UForce raises $700 million at $6 billion valuation

Ukrainian defence-tech startup UForce raises $700 million at $6 billion valuation

Ukrainian defence-technology startup UForce has raised $700 million in a Series A round valuing the company at $6 billion. The round was led by the UK’s National Wealth Fund and Valor Equity Partners, with participation from the US-Ukraine Reconstruction Investment Fund and several venture capital investors. UForce plans to use the capital to expand production in Ukraine, develop new technologies and scale its unmanned defence systems.

Key points

UForce raised $700 million in a Series A round at a $6 billion valuation.
The UK National Wealth Fund and Valor Equity Partners led the round.
The US-Ukraine Reconstruction Investment Fund and Menlo Ventures, Xantium and Hiro Capital also participated.
Existing investors Shield Capital, Ballistic Ventures, Lakestar and Squadra increased their stakes.
UForce was founded in January 2025 by Oleksii Honcharuk and Oleh Rohynskyi.
The company develops the Magura maritime drones, Nemesis strike drones, Liut ground robotic complexes and Predator automated turrets.
The investment is described as the largest funding round in the history of Ukrainian startups and a record for the UK fund in defence technology.

Why it matters

The financing represents a major increase in international investment in a Ukrainian company developing autonomous air, ground and maritime systems. The capital is intended to expand UForce’s manufacturing capacity in Ukraine, develop new technologies, grow the company and its team, and increase its presence in partner countries. Its priorities include scaling heavy-strike Nemesis drones, expanding other product lines and developing counter-drone systems.

What happened

UForce raised $700 million in a Series A round valuing the company at $6 billion. The UK National Wealth Fund and Valor Equity Partners led the investment, while the US-Ukraine Reconstruction Investment Fund, Menlo Ventures, Xantium and Hiro Capital also joined. Shield Capital, Ballistic Ventures, Lakestar and Squadra increased their holdings. The company said the funds will support the development of its business and team, expansion of Ukrainian production capacities and new technologies. Its founders will receive no payouts or dividends and will not sell shares in the round, while a substantial equity pool is reserved for employees.

UForce develops unmanned maritime, ground and air platforms, autonomy software and a system for coordinating multiple platforms. Its product lines include the Magura maritime drones, Nemesis strike drones, Liut ground robotic complexes and Predator automated turrets, all developed in Ukraine and tested on the frontline. Christopher Cavoli, who led NATO’s Joint Force Command in Europe in 2022-2025 and is a partner at Valor Equity Partners, joined the company’s board.

How Ukrainian sources describe it

Ukrainian coverage highlights the round’s historic scale for the country’s startup sector and UForce’s rise from a valuation above $1 billion after its March 2026 seed round to $6 billion. The company is described as the first Ukrainian defence-technology unicorn. Particular attention is given to expanding domestic production and scaling Ukrainian-developed product lines, as well as to the founders’ decision not to receive payouts or dividends, sell shares or reduce the employee equity pool.

How international sources describe it

International coverage foregrounds the participation of the UK National Wealth Fund and Valor Equity Partners as round leaders and presents the transaction as a record investment by the UK fund in defence technology. Menlo Ventures, Xantium and Hiro Capital joined the round, while existing investors Shield Capital, Ballistic Ventures, Lakestar and Squadra increased their stakes. The emphasis is on the financing’s scale and its significance for a Ukrainian defence-technology company.

Background

UForce was founded in January 2025 by Oleksii Honcharuk and Oleh Rohynskyi. In March 2026, it raised $50 million in a seed round led by Shield Capital and Lakestar, with Ballistic Ventures participating; its valuation subsequently exceeded $1 billion. The UK National Wealth Fund is wholly owned by His Majesty’s Treasury but makes independent investment decisions. The US-Ukraine Reconstruction Investment Fund is a joint US-Ukrainian vehicle created to attract capital for Ukraine’s reconstruction, economic development and strategic sectors.