Two more U.S. funds providing $50 mln in support to Ukrainian defense tech startups - deputy digital transformation minister

MOSCOW. Aug 11 (Interfax) - Two more American funds, i.e. the Ukrainian Freedom Fund (UFF) and D3 Venture Capital Firm, have started providing about $50 million in support to Ukrainian defense tech startups, Ukrainian media quoted Deputy Minister for Digital Transformation and IT Development Alexander Bornyakov as saying at iforum2023.

"These two funds [...] are rooted in the U.S. An investor in one of these funds, whose name I cannot disclose, is a very famous person, a U.S. citizen, and an investor in another fund is also a U.S. citizen of Ukrainian origin. They're investing in Ukrainian startups already," Bornyakov said.

The UFF's official website presents its five priority campaigns as Support Ukraine, Drones for Defenders, Train and Assist, Medical Aid For Ukraine, and Vehicles for Defense. The UFF's activities have been officially supported by the Ukrainian National Security and Defense Council, the National Guard of Ukraine, the Ukraine-EU Business Council, the European Business Association, and numerous others, it said.

The Linkedin account of DR Venture Capital Firm says the company is an early-stage fund and accelerator for defense tech startups offering equity investment, extensive mentorship by the world's leading defense tech professionals, facilitated cooperation with the Armed Forces of Ukraine, and fundraising support.

"We focus on technology-driven startup that work with various defense capabilities across military hardware and software, cyber security, and AI. The fund sources startups from Ukraine and its allied countries," it says.