Darkstar Launches €25M Defense Fund, Writing Checks of Up to €1M per Startup
Darkstar, a coalition of European founders helping Ukrainian defense startups scale and enter European markets, has announced the launch of a new pan-European venture capital fund focused on defense tech. The news was confirmed by Darkstar co-founder Ragnar Saas.
What’s Known
- The total size of the new VC fund will be €25 million, with €15 million already secured.
- According to TechCrunch, Darkstar’s fund will invest between €500,000 and €1 million per company at the pre-seed and seed stages.
- Darkstar plans to back startups working on autonomous systems, air defense, electromagnetic warfare, communications, cybersecurity, sensors, as well as surveillance and reconnaissance — including purely military products such as weapons and combat systems.
- Each startup the fund backs will have its technology battle-tested by Ukrainian military units.
«We are investing in combat-proven products & teams, that have the highest impact for Ukraine WIN & Re-Arm Europe,» said Ragnar Saas.
- Saas says more than 30 founders and investors across Europe have already joined the initiative as limited partners (LPs). The largest LP is SmartCap, Estonia’s sovereign defense investment arm.
- Speaking to DOU, Saas added that Darkstar plans to invest in 15–20 startups, with a clear focus on Ukrainian teams.
«Darkstar is actively looking for new companies in Ukraine. We’ve analyzed 300 companies across Europe and see that the best defense tech teams are in Ukraine. The next Future Army Bootcamp will take place this summer in Ukraine, where we want to find companies whose products can help Ukraine win faster,» he says.
About Darkstar
- Darkstar is a coalition that combines the expertise of unicorn founders, military veterans, investors, and technical leaders. Its mission is to strengthen the national security and defense readiness of NATO countries and allies by developing next-generation defense technologies and ecosystems.
- Darkstar runs hackathons for Ukrainian startups and invests directly in defense tech companies. In September 2024, it invested €600,000 in Ukrainian-Estonian situational awareness platform Farsight Vision, and in May 2025, another €600,000 in Deftak, a developer of drone munitions.
«We’re not a typical venture capital firm. We’re building a full defense tech ecosystem! Darkstar is run by founders who operate at ‘war speed’. We’ve already made two investments and plan to complete another four or five by the end of this year,» Saas says.
- According to its website, Darkstar allocates up to €1.5 million to each of its bootcamps, distributing the money among the top teams. The coalition also helps startups connect with military, banking, and government partners.
- Darkstar’s next Future Army Bootcamp 4 is set for this summer in Kyiv. The best teams will receive contracts and up to $1 million in follow-on investment.
Darkstar Launches €25M Defense Fund, Writing Checks of Up to €1M per Startup
Darkstar, a coalition of European founders helping Ukrainian defense startups scale and enter European markets, has announced the launch of a new pan-European venture capital fund focused on defense tech. The news was confirmed by Darkstar co-founder Ragnar Saas.
What’s Known
- The total size of the new VC fund will be €25 million, with €15 million already secured.
- According to TechCrunch, Darkstar’s fund will invest between €500,000 and €1 million per company at the pre-seed and seed stages.
- Darkstar plans to back startups working on autonomous systems, air defense, electromagnetic warfare, communications, cybersecurity, sensors, as well as surveillance and reconnaissance — including purely military products such as weapons and combat systems.
- Each startup the fund backs will have its technology battle-tested by Ukrainian military units.
«We are investing in combat-proven products & teams, that have the highest impact for Ukraine WIN & Re-Arm Europe,» said Ragnar Saas.
- Saas says more than 30 founders and investors across Europe have already joined the initiative as limited partners (LPs). The largest LP is SmartCap, Estonia’s sovereign defense investment arm.
- Speaking to DOU, Saas added that Darkstar plans to invest in 15–20 startups, with a clear focus on Ukrainian teams.
«Darkstar is actively looking for new companies in Ukraine. We’ve analyzed 300 companies across Europe and see that the best defense tech teams are in Ukraine. The next Future Army Bootcamp will take place this summer in Ukraine, where we want to find companies whose products can help Ukraine win faster,» he says.
About Darkstar
- Darkstar is a coalition that combines the expertise of unicorn founders, military veterans, investors, and technical leaders. Its mission is to strengthen the national security and defense readiness of NATO countries and allies by developing next-generation defense technologies and ecosystems.
- Darkstar runs hackathons for Ukrainian startups and invests directly in defense tech companies. In September 2024, it invested €600,000 in Ukrainian-Estonian situational awareness platform Farsight Vision, and in May 2025, another €600,000 in Deftak, a developer of drone munitions.
«We’re not a typical venture capital firm. We’re building a full defense tech ecosystem! Darkstar is run by founders who operate at ‘war speed’. We’ve already made two investments and plan to complete another four or five by the end of this year,» Saas says.
- According to its website, Darkstar allocates up to €1.5 million to each of its bootcamps, distributing the money among the top teams. The coalition also helps startups connect with military, banking, and government partners.
- Darkstar’s next Future Army Bootcamp 4 is set for this summer in Kyiv. The best teams will receive contracts and up to $1 million in follow-on investment.
