Front Ventures Raises €5M To Support Defence Tech Startups In Ukraine And Sweden

The company focuses on backing early-stage defence technology startups in Sweden and Ukraine that are developing operationally relevant systems.

The funding round drew support from all major shareholders, including CEO Jonas Malmgren and board member and former CEO Johan Lund, as well as new investor Roglar Holding, which contributes industrial and manufacturing expertise.

APREA Partners AB served as financial advisor, Advokatfirman Lindahl KB acted as legal counsel, and Aqurat Fondkommission AB was lead manager for the transaction.

Front Ventures invests in sectors including drone technology, software, communications, and critical defence supply chains, targeting companies with proven prototypes that are prepared to scale.

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Its strategy centres on connecting battlefield-tested Ukrainian innovation with European and NATO industrial networks and partnerships.

Established in 2012, the company initially focused on fintech, enterprise software, and blockchain investments before pivoting toward defence technology.

Using the newly raised capital, Front Ventures plans to make investments ranging from €200,000 to €2.5 million in companies across Sweden and Ukraine developing technologies in drones, communications, software, and strategic supply chains.

Jonas Malmgren, CEO of Front Ventures, said: We’re seeing a generation of defence companies that have effectively skipped the lab phase because their products have already been tested in operational environments. The challenge is no longer innovation itself, but scaling and industrialising these technologies quickly enough. This raise is intended to help accelerate that process.

About Front Ventures

Front Ventures is a Sweden based defence investment firm supporting early-stage companies developing proven technologies for Europe’s evolving security needs. Focused on software, unmanned systems communications, electronic warfare and defence supply chains the company combines strategic investment with operational experience, including a strong on-the-ground presence in Ukraine.