Our Investments
Front Ventures focuses on companies with battle-tested solutions, where management seeks shareholders with the ability to rapidly scale production and sales in Western Europe.
Defense Tech Portfolio
Develops automated air defense systems to detect and eliminate hostile drones.
- Reviewed and approved by BRAVE1, Ukraine's government defense innovation portal
- First target acquisition software available for order by Ukrainian brigades on BRAVE1 Markets
AI-driven air surveillance integration and connection to Scandinavian X's drone factory ecosystem.
Production capacity 10,000 drone motors per month for Ukraine and 2 NATO countries.
- Capital round in Dec 2025 enables production increase to 40,000 motors/month
- Front Ventures assists in negotiating with Western European production partners
Negotiating Western European production partnerships to 4x manufacturing capacity. Connecting Aeromotors with Scandinavian X for custom motor development.
Scandinavian X
Scandinavia's first drone factory based on Ukrainian innovations. Joint venture between Front Ventures, Skygaard, Hede Capital, and Ukrainian defense tech company Vluchnyk.
- Custom-developed motor in collaboration with Aeromotors
- NATO-approved and in production since January 2026
Capital, strategic coordination between Swedish and Ukrainian partners, and infrastructure for airplane and helicopter services. Facilitated NATO approval and SWEBAL TNT supply agreement.
Aviation Center Engelholm
Swedish defense infrastructure facility. Classified hangar for defense operations.
Infrastructure for airplane and helicopter services. Serves as operational base for defense technology activities.
Black Forest Systems
Ukrainsk leverantör av drönare för infanteri och specialförband. Front Ventures investerade tillsammans med Hede Capital i mars 2026.
- Front Ventures co-invested $400K alongside Hede Capital Partners
- SHADOX system being industrialized — from engineering to manufacturing readiness
Co-investment with Hede Capital. Supporting industrialization of the SHADOX system and integration into the Western defense tech ecosystem.
Strategic Partnership
New Swedish actor in explosives production focusing on TNT manufacturing.
- Letter of intent signed with Scandinavian X for TNT deliveries to NATO markets and Ukraine
- Strong potential for synergies between Swedish defense tech startups
Legacy Portfolio (Fintech)
Citigiro
Investor consortium. Legacy fintech investment prepared for divestment.
Vopy
Successful Swedish fintech company developing embedded finance solutions. Cloud-based platform used by banks in South Asia, South America, and Africa.
How We Invest
Investment Philosophy
Selection Criteria
- Swedish or Ukrainian defense tech companies
- Patent opportunity or clear cost advantage
- Proven market with high potential
- Fast and scalable production process
- Existing permits and licenses
- Ticket: $0.5–5.0M · Ownership: 5–20%
Focus Areas
Out of Scope ▾
- Consumables without technical sophistication (e.g. personal equipment)
- Weapons systems with high capital costs and complexity (e.g. ballistic systems)
- Electronic warfare jamming systems
What does this mean?
Front Ventures targets seed-to-Series A companies in defense technology — typically $0.5–5.0M tickets for 5–20% ownership. We focus on dual-use technologies with both military and civilian applications, produced using existing European manufacturing capacity rather than building new facilities.
3–5 year horizon as a first mover
Public Listing
First BRAVE1 company (Swarmer) to list on NASDAQ in 2026, validating the path for Ukrainian defense tech IPOs.
Industry Consolidation
Consolidation underway — Vyriy acquired 5 domestic companies and 51% in three Ukrainian drone developers in H1 2025.
Strategic Acquirers
Ondas Holdings ($3B market cap) invested $11M in Ukrainian Drone Fight Group (Dec 2025). Growing international interest.
Building defense technology that can scale in Western Europe?
Pitch to Us →