The Ukrainian Council of Defence Industry launches the UCDI Investor Club. Its first project is a Ukrainian defence tech dealbook

The Ukrainian Council of Defence Industry has announced the launch of the UCDI Investor Club — a platform that connects institutional investors with Ukrainian defence companies. The club already includes 15 investment funds specialising in defence investments: Darkstar VC, UA1, D3 VC, Defence Builder & Defender Ventures, MITS Capital, Resist.UA, Baryon Investment Fund, Double Tap Investments, Miltech Capital, Green Flag Ventures, Freedom Fund, Varangians, Angel One, and Nezlamni.

According to Ihor Fedirko, Executive Director of the Ukrainian Council of Defence Industry, Ukraine’s defence tech remains undervalued from an investment perspective. The club’s goal is to attract investment into Ukraine’s defence ecosystem, support cooperation on deals and capital raising, and coordinate joint actions.

The UCDI Investor Club is headed by D3 fund Managing Partner Eveline Buchatsky. “We have brought together strong, sector-focused investors on a single platform to build an ecosystem for the sector’s growth,” she says.

Dealbook on investments in Ukrainian defence tech, 2023–2025

The first analytical product of the UCDI Investor Club is Dealbook — a review of investments in Ukrainian defence technologies in 2023–2025. It compiles public and verified market data on deals, investors, verticals, and funding stages.

Key figures from the review:

• Between 2023 and 2025, publicly disclosed investments grew from $1.1 million to $105 million — almost a 100-fold increase in two years ($1.1 million in 2023, $28.7 million in 2024, and $105.2 million in 2025).
• Approximately 30% of investments remain undisclosed, indicating that public figures underreport the actual scale of the market.
• The largest funding volumes are in unmanned systems and autonomy, including maritime uncrewed platforms, drone autonomy, UAVs, and ground platforms.
• A sign of market maturity: the share of expansion and follow-on rounds is increasing.
• Average cheque sizes are rising: the average Pre-seed deal grew from $215,000 in 2023 to $718,000 in 2025; at the Seed stage, the average deal size increased from $1.8 million in 2024 to $2.9 million in 2025.

The full version of the review is available via the link.