About — Front Ventures

Front Ventures is a Swedish financier and catalyst within defense tech. The company invests in Ukrainian innovation companies with the goal of supporting their business development and scaling up production in the West.

Listed on NGM in Stockholm, Front Ventures combines early investments in Ukrainian defense tech companies with scaling and production in Western Europe. The board and CEO are active large shareholders in the company.

Our mission is to bridge Ukrainian military innovations with Western capital, production capacity, and military needs. Ukrainian product development is cost-effective and has been tested in live combat. Europe has lower capital costs, available production capacity, and an acute demand.

Listed on NGM Nordic SME
Software

UAV control systems, target acquisition, and command software platforms.

Drone Technology

Manufacturing, motors, and autonomous defense systems.

Communications

Secure communications infrastructure for defense applications.

Electronic Warfare

Counter-drone systems and electronic countermeasures.

The Opportunity

Why Defense Tech

State defense spending in the EU is increasing sharply after 30 years of erosion. Military equipment is a major budget item, and the EU's goal is to become self-sufficient as soon as possible.

€99B
EU defense equipment spending projected by 2032
~8%
Annual growth (CAGR) in EU defense budgets
60–70%
EU military drones produced outside the union
90%
Drone components currently manufactured in China

The EU's target is to increase purchases from domestic defense producers from 22% (2022) to 50% (2030). This creates an unprecedented opportunity for European defense tech companies that can deliver battle-tested innovations at scale.

Political Challenges

  • Democratic countries' defense is built on consensus, slowness, and sequential decisions
  • EU resources are insufficient for immediate defense needs
  • Need for the private sector's tradition of free thinking, risk acceptance, and ability to prioritize

Commercial Challenges

  • Traditional European defense producers are not equipped for large-scale military conflict
  • Innovation post-2022 is lightning fast and requires startup thinking
  • In Ukraine, time between breakthrough and countermeasure has often been weeks, not years
Milestones

2025–2026 — Rapid Execution

Jul 2, 2025
Investment
Investment (3.0 MSEK) in Aviation Center Engelholm
Aug 26, 2025
Organization
New strategic direction — defense tech. Jonas Malmgren appointed CEO
Sep 26, 2025
Investment
Investment (0.5 MSEK) in Ukrainian SkyHunter
Oct 6, 2025
Organization
Approved as local defense tech investor by Ukraine's Finance Ministry
Oct 23, 2025
Partnership
JV Scandinavian X launched with Swedish and Ukrainian partners
Nov 12, 2025
Partnership
Letter of intent with SWEBAL for TNT deliveries to Scandinavian X
Dec 2, 2025
Organization
Rights issue of 26 MSEK — oversubscribed by 228%
Dec 16, 2025
Investment
Investment (5.1 MSEK) in Ukrainian Aeromotors
Mar 12, 2026
Investment
Investment in Black Forest Systems together with Hede Capital

For a safe future in peace

We're looking for founders who share our vision.

Pitch to Us →