Darkstar Raises €15M to Invest in Defense Startups for Ukraine

The investor coalition Darkstar has become a full-fledged venture fund, raising €15 million to invest in defense startups aimed at supporting Ukraine’s armed forces.

Backers include European entrepreneurs, family offices, and Estonia’s state-owned fund SmartCap. The fund aims to raise a total of €25 million over the next 6–12 months.

Darkstar will focus on early-stage investments (pre-seed and seed rounds) with average ticket sizes ranging from €500,000 to €1 million.
By the end of the year, the fund expects to invest in another 3–4 Ukrainian startups.

The fund is targeting companies that develop drone components, sensors, control and communication systems, electronic warfare (EW) tools, and solutions for cybersecurity, intelligence, and dual-use surveillance technologies.

A key investment criterion is demonstrated combat experience with the technology, or its clear potential for near-term battlefield application.

Since the intended end users are Ukrainian military units, the fund has developed close ties with some of the country’s most technologically advanced forces. Their insights and feedback play a central role in investment decisions.

“Over the past three and a half years, I’ve visited Ukraine more than 20 times and met with over a hundred unit commanders — spent time with them, learned from them,” said Ragnar Sass, founder and partner at Darkstar. “Many Ukrainian units are much more like startups than we can imagine.”

Through its partner network, Darkstar also supports portfolio companies with incorporation in Europe, opening bank accounts, accessing NATO markets, and building relevant partnerships.

Darkstar is known in Ukraine for its five-day intensive programs for defense startups. These bootcamps allow teams to focus on key technical challenges, receive feedback from military and European experts, and pitch to investors on the final day.

Estonian entrepreneur and investor Ragnar Sass, who co-founded the Darkstar Coalition, previously spoke to Militarnyi about the initiative.
The fourth Future Army Bootcamp will take place in Ukraine this summer. Startups can apply via the Darkstar website.