American fund Green Flag Ventures is ready to finance up to six Ukrainian startups in the first half of 2025.

The American founders of Green Flag Ventures, Justin Zeefe, and Deborah Fairlamb, invest in Ukrainian defense startups with checks ranging from $100,000 to approximately $1.2M. By the end of 2024, the Green Flag Ventures team planned to make five to eight investments.

So far, they have invested in four Ukrainian startups: Himera, a tactical communication systems manufacturer; Kara Dag, a UAV countermeasures system developer; Swarmer, an AI drone swarm management solution; and Astra Nav navigation systems. There may be one or two more investments before the end of the year, in a battlefield management solution and anti-EW hardware.

Green Flag’s largest investment direction is dual-use technologies. “Investing in another five to six companies in the first half of the year will be quite realistic,” said Justin Zeefe about the plans for 2025. He added that the fund’s mandate includes approximately 18-25 companies.