedicated team," he said.
Commenting on the decision, Danish Minister of Industry, Business and Finance Morten Bødskov stressed that Denmark stands shoulder to shoulder with Ukraine in its fight for freedom.
"We are once again demonstrating this unwavering support by investing in D3. This not only supports the heroic defense of Ukraine and its freedom, but is also an investment in European security. At the same time, EIFO opens up access to new technologies, knowledge and partnerships for Danish companies. This is an investment in the defense industry of the future, where innovation and cross-border cooperation are crucial for both security and growth," the minister emphasized.
