Swedish entrepreneurs founded the Varangians investment group, which will invest only in Ukrainian defense startups

This was told to Defender Media by Varangians co-founder and CEO Per Lager. His partners in this project are Beetroot co-founder Andreas Flodström and Jonas Rydin, advisor to the Ukrainian defense accelerator Defence Builder. It is noted that Rydin and Lager are officers with close ties to the Swedish army and many Ukrainian units.

Varangians plans to invest in Ukrainian unmanned systems, electronic warfare, counter-disinformation, and mine clearance. The company is currently in talks with five Ukrainian defense startups, two of which are in the final stage of due diligence.

Varangians' investment check will range from $100,000 to €1 million. Per Lager expects the group’s first investments to be announced by the end of July 2025.

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