· EIFO, the Export and Funding Fund of Denmark, is the primary state-backed fund to spend money on D3
· The funding will assist the continued growth of the Ukrainian and European defence expertise ecosystems
· D3 is advancing early-stage defence start-ups in Ukraine, offering progress capital to develop and scale new applied sciences
EIFO, the Export and Funding Fund of Denmark, pronounces an funding of US$5 million into D3, a defence expertise enterprise fund with a powerful presence and track-record in Ukraine. The funding will enhance Ukrainian and European defence innovation, funding the event and scaling of recent defence applied sciences together with drones, sensors, demining and AI options.
D3 acts as a bridge between Ukraine, with its rising experience in uneven defence and associated applied sciences, and its Allies, connecting start-ups with the capital and partnerships wanted to scale frontier applied sciences. The partnership between D3 and EIFO can have extra advantages for Denmark, opening doorways for Danish firms to entry new expertise, data, and partnerships.
As the primary state-backed fund to spend money on D3, EIFO has demonstrated a continued dedication to Ukraine’s defence, in alignment with its mandate to assist Danish and European provide chains for the inexperienced transition, defence and expertise. Alongside this newest funding in D3, EIFO is working a assure scheme for investments into Ukraine’s defence business with a complete finances of DKK 1 billion (US$157 million), and has secured financing for developments together with the development of Ukraine’s largest ever wind power mission.
Following Russia’s invasion, Ukraine has develop into a hub for innovation in uneven defence expertise. A wealth of Ukrainian early-stage firms has developed, deployed and gained deep experience in main defence expertise improvements which can be essential not solely to Ukraine’s defence, however for all allied nations. EIFO’s funding supplies risk-tolerant funding to assist the defence expertise ecosystem in Ukraine and Europe extra broadly, enabling the innovation required to remain forward in an period of quickly evolving warfare.
Peder Lundquist, CEO at EIFO, commented: “Our funding in D3 underscores EIFO’s strategic aims to assist Ukraine, strengthen the Danish defence business, and bolster European defence capabilities. In partnership with D3, we’re offering fairness to defence and safety startups in Ukraine, receiving important combat-proven expertise in return. D3 is likely one of the most insightful, energetic and efficient defence-focused buyers in Europe, and we’re proud to be partnering with this devoted crew.”
Morten Bødskov, The Danish Minister for Business, Enterprise and Monetary Affairs, commented:
“Denmark stands aspect by aspect with Ukraine of their battle for freedom. We show this unwavering assist as soon as once more with the funding into D3. This not solely helps Ukraine’s heroic defence of their nation and their freedom, however additionally it is an funding in European safety. On the similar time, EIFO opens the door for Danish firms to entry new expertise, data, and partnerships. It’s an funding within the defence business of the long run, the place innovation and collaboration throughout borders are essential for each safety and progress.”
Founding and managing accomplice at D3, Eveline Buchatskiy, welcomes EIFO as the primary state-owned fund to spend money on the Ukraine-focused enterprise fund: “We’re proud to welcome EIFO as a strategic investor in D3. Denmark has proven daring management in understanding how Ukraine fights – and the way vital expertise is to win. As a state-owned fund, EIFO’s backing alerts Europe’s rising recognition that combat-proven innovation from Ukraine is significant to our collective defence. That is greater than solidarity – it’s constructing the tech spine of a resilient, democratic Europe.”
Ukrainian Minister of Strategic Industries, Herman Smetanin mentioned:
“We’re grateful to Denmark and EIFO for this strategic funding. An funding that’s paving the best way for the following technology of protection applied sciences. This isn’t solely a contribution to Ukraine’s safety, however to the shared capability of the democratic world to reply to rising threats. Ukrainian engineers and entrepreneurs have confirmed their skill to ship breakthrough options, and with Denmark’s assist, we will now scale these improvements for the good thing about all the Euro-Atlantic neighborhood.”
Established by Eveline Buchatskiy, Anton Verkhovodov and Elya Chiechienieva in the summertime of 2023, D3’s ambition is to fund essentially the most promising and groundbreaking new startups in areas resembling UAVs, autonomy, robotics, digital warfare, and demining – and serving to them scale to the following stage for the good thing about Ukraine and Europe.
The ambition is to take a position into +30 early-stage startups inside a brief time frame and with an already confirmed observe file of greater than 700 screenings and 16 investments with co-investors like prime VC-funds Sequoia Capital, a16z, and Lux Capital, D3 seems like an ideal match for the Danish state fund.
About EIFO and its engagement in Ukraine
EIFO is the nationwide promotional financial institution and export credit score company of Denmark mixed in a single monetary establishment. Lively in over 100 nations, and with a complete enterprise quantity of greater than 170 billion DKK, EIFO supplies monetary options for Danish firms and their world companions, whereas additionally investing in startups and funds.
We exist to open doorways for Danish world enterprise, speed up the inexperienced transition, promote new applied sciences and develop the Danish defence business. With our willingness to take dangers in financing, EIFO paves the best way for many who dare to assume huge.
With a complete capability of DKK 6.6 billion, EIFO has a powerful presence in Ukraine. Actions embody financing the reconstruction of enterprise and infrastructure, in addition to defence investments.
Uniquely, EIFO because the Danish ECA gives a 100% assure in reference to commerce with Ukraine, which signifies that commerce occur regardless of battle and dangers.
EIFO’s new fairness funding assure of 1 billion DKK additionally makes it potential for Danish firms to spend money on Ukrainian defence firms with 70% threat protection, partly to assist the Ukrainians and partly to present Danish defence firms entry to present Ukrainian innovation.
EIFO is at present straight concerned in 19 initiatives totaling DKK 3 billion. The initiatives are situated in giant elements of Ukraine and are distributed in agriculture, wastewater, ingesting water, building, and business.
With a assure of two.85 billion DKK, EIFO has secured financing for the development of Ukraine’s largest wind power mission ever, Tiligul. Utilizing Vestas wind generators, the finished wind farm can guarantee electrical energy for 900,000 households and can have a complete capability of 498 MW, making it certainly one of Europe’s largest onshore wind farms.
EIFO nonetheless has a major quantity obtainable for activation of initiatives in Ukraine, the place EIFO has native illustration in Kyiv. EIFO is at present taking a look at 25 new instances, the whole scope of which is greater than 3,4 billion DKK.
See extra at: www.eifo.dk/en/
About D3 – For Founders who Dare to Defend Democracy
D3 is an early stage defence expertise enterprise fund established in 2023 by Eveline Buchatskiy, Anton Verkhovodov and Elya Chiechienieva with the aim of funding progressive founders in defence tech who will help defend Ukraine and strengthen the safety in Europe.
D3 performs the position of a bridge between Ukraine, with its rising experience in uneven defence and associated applied sciences, and their Allies, who’re outfitted with extra capital and might be companions for frontier applied sciences.
The fund’s technique includes investing in pre-seed and seed-stage defence expertise firms situated in Ukraine and allied nations.
For firms originating in Ukraine, D3 supply assist in establishing a enterprise basis for world progress. For firms coming from Allied nations, D3 creates alternatives for soft-landing in Ukraine’s tech ecosystem and defence sector.
D3 plans to spend money on +30 firms.
See extra at: https://d3.vc
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