Norwegian investors and philanthropists have created the Gardar fund to invest in Ukrainian defense technology companies. The fund will focus on startups whose solutions are already used or tested in real battlefield conditions and can strengthen both Ukraine and Europe’s security architecture.
Operational management will be provided by Norwegian venture platform Sandwater. The initiative was created in partnership with the family investment company Ferd and the volunteer organization Munkene, which supports Ukraine.
Defense tech as a European investment theme
Gardar is expected to support companies at different stages of development, from early-stage startups to more mature funding rounds. Its capital comes mainly from Norwegian private investors and family offices.
The investment thesis is clear: Ukrainian founders are building technologies under extreme pressure, and these solutions are not theoretical. They are shaped by operational needs, feedback from the front and the speed of adaptation required by modern war.
For Ukraine’s defense-tech sector, such capital can help scale production, professionalize governance and open doors to European partnerships. For Europe, it is a way to learn from the most active defense innovation environment on the continent while supporting Ukraine’s resilience.
