DealBook of Ukraine 2024: Investments in Ukrainian Defence Tech Surpass $59M

AVentures Capital has released its annual DealBook of Ukraine, a comprehensive review of investments in the country’s tech ecosystem. The latest edition, covering deals from 2024, highlights the rapid expansion of the Ukrainian defence tech industry.

Investments in this sector reached $59 million last year, accounting for 13% of total investments in Ukraine’s tech ecosystem. Analysts suggest the actual figure may be even higher, as many deals in the sector remain undisclosed.

The report forecasts that in 2025, investments in Ukrainian defence tech could surpass $100 million—almost doubling compared to 2024.

The state-backed Brave1 fund was the most significant contributor to Ukraine’s defence tech sector, providing $40 million in grants last year. The study also notes the emergence of funds dedicated to defence tech investments, including D3, MITS Capital, NEZLAMNI Fund, and Green Flag Ventures.

Among the defence startups that secured the largest funding rounds in 2024, the report highlights Osavul, Swarmer, and Bavovna.AI, each raising nearly $3 million.

Overall, Ukrainian tech companies attracted $462 million in investments in 2024—a 120% year-over-year increase and the first growth in three years. However, the surge was primarily driven by a few high-value deals. Notably, Creatiobecame Ukraine’s latest unicorn, raising $200 million at a valuation exceeding $1 billion.