We invest primarily in Ukrainian, but also non-Ukrainian, DefenceTech companies within both military and civil defence.

In Q3 and Q4 2025, we completed three investments in Ukrainian defence-tech companies. Two are public — Norda Dynamics and Himera — and one remains undisclosed. We are currently progressing with a fourth investment. More to come.

Our name comes from the Swedish Vikings – the Varangians – who travelled to Ukraine and Kyiv around the year 800. Together with the Ukrainians, they played a significant role in the early history of the region. So will we.

Varangians

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