Ukrainian fund D3 has invested in Onodrim Industries, which has raised $300m to buy European defence startups

Onodrim Industries, a European platform, has raised $300m in a Series A round with participation from Ukrainian venture fund D3. US investment firm Lux Capital led the round, valuing Onodrim at $1.3bn. Other participants include General Catalyst, Lakestar, Altimeter, Strike Capital, 137 Ventures, 8090 and Expeditions.

Onodrim is a Dutch defence tech company that acquires controlling stakes in established defence, aerospace and industrial businesses. It provides them with capital, engineering talent and technology to help them grow faster.

The company plans to use the $300m to acquire more businesses. D3 Managing Partner Eveline Buchatskiy said Onodrim could help European companies, including Ukrainian ones, turn dual-use technologies into industrial capacity.

Onodrim is already working with Ukrainian enterprises and is considering investment opportunities and joint projects. At the same time, the company is expanding its European office network. New Onodrim Germany offices will open in Munich, while Onodrim Italy will open in Turin. They will complement existing offices in Amsterdam, London, and Vilnius.

Onodrim Industries is led by co-founder and CEO Aistis Šimaitis and co-founder and CTO Alexander Blessing. Both previously worked at Palantir Technologies. Šimaitis also served as an adviser to the Lithuanian government and earned a PhD from the University of Oxford.

The third co-founder of Onodrim is Christian Garrett, a partner at investment firm 137 Ventures.