{"id":107155,"date":"2026-11-05T16:45:34","date_gmt":"2026-11-05T14:45:34","guid":{"rendered":"https:\/\/thedefender.media\/?p=107155"},"modified":"2026-11-05T18:11:48","modified_gmt":"2026-11-05T16:11:48","slug":"what-motivates-nordic-investors-part-2","status":"publish","type":"post","link":"https:\/\/thedefender.media\/en\/2026\/11\/what-motivates-nordic-investors-part-2\/","title":{"rendered":"Why Northern European investors back Ukrainian defence tech: Front Ventures, Double Tap and Hede Capital explain"},"content":{"rendered":"\n

The focus of Swedish investment company Hede Capital Partners was far from defence tech: its portfolio included a virtual worlds developer, a medtech startup and a healthy snacks company. For the company\u2019s founder Patrik Olson, everything changed after the meeting between Zelensky and Trump at the White House in 2025. \u201cIt became a push for me to put our money in to make life a little easier for Ukraine and its people,\u201d the investor recalls.<\/p>\n\n\n\n

Another Swedish company, Front Ventures, also initially focused on civilian projects. Meanwhile, Mikko-Pekka Hanski, co-founder of Finland\u2019s Double Tap Investments, came to know Ukraine through culture rather than business. Eventually, however, each of the three companies began investing actively in Ukrainian defence technologies.<\/p>\n\n\n\n

What motivates them, how much they have invested in Ukrainian developments and what they advise Europeans who are only considering such investments? In the second part of the series on the most active Nordic investors, these questions are answered by Patrik Olson, Mikko-Pekka Hanski and Front Ventures CEO Jonas Malmgren.<\/p>\n\n\n\n

In the first part<\/a>, Defender Media published answers from Varangians co-founder and CEO P\u00e4r Lager, Danish fund Final Frontier co-founder Niels Weirup Carlsen, and Erlend Prestgard and Birger Stien of Norwegian fund Gardar.<\/p>\n\n\n\n

\"\"<\/figure>
\n

Jonas Malmgren, Front Ventures<\/h4>\n<\/div><\/div>\n\n\n\n

<\/p>\n\n\n\n

Front Ventures shifted its focus from fintech to defence tech in July 2025. The team at the Swedish investment company decided that the sector is important for European security and, at the same time, attractive for investment.<\/p>\n\n\n\n

“I am also a reserve officer in the Swedish Army, so it’s important for me to contribute in the best way possible with the skills and experience I have. Scaling defence startups in Ukraine is both morally and financially the right thing to do,” says the CEO of Front Ventures.<\/p>\n\n\n\n

Since then, they have invested $4 million in five Ukrainian companies: Skyhunter<\/a>, Aeromotors<\/a>, Black Forest Systems<\/a>, Molfar Defence Technologies<\/a> and Trinity Robotics<\/a>.<\/p>\n\n\n\n

In addition, Front Ventures invested in a Swedish company connected to Ukraine and in the Swedish-Ukrainian enterprise Scandinavian X. The latter is ready to manufacture the Vluchnyk interceptor drone in Sweden.<\/p>\n\n\n\n

At the same time, it is the latter that is linked to the obstacle Front Ventures has encountered in Ukraine. Vluchnyk is still awaiting an export permit, even though the Swedish government supported the application, and Malmgren believes that the process could be faster.<\/p>\n\n\n\n

Meanwhile, Scandinavian X recently announced a partnership<\/a> with one of the largest Ukrainian drone manufacturers. They plan to take part in NATO procurement together and offer production and maintenance at a Swedish plant.<\/p>\n\n\n\n

The Ukrainian company’s name is not being disclosed. It is only known that it is one of the largest in Ukraine and produces interceptor drones, strike drones and reconnaissance UAVs. This manufacturer already holds a number of export permits and has established itself as an international supplier.<\/p>\n\n\n\n

