The European startups defending Ukraine in 2026, and the VCs funding them
EU-Startups has compiled a list of European startups that raised money in 2026 and are contributing to Ukraine's defence against Russia's invasion, along with the investors behind them. Its reporting on European DefenceTech and adjacent dual-use technology has found more than €1.8 billion in financing across 22 startups as of October. The list itself represents over €1 billion raised for direct intervention in Ukraine.
The largest rounds went to two companies. Finland's ICEYE, which operates radar satellites that image the ground in any weather or light, announced a €450 million Series F in June led by General Atlantic, with the Scaleup Europe Fund managed by EQT later identified as co-lead. Counting secondary transactions, the financing exceeded €1 billion. It also expanded its cooperation with Ukraine's Ministry of Defence in January. Germany's Quantum Systems, whose AI-powered drones reportedly flew more than 19,000 missions in Ukraine during 2025, announced a €1 billion Series D in July co-led by Blackstone, Noteus, Airbus and Advent. Plans were also reported for tens of thousands of Germany-funded interceptor drones to be built in Ukraine.
Smaller startups focus on drone autonomy, guidance and counter-drone defence. Estonia's Frankenburg Technologies, which is developing a low-cost Mark I short-range interceptor missile, raised a €30 million Series A led by Plural. DOD Solution (Estonia/Ukraine) raised €1.8 million pre-Seed for its AURA AI autonomy platform, which has already been used in combat. UK-based Occam Industries raised €3 million pre-Seed for FPV drone autonomy and has completed initial testing through Ukraine's Brave1 cluster. Lithuania's PDKINEMATICS raised a €2 million Seed round for guidance systems that work under electronic warfare, and has partnered with Ukrainian manufacturer Bavovna.ai. Denmark's Shotling raised €700k pre-Seed, led by Myriad Defense Fund, for a rotary shotgun system that targets cheap FPV drones and loitering munitions. Details of its operational deployment have not been disclosed.
The list also notes Stockholm-based Varangians, a fund that closed more than €10 million in June to back Ukrainian defence innovation directly. Its portfolio includes Norda Dynamics, Himera and Sine Engineering, which work on drone piloting, secure communications and UAV positioning in jammed environments.