Ukrainian venture fund AVentures Capital has released its annual DealBook of Ukraine report. One of the report’s focus areas is defence tech funding in 2024.

• According to the report, a total of approximately $59 million was raised in Ukraine’s defence tech sector.
• However, this figure is split into two parts: $18 million in investments and an additional $41 million in grants.
• The largest grant provider was Brave1, a fund dedicated to supporting local projects aimed at strengthening Ukraine’s defence capabilities. In 2024, Brave1 awarded $40 million in grants, with plans to increase this to $100 million in 2025.
• Several other funds in Ukraine are primarily focused on defence tech, including D3, Nezlamni, Green Flag Ventures, and MITS Capital (among others, though DealBook specifically highlights these).
• The report also notes that three Ukrainian startups — Osavul, Swarmer, and Bavovna.AI — secured the largest share of funding.

Overall, AVentures Capital estimates that total investments in Ukrainian projects across all sectors reached $462 million in 2024.