EIFO, the Export and Investment Fund of Denmark, announces an investment of US$5 million into D3, a defence technology venture fund with a strong presence and track record in Ukraine.
D3 was established in 2023 by Eveline Buchatskiy, Anton Verkhovodov and Elya Chiechienieva to fund innovative founders in defence tech who can help protect Ukraine and strengthen the security in Europe.
The Fund's strategy involves investing in Pre-Seed and Seed-stage defence technology companies located in Ukraine and allied countries. The fund aims to invest in over 30 early-stage startups within a short period of time, with an already proven track record of more than 700 screenings and 16 investments, including co-investors such as top VC funds Sequoia Capital, a16z, and Lux Capital.
Further, D3 acts as a bridge between Ukraine, with its growing expertise in asymmetric defence and related technologies, and its Allies, connecting startups with the capital and partnerships needed to scale frontier technologies.
The partnership between D3 and EIFO will have additional benefits for Denmark, opening doors for Danish companies to access new technology, knowledge, and partnerships.
As the first state-backed fund to invest in D3, EIFO has demonstrated a continued commitment to Ukraine’s defence, in alignment with its mandate to support Danish and European supply chains for the green transition, defence and technology.
Alongside this latest investment in D3, EIFO is operating a guarantee scheme for investments into Ukraine’s defence industry with a total budget of DKK 1 billion ($157 million), and has secured financing for developments including the construction of Ukraine's largest ever wind energy project.
Peder Lundquist, CEO at EIFO, commented:
“Our investment in D3 underscores EIFO’s strategic objectives to support Ukraine, strengthen the Danish defence industry, and bolster European defence capabilities. In partnership with D3, we are providing equity to defence and security startups in Ukraine, receiving vital combat-proven technology in return.
D3 is one of the most insightful, active and effective defence-focused investors in Europe, and we are proud to be partnering with this dedicated team.”
According to Morten Bødskov, the Danish Minister for Industry, Business and Financial Affairs, Denmark stands side by side with Ukraine in their fight for freedom.
“We demonstrate this unwavering support once again with the investment into D3. This not only supports Ukraine's heroic defence of their country and their freedom, but it is also an investment in European security.
At the same time, EIFO opens the door for Danish companies to access new technology, knowledge, and partnerships. It is an investment in the defence industry of the future, where innovation and collaboration across borders are crucial for both security and growth."
According to founding and managing partner at D3, Eveline Buchatskiy, Denmark has shown bold leadership in understanding how Ukraine fights – and how critical technology is to win.
“As a state-owned fund, EIFO’s backing signals Europe’s growing recognition that combat-proven innovation from Ukraine is vital to our collective defence. This is more than solidarity – it’s building the tech backbone of a resilient, democratic Europe.”
Ukrainian Minister of Strategic Industries, Herman Smetanin, said:
"This is not only a contribution to Ukraine’s security, but to the shared capacity of the democratic world to respond to emerging threats. Ukrainian engineers and entrepreneurs have proven their ability to deliver breakthrough solutions, and with Denmark’s support, we can now scale these innovations for the benefit of the entire Euro-Atlantic community."
Lead image: Ailand Systems smart autonomous drone ( a portfolio company of D3)
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