“In 2025, We’ll Operate More in Stealth Mode”: A Quick Q&A With Nezlamni VC Firm
The investment firm Nezlamni was launched by the founders of Uklon to invest in defense tech in Ukraine. Following the sale of Uklon to Kyivstar, the team plans to continue the firm’s work. Scroll.media spoke with Mykhailo Stukal, COO of Nezlamni, about the kinds of startups they’re looking for and what to expect in 2025.
How many investments have you made? Are they all public, or are some still undisclosed?
So far, we’ve made five investments:
We’ve publicly announced all of them — no stealth investments just yet.
How much are you planning to invest in 2025?
In 2025, we plan to operate in a more stealth mode, but we’ll still share news about select investments.
Is your average ticket still up to $200,000? Are you open to leading Series A rounds?
Some of our projects have already received larger checks. We haven’t entered a Series A round yet. Our current investment level gives us limited influence and rights.
We’re happy with our current portfolio and aren’t planning additional funding. But the situation is fluid — we’re closely examining how things evolve.
Are you focused solely on defense tech, or do you also consider dual-use solutions?
Yes, we’re very much open to dual-use startups. Most of our portfolio companies fall into that category.
There’s increasing talk of a ceasefire. Will you continue investing in defense tech or shift to other sectors?
For now, our focus remains on defense tech. In the future, we don’t rule out expanding into other areas. As I said, the situation is dynamic, and we prefer not to speculate.
What are your key criteria when making investment decisions?
The team is the most important factor at an early stage. We look closely at the founders’ technical expertise and the overall team structure—how well team members complement each other, whether there’s a clear division of responsibilities, and whether they can bring in external advisors to accelerate development.
We also look for:
- Field- or range-tested solutions
- Strong hardware-software integration
- Revenue generation — for us, that proves market demand and a viable business model
Nezlamni has four co-founders. How are decisions made? Does everyone have to agree?
Yes, all decisions are made unanimously — all partners must agree.
The firm is known as one created by Uklon’s founders. Are there any external LPs? Would you accept them in the future?
No, we don’t have external LPs. All the founders are general partners.
We’ve had offers from private investors, but we declined. We fund everything ourselves and stay focused on results.
Uklon and Nezlamni’s founders talk a lot about defense tech. It seems like you might be building something of your own — or maybe already are. Can you comment?
No comment at this time.
Read more about another Ukrainian investment firm:
“In 2025, We’ll Operate More in Stealth Mode”: A Quick Q&A With Nezlamni VC Firm
The investment firm Nezlamni was launched by the founders of Uklon to invest in defense tech in Ukraine. Following the sale of Uklon to Kyivstar, the team plans to continue the firm’s work. Scroll.media spoke with Mykhailo Stukal, COO of Nezlamni, about the kinds of startups they’re looking for and what to expect in 2025.
How many investments have you made? Are they all public, or are some still undisclosed?
So far, we’ve made five investments:
We’ve publicly announced all of them — no stealth investments just yet.
How much are you planning to invest in 2025?
In 2025, we plan to operate in a more stealth mode, but we’ll still share news about select investments.
Is your average ticket still up to $200,000? Are you open to leading Series A rounds?
Some of our projects have already received larger checks. We haven’t entered a Series A round yet. Our current investment level gives us limited influence and rights.
We’re happy with our current portfolio and aren’t planning additional funding. But the situation is fluid — we’re closely examining how things evolve.
Are you focused solely on defense tech, or do you also consider dual-use solutions?
Yes, we’re very much open to dual-use startups. Most of our portfolio companies fall into that category.
There’s increasing talk of a ceasefire. Will you continue investing in defense tech or shift to other sectors?
For now, our focus remains on defense tech. In the future, we don’t rule out expanding into other areas. As I said, the situation is dynamic, and we prefer not to speculate.
What are your key criteria when making investment decisions?
The team is the most important factor at an early stage. We look closely at the founders’ technical expertise and the overall team structure—how well team members complement each other, whether there’s a clear division of responsibilities, and whether they can bring in external advisors to accelerate development.
We also look for:
- Field- or range-tested solutions
- Strong hardware-software integration
- Revenue generation — for us, that proves market demand and a viable business model
Nezlamni has four co-founders. How are decisions made? Does everyone have to agree?
Yes, all decisions are made unanimously — all partners must agree.
The firm is known as one created by Uklon’s founders. Are there any external LPs? Would you accept them in the future?
No, we don’t have external LPs. All the founders are general partners.
We’ve had offers from private investors, but we declined. We fund everything ourselves and stay focused on results.
Uklon and Nezlamni’s founders talk a lot about defense tech. It seems like you might be building something of your own — or maybe already are. Can you comment?
No comment at this time.
Read more about another Ukrainian investment firm:
