· 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 development capital to develop and scale new applied sciences
EIFO, the Export and Funding Fund of Denmark, proclaims 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 increase 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 further advantages for Denmark, opening doorways for Danish firms to entry new expertise, information, 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 vitality venture.
Following Russia’s invasion, Ukraine has turn 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 international locations. 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 very important combat-proven expertise in return. D3 is among the most insightful, lively and efficient defence-focused traders in Europe, and we’re proud to be partnering with this devoted staff.”
Morten Bødskov, The Danish Minister for Trade, Enterprise and Monetary Affairs, commented:
“Denmark stands facet by facet with Ukraine of their battle for freedom. We display 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, information, 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 development.”
Founding and managing companion 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 important expertise is to win. As a state-owned fund, EIFO’s backing indicators Europe’s rising recognition that combat-proven innovation from Ukraine is important 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 way in which for the subsequent 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 answer rising threats. Ukrainian engineers and entrepreneurs have confirmed their means 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 subsequent degree for the good thing about Ukraine and Europe.
The ambition is to speculate into +30 early-stage startups inside a brief time frame and with an already confirmed monitor file of greater than 700 screenings and 16 investments with co-investors like high VC-funds Sequoia Capital, a16z, and Lux Capital, D3 seems to be 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. Energetic in over 100 international locations, 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 way in which for individuals who dare to suppose large.
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 implies that commerce occur regardless of battle and dangers.
EIFO’s new fairness funding assure of 1 billion DKK additionally makes it attainable for Danish firms to spend money on Ukrainian defence firms with 70% threat protection, partly to assist the Ukrainians and partly to provide Danish defence firms entry to present Ukrainian innovation.
EIFO is at the moment instantly concerned in 19 initiatives totaling DKK 3 billion. The initiatives are positioned in giant components of Ukraine and are distributed in agriculture, wastewater, consuming water, building, and business.
With a assure of two.85 billion DKK, EIFO has secured financing for the development of Ukraine’s largest wind vitality venture 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 one in all Europe’s largest onshore wind farms.
EIFO nonetheless has a major quantity out there for activation of initiatives in Ukraine, the place EIFO has native illustration in Kyiv. EIFO is at the moment taking a look at 25 new circumstances, the entire 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 modern founders in defence tech who may help shield Ukraine and strengthen the safety in Europe.
D3 performs the function 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 may be companions for frontier applied sciences.
The fund’s technique entails investing in pre-seed and seed-stage defence expertise firms positioned in Ukraine and allied international locations.
For firms originating in Ukraine, D3 provide assist in establishing a enterprise basis for world development. For firms coming from Allied international locations, D3 creates alternatives for soft-landing in Ukraine’s tech ecosystem and defence sector.
D3 plans to spend money on +30 firms.
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