\"CEO
Front Ventures CEO Jonas Malmgren at one of the defence exhibitions (Photo from the investor’s personal archive)<\/figcaption><\/figure>\n\n\n\n

The CEO of Front Ventures adds that Europe should better support Ukrainian companies in opening bank accounts, which are needed for foreign transactions and counterparties. This remains a problem that other speakers also mention.<\/p>\n\n\n\n

At the same time, despite these practical problems, the future of the defence industry is being shaped in Ukraine, Malmgren says: “Not being in Ukraine means you bet only on legacy technology.”<\/p>\n\n\n\n

He advises potential investors to join the community of the state cluster Brave1, build contacts with investors already present and bring military experts into the team.<\/p>\n\n\n\n

“Visit startup teams, representatives of the Ukrainian government and other investors in Ukraine \u2013 there are multiple events to go to. If you don’t have an investment team willing to go to Ukraine, get a new one,” the CEO of Front Ventures concludes.<\/p>\n\n\n\n

His company opened a separate office in Ukraine<\/a> in spring 2026. Through it, the company wants to provide better support both to the companies it has already invested in and to new Ukrainian defence enterprises.<\/p>\n\n\n\n

\"\"<\/figure>
\n

Patrik Olson, Hede Capital Partner<\/h4>\n<\/div><\/div>\n\n\n\n

<\/p>\n\n\n\n

Hede Capital Partners, founded in 2024, initially focused on med-tech but later expanded into other areas. Its portfolio includes developers of a social network for teenagers, an MRI scan analyser, solutions for “unmanned retail” and more.<\/p>\n\n\n\n

Patrik decided to support Ukrainian deftech in March 2025 after the “infamous meeting between Trump and President Zelenskyy at the White House”.<\/p>\n\n\n\n

Since then, the investment company has invested in the Ukrainian deftech companies Sky Hunter, Aeromotors, Black Forest Systems, Vluchnyk, MaXon Systems, Bravo Dynamics and Trinity Robotics.<\/a> It also supported the Swedish developer of acoustic detection systems Monava and the American manufacturer of Stridar UGVs.<\/p>\n\n\n\n

Hede Capital Partners does not disclose the amounts of its investments; the only known figure is the value of the deal with Bravo Dynamics \u2013 $90,000. The firm is also one of the co-founders of the Swedish company Scandinavian X, which planned to produce Vluchnyk<\/a> drones. At the same time, Olson says that export licensing restrictions prevent them from bringing some of the products developed by portfolio companies to international markets.<\/p>\n\n\n\n

\n
Vluchnyk develops interceptor planned for production in Sweden and other countries: what attracted investors and what the team is working on<\/strong><\/a><\/div>\n<\/div>\n\n\n\n

“Unfortunately, I don’t see any significant improvements in this area. Joint ventures are often presented as the solution, but I don’t believe they should be necessary. There should be simpler ways for Ukrainian defence companies to access international markets while maintaining appropriate export controls,” comments the founder.<\/p>\n\n\n\n

Another problem he has encountered is a lack of transparency and regular reporting at some of the companies. This makes it difficult for international investors to properly monitor their investments.<\/p>\n\n\n\n

At the same time, Patrik Olson still advises Europeans to invest in Ukrainian defence tech. He also advises being careful with administrative procedures and making sure you understand the legal and regulatory requirements.<\/p>\n\n\n\n

He also urges investors to keep track of their investment \u2013 not only for control, but also to build a relationship with the startup and understand its needs. To build trust, it is also worth holding several meetings with the founders and, if possible, meeting in person.<\/p>\n\n\n\n

“Join Brave1<\/a> \u2013 It’s a great starting point for anyone interested in Ukrainian defence tech. And don’t just bring money. Bring something else to the table, whether it’s business connections, technical expertise or access to international markets,” Olson concludes.<\/p>\n\n\n\n

