Ukrainian defence tech witnessed 20 VC and PE deals in 2024

According to the Digital Tiger Report by the IT Ukraine Association, Ukrainian IT companies have raised almost $1.5 bln in venture capital over the past six years. 

In 2024, the number and volume of VC deals in Ukraine have grown, as has the diversity of investment sectors. While being, for obvious reasons, a closed industry, the defence tech has become a leader in the number of venture capital deals in 2024, receiving significant support from the government and private investors. In 2024, the industry saw 20 VC and PE deals. The total number of venture deals last year was 56, amounting to $411 mln.

The Ukrainian defence tech sector also has the highest number of M&A deals. The authors of the report counted four such deals in 2024 out of 11 (total value – $10 mln).

According to a study, Ukraine’s startup ecosystem is among the three fastest-growing in Central and Eastern Europe. The number of active startups in Ukraine increased to over 2,600 in 2024, reflecting a tripling of the ecosystem’s value since 2020. Ukrainian startups are actively represented in many niches, such as software and data, marketing and sales, and defence tech.

According to the Ukrainian Startup Fund, a leading Ukrainian developer and manufacturer of communication systems for the Defence Forces, Himera entered the list of the top 5 most promising startups in 2024.