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Оксана СтепураMoney
19 October 2026, 13:20
2026-10-19
“There is a risk that Ukraine will remain a testing ground for technologies, rather than a country where large defense companies grow.” Angel One venture fund warns of threat to Ukrainian DefTech
Ukrainian defense startups are raising millions of dollars, but large companies based on their developments may grow not in Ukraine, but abroad. Ivan Petrenko, managing partner of the venture fund Angel One, which invests in Ukrainian technology startups, particularly in the defense sector, warned about this risk.
Ukrainian defense startups are raising millions of dollars, but large companies based on their developments may grow not in Ukraine, but abroad. Ivan Petrenko, managing partner of the venture fund Angel One, which invests in Ukrainian technology startups, particularly in the defense sector, warned about this risk.
He spoke about this in an AIN article dedicated to investments in Ukrainian DefTech.
Petrenko explained that it is increasingly difficult for Ukrainian developers to attract large investments without registering companies abroad. Investors are deterred by corruption, distrust of the courts, and unpredictable business rules.
"Our rules can change in a month, and law enforcement or regulatory authorities can groundlessly stop activities or confiscate funds. Investors know this," Petrenko noted.
According to him, investors are deterred by unpredictable business rules, corruption and distrust of Ukrainian courts. Added to this are currency restrictions, a ban on arms exports and difficulties with risk insurance.
The situation is also complicated by currency restrictions and a ban on arms exports. Because of this, Ukrainian startups can develop and test technologies “at home” but register parent companies in the US, UK, or Estonia to raise money.
"There is a risk that Ukraine will remain a testing ground for technologies and a supplier of talent, rather than a country where large defense companies grow," Petrenko warned.
Moreover, according to Vitaliy Kolesnichenko, CEO of Ukrainian defense company Airlogix, 98% of DefTech investors do not invest money directly in Ukrainian companies at all. Instead, they finance foreign structures that own these businesses, as they consider direct investments in Ukraine to be too risky.
However, not all industry representatives see such a scheme as a threat. The executive director of the Ukrainian Council of Gunsmiths, Ihor Fedirko, calls foreign holdings a good "crutch" for attracting capital. According to him, funds flow into Ukraine through them and are used for salaries, development, and expansion of production.
Fedirko also predicts that in 2026, Ukrainian defense companies will attract $200–250 million through foreign structures.
In 2024, dev.ua wrote about why Western investors are in no hurry to invest in Ukrainian miltech. In particular, Defence Builder explained that some European funds can only invest in companies registered in the EU. Because of this, Ukrainian defense startups may remain without funding, even if their developments are of interest to foreign investors.
“85% of surveyed gunsmiths have already relocated or are planning to do so.” The head of the Technological Forces of Ukraine spoke about the consequences of closed exports for Ukrainian defense tech
Black box на пів року, донати як інвестиція в безпеку та крипта. Як айтішники витрачають гроші та у що інвестують
Зарплата працівників сфери IT в Україні — одна з найвищих. І саме вони є істотним джерелом допомоги армії та підтримки української економіки. Під час війни айтішники змінюють свої фінансові звички й замість інвестицій та відкладень часто донатять кошти на ЗСУ та волонтерські ініціативи.
dev.ua вирішив розпитати айтішників, куди вони витрачають гроші й у що інвестують, скільки донатять та чи відкладають на чорний день.
Сьогоднішні герої — працівники IT-компаній Universe, Innovecs та PariMatch Tech.