\"\u041c\u0456\u043a\u043a\u043e-\u041f\u0435\u043a\u043a\u0430<\/figure>
\n

Mikko-Pekka Hanski, Double Tap Investments<\/h4>\n<\/div><\/div>\n\n\n\n

<\/p>\n\n\n\n

Double Tap Investments<\/a> is an investment company based in Finland that invests mainly in Ukraine. It was founded in 2023 by Jan-Erik Saarinen, Oles Khudoba and Mikko-Pekka Hanski.<\/p>\n\n\n\n

Hanski’s connection with Ukraine began with people and culture, not business. He runs Solovey Music, a Finnish-Ukrainian cultural platform that brings together Finnish and Ukrainian musicians and artists.<\/p>\n\n\n\n

“Through that work, Ukraine became personal \u2014 friends, colleagues, families. And as a Finn, the connection is also historical: we know what it means to be a small nation defending itself against the same neighbour,” says the investor.<\/p>\n\n\n\n

In 1939, the Soviet Union invaded Finland under the formal pretext of moving the border away from Leningrad. The Red Army had an advantage in manpower and equipment, but could not overcome Finnish resistance. In 1940, the countries signed a peace treaty.<\/p>\n\n\n\n

After Russia’s full-scale invasion of Ukraine, Hanski began volunteering and donating, but later realised that Ukraine needed not only aid, but also capital and long-term partners. So, together with his partners, he created Double Tap Investments to become a bridge between Ukrainian innovators and the defence industry in Northern Europe and NATO.<\/p>\n\n\n\n

Since then, the company has invested in five Ukrainian manufacturers: Hard Cat<\/a>, The Fourth Law<\/a>, Griselda, Black Forest Systems<\/a> and one more developer that has not been named. In addition to money, it provides consulting services, connecting Ukrainian companies with Finnish and Northern European industry.<\/p>\n\n\n\n

\"\u041a\u043e\u043c\u0430\u043d\u0434\u0430
Double Tap Investments team (Photo: LinkedIn)<\/figcaption><\/figure>\n\n\n\n

At the same time, Finnish investors have had to deal with currency restrictions and capital controls. Cap table and corporate governance practices don’t yet match Western investors’ expectations, and conducting due diligence on companies is also difficult.<\/p>\n\n\n\n

“And, of course, the war risk itself, which most European LPs still price as if Ukraine were uninvestable. But the direction is clearly positive. IP and holding structures are maturing; our own portfolio companies have cleaned up their legal structures to international standards. The government is opening export pathways for defence tech, which changes the whole investment case,” the investor continues.<\/p>\n\n\n\n

At the same time, in Hanski’s view, the risk is not in losing the investment, but in what Europe will lose without it: “You are not investing in war, you are investing in Europe’s ability to defend itself, and in the most capital-efficient defence innovation ecosystem in the world.”<\/p>\n\n\n\n

To invest effectively, the investor advises meeting founders in person, partnering with Ukrainians who understand the situation, and starting small: “An advisory engagement, a convertible note or a syndicate ticket teaches you the market faster than a year of reports.”<\/p>\n\n\n\n

He also urges investors to help portfolio companies bring their cap table, IP and governance to export readiness, and to think about dual-use and export from the outset: “The return comes when combat-proven Ukrainian technology scales into Nato markets, so pick companies with a credible path to Western production and certification.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Part two of the conversation with the most active Nordic investors in Ukraine\u2019s defence tech market<\/p>\n","protected":false},"author":14,"featured_media":107115,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"pmpro_default_level":"","_featured_category_order":0,"_article_badge":"featured","footnotes":""},"categories":[31],"tags":[401,2175,2207,1728],"class_list":["post-107155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investments","tag-double-tap-investments","tag-front-ventures","tag-hede-capital-partners","tag-investments","pmpro-has-access"],"acf":[],"yoast_head":"\nWho invests in Ukraine's defence: a list of Scandinavian companies<\/title>\n<meta name=\"description\" content=\"How much Front Ventures, Hede Capital and Double Tap have invested in Ukrainian developments \u2013 read on Defender Media.\" \/>\n<meta name=\"robots\" content=\"index, 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