Denmark’s EIFO Invests $5M In Ukraine-Focused Defence Tech Fund D3

Founded in 2023 by Eveline Buchatskiy, Anton Verkhovodov, and Elya Chiechienieva, D3 backs Pre-Seed and Seed-stage defence startups with high-impact solutions. With over 700 startups screened and 16 investments already made—alongside top VC firms like Sequoia Capital, a16z, and Lux Capital—D3 is helping build Europe’s next-generation defence technologies.

EIFO’s investment not only strengthens Denmark’s ties to the European defence ecosystem but also creates opportunities for Danish companies to access frontier technologies.

Read Also - Massive Dynamic Secures €3 Million To Automate Digital Marketing Operations

This is EIFO’s first state-backed commitment to D3 and aligns with its broader efforts to support Ukraine’s security and reconstruction. The fund is also managing a DKK 1 billion ($157 million) guarantee scheme for investments in Ukraine’s defence sector and has backed major infrastructure projects, including the country's largest wind farm.

Peder Lundquist, CEO at EIFO, commented: “Our investment in D3 underscores EIFO’s strategic objectives to support Ukraine, strengthen the Danish defence industry, and bolster European defence capabilities. In partnership with D3, we are providing equity to defence and security startups in Ukraine, receiving vital combat-proven technology in return.

D3 is one of the most insightful, active and effective defence-focused investors in Europe, and we are proud to be partnering with this dedicated team.”

According to Morten Bødskov, the Danish Minister for Industry, Business and Financial Affairs, Denmark stands side by side with Ukraine in their fight for freedom.

“We demonstrate this unwavering support once again with the investment into D3. This not only supports Ukraine's heroic defence of their country and their freedom but it is also an investment in European security.

At the same time, EIFO opens the door for Danish companies to access new technology, knowledge and partnerships. It is an investment in the defence industry of the future, where innovation and collaboration across borders are crucial for both security and growth."

Eveline Buchatskiy, Founding and Managing Partner at D3, praised Denmark for its bold leadership in recognizing how Ukraine fights—and the vital role technology plays in achieving victory.

“As a state-owned fund, EIFO’s backing signals Europe’s growing recognition that combat-proven innovation from Ukraine is vital to our collective defence. This is more than solidarity – it’s building the tech backbone of a resilient, democratic Europe.”

Ukrainian Minister of Strategic Industries, Herman Smetanin, said: "This is not only a contribution to Ukraine’s security, but to the shared capacity of the democratic world to respond to emerging threats. Ukrainian engineers and entrepreneurs have proven their ability to deliver breakthrough solutions, and with Denmark’s support, we can now scale these innovations for the benefit of the entire Euro-Atlantic community."

About EIFO

EIFO is Denmark’s state-owned export and investment fund, supporting entrepreneurs, SMEs, and exporters with risk capital and guidance. From early-stage growth to international expansion, EIFO helps Danish companies reach global markets through financing, export guarantees, and listings—driving economic growth and supporting the green transition.