Ukrainian defense tech investment platform Resist.UA has launched Resist 2.0, a new European investment fund targeting up to €50 million in commitments to connect international investors with Ukraine's growing defense and dual-use technology sector.

Established in Estonia, the fund is designed to support Ukrainian and European companies with Ukrainian roots developing technologies shaped by frontline requirements and validated in combat. According to Resist.UA, the fund will work with qualified international investors while helping scale battlefield-proven technologies for global markets.

Why founders matter more than products

Unlike many traditional defense investment vehicles that prioritize products, Resist.UA says its investment strategy focuses first on founders and teams capable of building globally competitive technology companies under the most demanding conditions.

"Over the past two years, Ukrainian defense tech companies have attracted more than $500 million in private investment, reflecting growing international interest in the sector and its long-term potential," said Roman Sulzhyk, Founding Partner of Resist.UA.

Sulzhyk also added that they see Ukrainian defense tech not only as a wartime necessity, but as an emerging industry being built in real time. "Ukraine has exceptional human capital — engineers, entrepreneurs, and teams capable of creating world-class products. Our goal is to help these companies scale and to make Ukraine attractive for international investment."

Building on the first fund

Founded in 2023, Resist.UA operates at the intersection of venture capital, military expertise, and battlefield-tested innovation.

Its first investment vehicle, backed by Ukrainian capital, focused on pre-seed and seed-stage miltech startups, combining financing with operational support to help early teams transform prototypes into scalable businesses.

According to the company, the first fund:

  • built a portfolio valued at more than $10 million;
  • evaluated over 600 defense tech projects;
  • engaged with 100+ Ukrainian defense startups;
  • invested in companies including Farsight Vision and M-FLY, while much of its portfolio remains undisclosed due to security considerations.

Resist.UA says it follows a hybrid venture capital and private equity model, placing particular emphasis on long-term company growth, manufacturing capabilities, and a reinvestment-first strategy, where returns are directed back into scaling portfolio companies and strengthening Ukraine's defense innovation ecosystem.

Betting on founders

For the investment team, founders remain the central investment criterion.

"For us, the key factor is people. Technologies can evolve, products can pivot, but strong teams are what ultimately build scalable companies," said Oleksii Komlichenko, Partner at Resist.UA.

The fund's leadership combines expertise across international finance, legal structuring, venture investing, and talent management. Among its founders is Roman Sulzhyk, who previously spent more than two decades in international capital markets, including roles at J.P. Morgan and Deutsche Bank in New York and London.

"We are not building a short-term story," Sulzhyk said. "Our goal is to help shape a new industry that can become one of the key drivers of Ukraine's post-war economy and integrate Ukrainian technologies into the global security and defense market."
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