The D3 investment fund plans to scale to more than $10M and has already invested in seven defense startups from Ukraine.

The D3 Venture Capital fund, which finances Ukrainian defense startups, plans to scale from $19M to $30M by mid-summer 2024, the top manager of the fund, Eveline Buchatskiy, said.

The fund has already financed seven Ukrainian defense startups. By the end of the year, it plans to increase its portfolio to ten companies. Zvook, Frontline, Swarmer, Drone Space, Ailand Systems, HighCat, and Tytan all received investments from D3 Venture Capital. The first investment is $125,000.

“If the company collects the next round, we can invest up to $750,000. In total, almost $1M is obtained for each company,” said the top manager.

Most of the companies in the portfolio plan to raise more investment in the first quarter of 2024.

The Dare to Defend Democracy Fund became operational in Ukraine in July 2023.