A group of Norwegian family offices and industrial investors has raised $85 million for Gardar, a venture capital fund targeting Ukrainian defense technology companies. The fund aims to capitalize on battlefield innovations in drones, autonomous systems and military technologies developed during more than four years of war.

Managing partner Erlend Prestgard said Gardar seeks additional family office capital to reach 1 billion kroner ($100 million) by autumn. Backers include the Witzoe family, Kistefos AS, Ferd AS owner Johan H. Andresen, and former EQT AB head Christian Sinding. The fund targets early-stage Ukrainian defense firms with an ambitious 15% annual return goal.

Ukraine's prolonged conflict has accelerated domestic defense technology development, creating opportunities for investors as the country exports cutting-edge military know-how. European governments are simultaneously boosting defense spending and rebuilding domestic military industries to counter Russian aggression.

Gardar's dual mission involves strengthening Ukrainian security companies while enhancing Europe's overall defense capabilities. Prestgard argues that investment in Ukrainian defense delivers greater impact than comparable spending in the US or other European markets, given the urgent operational needs driving rapid innovation.