The Danish Export and Investment Fund (EIFO) is investing nearly 32 million DKK in Ukrainian defense technology startups through the venture fund D3, signaling strong support for Ukraine amidst challenging times. Ukrainian President Volodymyr Zelenskyj’s presence in Aarhus for the official start of Denmark’s EU presidency underscores the established cooperation between the two nations.
This investment represents a crucial boost for Ukraine’s defense capabilities, especially at a time when the country faces potential setbacks in arms deliveries and obstacles to EU membership. The Danish funding will support young defense companies in Ukraine and allied countries, with the aim of strengthening European security.
Minister for Industry, Business and Financial Affairs Morten Bødskov emphasized Denmark’s “unwavering support” for Ukraine. He also noted that the investment opens doors for Danish companies to access new technology, knowledge, and partnerships.
EIFO’s CEO, Peder Lundquist, highlighted the strategic importance of the investment, stating that it allows access to “battle-tested technology” while contributing to defense and security startups in Ukraine. He also said D3 is one of the most insightful, active and effective investors focusing on defense in Europe, and we are proud to be able to collaborate with their dedicated team, which, like EIFO, is present in Ukraine.
Herman Smetanin, the Ukrainian Minister for Strategic Industries, expressed gratitude for the investment, emphasizing its contribution to both Ukraine’s security and the democratic world’s ability to respond to emerging threats. He also noted that Ukrainian engineers and entrepreneurs have proven their ability to deliver groundbreaking solutions, and with Denmark’s support, we can now scale these innovations for the benefit of the entire Euro-Atlantic cooperation
The investment is particularly timely, given reports of halted arms deliveries to Ukraine from the USA and Hungary’s attempts to block Ukrainian EU membership. EU Commission President Ursula von der Leyen praised Denmark’s “fast and focused approach” as it assumes the EU presidency for the next six months.