This was the focus of the roundtable “The Deal and Investment Market in Ukraine’s Defense Industry: How to Value a Business, Structure Partnerships, and Attract Capital.” The event was held on September 22 by We Build Ukraine, FRU Defense, and EY Ukraine.
Representatives from across the market took part, from small startups to large Ukrainian defense tech companies. The discussion was moderated by Ihor Fomenko, head of the FRU Defense association.
Speakers included:
Oleksandr Kubrakov, We Build Ukraine
Mykhailo Prykhodko and Borys Lobovyk, EY Ukraine
Brian Best, Dragon Capital
Dmytro Babenko, Vyriy
Yaroslav Azhnyuk, The Fourth Law and Odd Systems
Alex Fink, Swarmer USA
Serhii Honcharov, National Association of Ukrainian Defense Industries (NAUDI)
Yevhen Azimov, Ukrarmotech
The volume of contracts reflects demand, but does not always explain a company’s true value. Investors need to understand how mature the technology is, whether production can reliably scale up, whether intellectual property is protected, and whether the company’s finances, ownership structure, and management are ready for due diligence. When the answers are unclear, a gap emerges between the owners’ expectations of the business’s value and the investor’s assessment of the risks. Negotiations take longer, and companies delay raising the capital they need to grow.
Participants discussed what businesses expect from investors, how to choose a partnership model, and how to bring together technologies, teams, and production capabilities after a deal. In this context, they mentioned the announced acquisition of Ratel Robotics by Swarmer. It shows that consolidation in Ukrainian defense tech is already taking shape through concrete deals, and raises a practical question for the market: how can different capabilities be combined to strengthen a product and scale up production?
