{"id":5572,"date":"2025-06-21T15:21:23","date_gmt":"2025-06-21T12:21:23","guid":{"rendered":"https:\/\/thedefender.media\/?post_type=insights&p=5572"},"modified":"2026-04-23T17:08:21","modified_gmt":"2026-04-23T14:08:21","slug":"interview-ceo-varangians","status":"publish","type":"insights","link":"https:\/\/thedefender.media\/en\/insights\/interview-ceo-varangians\/","title":{"rendered":"The Vikings are back: Varangians CEO P\u00e4r Lager on Swedish multi-million euro bet on Ukraine\u2019s defence tech"},"content":{"rendered":"\n

Last week, Swedish businessmen P\u00e4r Lager, Andreas Flodstr\u00f6m, and Jonas Rydin announced<\/a> the launch of Varangians, an investment group planning to commit \u20ac10 million to Ukrainian defence tech by the end of 2025. In an interview with Defender Media, Varangians CEO P\u00e4r Lager emphasised that this is only the beginning \u2014 if the group proves successful, the Swedes intend to invest tens of millions more euros into Ukrainian defence startups in the coming years. Crucially, the primary measure of success won\u2019t be financial returns, but the impact these investments have on strengthening Ukraine\u2019s defence capabilities. Lager also discusses why Nordic countries remain Ukraine\u2019s strongest allies, which startups Varangians is targeting, and the group\u2019s broader strategic vision.<\/strong><\/p>\n\n\n\n

Tell us a bit about your background and how the idea to launch the investment group came about.<\/h4>\n\n\n\n

In addition to other roles, I serve as a Senior Advisor at the Swedish Defence University and as an officer in the Swedish Armed Forces, where I\u2019m responsible for lessons learned and support to Ukraine. My role involved analysing Ukraine\u2019s wartime experience to update the education of Swedish officers. That meant spending a lot of time in Ukraine \u2013 interviewing political, business, and military leaders, conducting research, and visiting army units to understand what we can learn from your experience, and more importantly, how we can support Ukraine in the best possible way.<\/p>\n\n\n\n

Sweden has already launched 19 support packages for Ukraine \u2013 including weapons, funding, and other resources \u2013 so this work has been incredibly important. <\/p>\n\n\n\n

Spending time here, it\u2019s heartbreaking to witness the war and the struggle, but also deeply inspiring to see the bravery, resilience, creativity, and immense talent that exists in Ukraine. It became clear to me that beyond military aid, Ukraine needs greater investment \u2013 both in capital and expertise, including joint ventures with Western companies.<\/p>\n\n\n\n

That realisation turned me into a strong advocate for greater international investment in Ukraine. I started speaking across Europe, asking, \u201cWhy aren\u2019t we seeing more investment in the world\u2019s epicentre of defence tech innovation?\u201d<\/p>\n\n\n\n

As a result of that advocacy, a well-known Swedish family office approached Andreas Flodstr\u00f6m and me with the idea of starting an investment group focused on Ukrainian defence tech. They offered to finance the launch and help bring in additional investors.<\/p>\n\n\n\n

\"Two
P\u00e4r Lager with Beetroot founder Andreas Flodstr\u00f6m<\/figcaption><\/figure>\n\n\n\n

My role, together with my partners, is to identify promising companies to invest in and support their growth. We started building this initiative from scratch in late March to early April \u2013 and things have moved quickly. We\u2019re now fully operational and ready to invest.<\/p>\n\n\n\n

What\u2019s the story behind the name of the company?<\/h4>\n\n\n\n

We\u2019re still in the process of registration, but the name we\u2019ve chosen is Varangians<\/em>. Ukrainians know this word \u2013 it refers to the Vikings who came here over a thousand years ago, helped build Kyiv alongside the local people, and later fought the Russians together. Now, we\u2019re coming back.<\/p>\n\n\n\n

We love the name and the history behind it. We share the same roots \u2013 Ukraine, Sweden, and the broader Nordic region have been connected for over a thousand years. I think that\u2019s also why you see such strong support for Ukraine coming from the Nordics \u2013 maybe the strongest in the world.<\/p>\n\n\n\n

How is the company structured? Why not a VC fund?<\/h4>\n\n\n\n

Because having a fund would mean more administrative work and slower processes. As an investment group, we can move faster and keep things more straightforward. We work exclusively with professional investors \u2013 family offices and similar groups \u2013 which makes operations both easier and more efficient. We’ve learned from Ukrainians that speed is essential. You can\u2019t afford to be slow. A well-governed investment company can be much faster than a traditional fund.<\/p>\n\n\n\n

