European investment firm NUNC Capital has committed €20 million to a new initiative that focuses on early-stage defence startups, with a particular emphasis on fostering collaboration between Ukrainian innovators and European defence markets. The program aims to bridge capability gaps in European defence by leveraging the rapid innovation and operational knowledge emerging from Ukraine’s ongoing military challenges. With a Forward Operating Base planned in Ukraine, NUNC Capital intends to provide direct support to local startups in defence technology development.
In 2023, NUNC Capital had already signaled growing interest in engaging with Ukrainian defence startups, hinting at increased involvement following shifts in geopolitical dynamics. At that time, the company was still primarily focused on investments within Western Europe. The formalization of this Ukraine-focused initiative marks a significant expansion of scope. Compared to previous activities, the current move involves deeper collaboration with on-the-ground players in a conflict zone, suggesting a more active investor role in shaping defence innovation pipelines.
Which technologies will the venture prioritize?
The Venture Building Initiative will concentrate on sectors seen as vital to modern defence operations. Key focus areas include electronic warfare systems, unmanned technologies, GPS-independent navigation tools, smart materials, and sensor-based payloads. These domains are perceived as critical for improving strategic readiness and reducing reliance on non-European technologies.
According to NUNC Capital, the goal is to support Europe’s strategic autonomy while integrating Ukraine’s experience and battlefield-tested insights. This dual approach seeks to identify scalable defence solutions that can be deployed across European markets and allied nations.
How does NUNC Capital plan to implement this initiative?
The firm will establish a Forward Operating Base within Ukraine to identify, support, and co-develop projects with local startups. This base will enable direct interaction with Ukrainian innovators and facilitate coordination with partners in Europe. NUNC Capital is also working in collaboration with Brave1, a Ukrainian defence investor platform, and the European Defence Tech network.
NUNC Capital’s CEO Bram Oostvogel explained the firm’s strategic direction:
“Since 2013, NUNC Capital has invested in innovative defence solutions. Recent geopolitical developments on the world stage have led us to decide to expand our field of work to Ukraine to contribute, create and cooperate with local defence startups.”
He added that the firm intends to address gaps in European defence by leveraging Ukrainian innovation:
“We intend to address critical capability gaps in Europe while leveraging Ukraine’s accelerated battlefield innovation.”
The company emphasizes that its investment strategy targets real-world defence challenges. As stated on its website:
“We invest in critical, disruptive and emerging solutions to real-world challenges. Next-generation technologies that have enduring effect. Building innovative companies that strengthen Europe’s autonomy while creating lasting partnerships with our international allies.”
This initiative by NUNC Capital signals a shift in how European investors approach defence innovation, particularly by involving regions actively engaged in conflict. While the EU has been pushing for increased private investment in defence technology, most funding still originates from institutions. NUNC’s move may encourage other private actors to enter the defence sector with a more proactive, on-the-ground approach. For startups in Ukraine, this could provide unique access to capital, networks, and operational know-how geared toward building scalable defence technologies. For European markets, direct exposure to Ukraine’s technological adaptations could influence future procurement priorities.
