Darkstar has announced the first close of its pan-European defence fund, fully dedicated to military products, including military systems. The fund targets investments in combat-proven technologies and teams actively supporting Ukraine's defence and accelerating Europe's rearmament.
- Darkstar was founded in 2024 by Estonian tech entrepreneur and investor Ragnar Sass, who co-founded Pipedrive and Help99 Ukraine, an initiative that delivered over €8 million in humanitarian aid to the frontlines.
- Unlike traditional venture capital funds, Darkstar operates as defence tech ecosystem builder, uniting over 30 founders and investors from Estonia, Germany, France, the UK, the Netherlands, the Czech Republic, and Ukraine to date.
“Darkstar is focused on investing in companies whose products meet the demands of today’s warfare. We’re building the fastest path from battlefield to manufacturing. Europe needs defence technologies that are tested, trusted, and field-ready,” said Ragnar Sass, Partner at Darkstar. “This fund is not about future visions — it’s about what works under fire.”
- The fund has already made two investments, including Deftak, which provides ammunition for new generation drones, and is targeting four to five more within the year. According to the firm, Ukraine’s elite military units serve as key advisors, battle-testing every product and team in the portfolio.
- Backed by over 40 founders and builders across Europe, the fund’s largest limited partner is Estonia’s SmartCap Defence Fund, which invested €10 million in Darkstar. With a first close of €15 million, Darkstar’s total fund size will reach €25 million, investing up to €1 million in pre-seed companies focused on field-ready defence technologies.
- Recognizing the urgent need for Europe to rearm with tested and trusted solutions, Darkstar plans to host multiple Future Army Bootcamps in Ukraine this year to accelerate innovation from battlefield to manufacturing.