How much money are you planning to invest?<\/h4>\n\n\n\n

This year, we plan to invest \u20ac10 million \u2013 and we intend to grow from there. We’ve already secured \u20ac2.3 million at the start and are actively bringing new investors on board as we speak. Once we reach the \u20ac10 million mark, our full focus will shift to deploying that capital.<\/p>\n\n\n\n

\n
Read more:<\/strong> Swedes launch firm to invest \u20ac10M in Ukrainian defence tech by end of 2025<\/a><\/div>\n<\/div>\n\n\n\n

After investing the first \u20ac10 million, we\u2019ll start building the next investment group \u2013 Varangians 2, Varangians 3, and so on \u2013 each with a target size of \u20ac10 million.<\/p>\n\n\n\n

The goal for this year is to establish a solid \u20ac10 million foundation. Future rounds will depend on our performance. If we deliver results together, we\u2019ll attract more investors and continue growing.<\/p>\n\n\n\n

What\u2019s the ticket size?<\/h4>\n\n\n\n

It\u2019s not too large \u2013 we will typically invest between \u20ac100,000 and \u20ac1 million per company.<\/p>\n\n\n\n

Are you in talks with any Ukrainian startups already?<\/h4>\n\n\n\n

Yes, we currently have five startups in our pipeline. We’re actively working with all five, and two of them are in the final stages of due diligence. We expect to close deals with those two by the end of July. <\/p>\n\n\n\n

Are you the only investor in their rounds, or are you part of a larger one?<\/h4>\n\n\n\n

We\u2019re part of a larger rounds. We’ll be co-investing alongside other players \u2013 both Ukrainian and international investors. It\u2019s important for us to join forces with strong partners. We believe that building this movement together is the way forward. Being alone doesn’t make you strong \u2013 collaboration does.<\/p>\n\n\n\n

What\u2019s your investment strategy? Can you tell us more about the criteria and focus areas for the startups you’re looking to invest in?<\/h4>\n\n\n\n

We focus on startups and scale-ups, typically from TRL (Technology Readiness Level) 5 or 6 and up. There needs to be a working prototype \u2013 we want to see that the technology functions and solves a real, immediate problem. That\u2019s essential for us.<\/p>\n\n\n\n

We\u2019ve defined four main focus areas, although we\u2019re not strictly limited to them:<\/p>\n\n\n\n

    \n
  1. Unmanned systems<\/strong> \u2013 and technologies that support them.<\/li>\n\n\n\n
  2. Electronic warfare (EW)<\/strong>.<\/li>\n\n\n\n
  3. Demining technologies<\/strong> \u2013 both humanitarian and military.<\/li>\n\n\n\n
  4. Information warfare<\/strong> \u2013 especially tools to counter disinformation. We see this as a very real and dangerous form of warfare. I\u2019m genuinely impressed with how Ukraine has handled Russian disinformation, and we\u2019ve seen many promising solutions coming from here.<\/li>\n<\/ol>\n\n\n\n

    These are our core areas, but we remain open to other innovations within defence tech \u2013 such as smart communications equipment or advanced combat healthcare solutions. The key is that it must be defence-focused, innovative, and technologically advanced.<\/p>\n\n\n\n

    Are you willing to share which two startups are in the final stage of due diligence, or at least which areas they operate in?<\/h4>\n\n\n\n

    Sure. Both startups are working in the field of unmanned systems and supporting technologies for unmanned platforms.<\/p>\n\n\n\n

    You mentioned that future iterations of the group will depend on the performance of the first, but isn\u2019t it too early to expect any ROI this year?<\/h4>\n\n\n\n

    That\u2019s what sets us apart. For us, success isn\u2019t just about financial returns \u2013 it\u2019s about making a real difference for Ukraine. If we invest in companies that have a meaningful impact, that\u2019s the true measure of success. But if we end up backing companies that don\u2019t make a difference, then we haven\u2019t succeeded, no matter the return.<\/p>\n\n\n

    \n
    \"A
    P\u00e4r Lager in Kyiv, Ukraine<\/figcaption><\/figure>\n<\/div>\n\n\n

    We have three strategic pillars, and all of them are equally important. The first is to invest in defence tech that can rapidly support Ukraine in defending its territory.<\/p>\n\n\n\n

    The second is to help Sweden, the Nordic countries, and the rest of Europe rearm using Ukrainian expertise and Ukrainian-made systems. There are already some export opportunities, but this will also require further opening of arms export regulations. Our goal is to help Sweden, Finland, Norway, and Denmark rearm with some of the best defence technologies in the world, coming from Ukraine.<\/p>\n\n\n\n

