A new investment fund named Gardar has been established by Norwegian family offices and companies, securing $88 million (€80 million) of its target $109 million (€100 million) to invest in Ukrainian defense technology startups. The fund is led by managing partner Erlend Prestgard and operates within the regulated venture platform Sandwater, with advisement from Torkel Engeness, Birger Steen, and Ivar Søvold. This initiative, which began as the Munkene AS consortium, has already identified four Ukrainian companies for investment, focusing on technologies such as radio-frequency and laser-based counter-drone systems, ISR, and artificial intelligence for combat operations.
Gardar's investments are specifically targeting early-stage Ukrainian defense tech companies whose solutions have already been tested or are operational on the front lines. The fund views these investments as critical for bolstering Ukraine's defense capabilities, strengthening European security, and offering long-term financial returns. Prominent Norwegian investors, including some of the country's wealthiest individuals like Johan H. Andresen, Jens Ulltveit-Moe, Christian Ringnes, and Gustav Witzøe, are backing the fund.
The fund's strategy is to foster companies that can scale production, professionalize governance, and secure partnerships across Europe. It aims to accelerate the transition of battlefield-tested research and development into viable, scalable enterprises. The initiative is a complementary effort to Norway's broader support for Ukraine, which includes the Nansen Support Programme committing approximately $25 billion through 2030, with $8.5 billion allocated for 2026.
Gardar traces its origins to Munkene, a non-profit initiative by Norwegian businessmen and alumni of the Norwegian Armed Forces' elite Russian language and area studies, who have been actively supporting Ukraine since the full-scale invasion. This group screened over 150 companies and invested in four—Buntar Aerospace, Lazr, Pai Defence, and one unnamed manufacturer—before expanding into the formal Gardar fund. A fifth investment is already planned.
This marks a shift in how international supporters are engaging with Ukraine, moving beyond traditional aid to market-driven solutions that aim to accelerate defense technology development and contribute to the country's long-term resilience and economic recovery.
