Between 2023 and 2025, public investments in the Ukrainian defense industry increased from $1.1 million to $105 million, almost 100 times, although about 30% of investments in this sector remain non-public, so open figures underestimate the real scale of the market.
Between 2023 and 2025, public investments in the Ukrainian defense industry increased from $1.1 million to $105 million, almost 100 times, although about 30% of investments in this sector remain non-public, so open figures underestimate the real scale of the market.
This is stated in Dealbook, an analytical product of UCDI Investor Club, which is an overview of investments in Ukrainian defense technologies for 2023–2025, to which the Ukrainian Council of Arms Manufacturers refers .
According to this study, in 2023, the amount of such public investments was $1.1 million, in 2024 — $28.7, and in 2025 — already $105.2.
«The largest volumes of investments are in the areas of unmanned systems and autonomy: in particular, in maritime unmanned platforms, drone autonomy, UAVs and land platforms. A signal of market maturity: the share of investments in expansion and repeat rounds is increasing,» the report notes.
It is also emphasized that average checks are increasing: the average deal size at the Pre-seed stage increased from $215 thousand in 2023 to $718 thousand in 2025; at the Seed stage — from $1.8 million in 2024 to $2.9 million in 2025.
In addition, the Ukrainian Council of Arms Manufacturers publicly announced the official launch of the UCDI Investor Club, a platform that unites institutional investors with Ukrainian defense companies.
«The club’s goal is to attract investments into Ukraine’s defense ecosystem, support cooperation on deals and capital raising, and coordinate joint actions,» the Ukrainian Council of Gunsmiths says.
UCDI Investor Club began operating in October 2025 and has already included 15 investment funds, including Darkstar VC, UA1, D3 VC, Defence Builder & Defender Ventures, MITS Capital, Resist.UA, Baryon Investment Fund, Double Tap Investments, Miltech Capital, Green Flag Ventures, Freedom Fund, Varangians, Angel One, Nezlamni.
«We have united strong profile investors into one platform to build an ecosystem for the growth of the sector,» emphasized Evelyn Buchatsky, head of UCDI Investor Club and managing partner of the D3 fund.
In turn, according to the executive director of the Ukrainian Council of Arms Manufacturers, Ihor Fedirko, from an investment point of view, the Ukrainian defense industry is still underestimated.
«That is why we have united funds that systematically work with the Ukrainian defense industry and prove its investment attractiveness by their own example,» he added.
As dev.ua wrote earlier, the Ukrainian Council of Arms Manufacturers states that 60% of the Ukrainian defense industry’s capacities are not being used.