    The third pillar is long-term economic sustainability. Naturally, our investors should get their money back, with some profit. That\u2019s important too, but it comes third in line.<\/p>\n\n\n\n

    So, success in 2025 and 2026 will primarily mean finding strong Ukrainian companies to invest in, helping them scale, and enabling them to make a real difference in the war effort. If they can also contribute to the rearming of the Nordics and the rest of Europe, even better. Those are our top two priorities. The third is financial return.<\/p>\n\n\n\n

    Who will you be partnering with in Ukraine?<\/h4>\n\n\n\n

    First of all, we\u2019re not a massive investment group \u2013 and frankly, it\u2019s a shame there aren\u2019t more firms like us operating here at scale. One of our goals is to start a movement that encourages other investors to join. In fact, many investors have already approached us, asking if they can piggyback on our deals, since they\u2019re not present on the ground in Ukraine.<\/p>\n\n\n\n

    Secondly, we also see ourselves as bridge builders between Ukrainian companies and Nordic firms \u2013 facilitating joint ventures, co-production, and long-term partnerships. So it\u2019s not just about investing; it\u2019s also about creating connections.<\/p>\n\n\n\n

    To do that, a strong local network is essential. Since the beginning, we\u2019ve been working closely with Brave1, the Iron Cluster (we signed a memorandum of cooperation with them two weeks ago), and many other key players in the ecosystem.<\/p>\n\n\n\n

    \"5
    With the IRON Cluster team<\/figcaption><\/figure>\n\n\n\n

    Having a strong presence in Ukraine is critical for understanding the market and identifying the right companies. Andreas, for example, has a well-established reputation and network after 12 years of working in Ukraine. On my side, I\u2019ve built strong relationships within the Ukrainian military \u2013 collaborating with the military academies, the National Defence University in Kyiv, and frontline units, including the National Guard.<\/p>\n\n\n\n

    How do you divide responsibilities between the three founders?<\/h4>\n\n\n\n

    Andreas is our tech expert \u2013 he’s been living in Ukraine for 12 years and brings deep knowledge of the local ecosystem. He\u2019s also a successful entrepreneur and serves as Chairman of the company. His focus is on technology and the Ukrainian context.<\/p>\n\n\n\n

    Jonas has a strong background as both an investor and entrepreneur. He\u2019s the chairman and owner of two Swedish defence tech companies, has military experience \u2013 just like I do. He brings a combination of defence industry expertise and operational understanding, as well as a solid connection to Ukraine.<\/p>\n\n\n\n

    \n
    Must-read: <\/strong>Courage comes in two colours. How Ukrainian-Swedish cooperation in defence tech is evolving<\/a><\/div>\n<\/div>\n\n\n\n

    As for me, my main focus is on the military side \u2013 that\u2019s my background and what I\u2019ve studied intensively in recent years. I\u2019m also an active reservist in the Swedish Armed Forces. As CEO, I manage the company\u2019s operations and strategy, but my primary responsibility is identifying companies that solve real and urgent military problems.<\/p>\n\n\n\n

    Will you expand your team?<\/h4>\n\n\n\n

    Yes, we plan to hire people here in Kyiv. We already have an office and we\u2019re working closely with Beetroot, which has offices throughout Ukraine. Our next hire will likely be a person based in Kyiv \u2013 someone who can help track and evaluate leads, support ongoing collaboration with startups, and conduct in-depth research to identify promising companies and emerging domains in defence tech.<\/p>\n","protected":false},"excerpt":{"rendered":"

    An extensive interview with the head of a new Swedish investment group set to close its first deals in July<\/p>\n","protected":false},"author":3,"featured_media":5565,"template":"","tags":[137,216,1728,572,719,656,699],"class_list":["post-5572","insights","type-insights","status-publish","has-post-thumbnail","hentry","tag-brave1","tag-industry","tag-investments","tag-iron-cluster","tag-jonas-rydin","tag-sweden","tag-varangians","pmpro-has-access"],"acf":[],"yoast_head":"\nThe Vikings are back: Varangians CEO P\u00e4r Lager on Swedish multi-million euro bet on Ukraine\u2019s defence tech - Defender Media<\/title>\n<meta name=\"description\" content=\"An extensive interview with the head of a new Swedish investment group set to close its first deals in July | Read on Defender Media\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thedefender.media\/en\/insights\/interview-ceo-varangians\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Vikings are back: Varangians CEO P\u00e4r Lager on Swedish multi-million euro bet on Ukraine\u2019s defence tech - 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