Europe is entering a decisive decade — one that will redefine the future of defence, security, and strategic autonomy. At the heart of this transformation lies Ukraine.
Under the pressure of full-scale war, Ukraine has become the fastest-moving defence innovation hub in the world. This is not speculative technology. It is battlefield-tested, mission-critical innovation — developed under fire, adapted in real time, and already shaping the next generation of European defence systems.
Northern Defence Investment Horizon (NODIH) is the first Nordic-led venture platform designed to build deep operational and financial bridges into this unique ecosystem.
Backed by on-the-ground presence in Ukraine, world-class technical validation, and an unprecedented state-backed equity guarantee of up to 70%, NODIH gives investors a rare opportunity:
To access high-impact Ukrainian ventures, mitigate early-stage risk, and drive scalable innovation in the most urgent defence market in Europe.
If you are a professional investor seeking a responsible, de-risked, and high-upside entry into European defence innovation — this article is for you.
Ukraine is currently home to the most active and combat-proven defence innovation ecosystem in the world. Unlike traditional R&D-driven environments, Ukrainian ventures operate under live battlefield conditions — where innovation is driven not by theory, but by survival.
This has produced an ecosystem unlike any other:
The result is a pipeline of technologies that are modular, scalable, and built for modern warfare — from autonomous drone systems and electronic warfare to field-ready logistics and sensor platforms. These are not prototypes. They are deployable systems with direct battlefield validation.
Across Europe, demand for scalable defence innovation is exploding. In response to war in Ukraine and rising geopolitical instability, European governments have committed over €800 billion to modernisation, rearmament, and strategic autonomy. This includes massive procurement efforts by NATO, the EU, and national forces.
Yet the market faces a fundamental constraint:
The supply of validated, affordable, and scalable defence solutions is drastically limited.
Traditional defence contractors cannot move fast enough. National innovation systems are slow, fragmented, and unfit for the urgent needs of modern defence. This creates an unprecedented market gap — and a once-in-a-generation investment opportunity.
Ukrainian defence ventures are producing extraordinary technologies — but many remain underfunded and structurally unprepared for global scale. Most lack access to venture expertise, financial infrastructure, and strategic go-to-market capabilities.
This is where NODIH adds transformational value.
By combining local embedded presence, Nordic venture-building frameworks, and a structured validation model, we help these ventures unlock their potential — and prepare for integration into NATO-aligned markets.
As institutional capital begins to enter the Ukrainian defence market, competition and valuations will rise. The next 12–24 months represent a narrow but powerful window for first-movers to access ventures with:
By investing now — before market saturation — investors gain privileged access to high-impact companies at a stage where value creation is most dramatic and downside risk is uniquely mitigated through mechanisms like the EIFO-backed equity guarantee.
This is not only a strategic opportunity. It is a responsibility — and a rare alignment of security, innovation, and return.
NODIH is not a traditional defence fund.
It is a structured venture platform — combining deep local presence, operational insight, and milestone-based capital deployment to transform early-stage defence innovation into scalable, NATO-ready companies.
At its core, NODIH is designed to reduce investor risk, accelerate venture performance, and align capital with measurable progress.
Embedded access meets structured execution
What sets NODIH apart is our embedded presence in Ukraine. Our leadership team operates directly out of Lviv, in close partnership with founders, military stakeholders, and technical institutions. This proximity allows us to:
This local access is paired with Nordic-style venture discipline:
We apply structured validation, clear investment criteria, and a staged development model to every venture we support.
NODIH does not deploy capital in full at entry. Instead, we follow a milestone-based investment model, allocating capital only as ventures achieve concrete, validated progress.
Each startup progresses through four structured stages:
Each investment is disbursed in tranches tied to these stages. This ensures:
This model is uniquely suited to defence innovation — where risk, regulation, and production complexity require hands-on support and structured growth.
A key enabler of our model is the state-backed equity guarantee from EIFO (Denmark’s Export and Investment Fund).
This innovative mechanism offers up to 70% capital protection for investments in Ukrainian defence ventures.
For investors, this means a uniquely de-risked exposure to a high-return asset class — enabling engagement at an earlier stage than traditional VC or PE models would typically allow.
Most Ukrainian startups have exceptional engineers, field-tested products, and a sharp understanding of the battlefield. What they lack is the structure to scale:
NODIH delivers this bridge — enabling these companies to meet NATO, EU, and allied defence requirements, while delivering strong long-term returns for investors.
Our role is not just to invest. It is to build capacity, reduce risk, and unlock commercial viability for technologies that matter — to security, to society, and to your portfolio.
In the world of early-stage defence investment, access and validation are everything.
NODIH offers both — in ways few others can.
Our operational team is based in Lviv, Ukraine, with direct access to the country’s most advanced defence ventures, military operators, and technical institutions. This embedded presence gives us a privileged position:
We see high-impact companies before they reach the market — and we help shape them into investable opportunities.
Since 2018, our leadership has been active inside Ukraine’s emerging defence ecosystem. This long-term presence has created deep working relationships with:
We are not external observers — we are part of the innovation engine. This ensures that NODIH has early, qualified access to ventures with field-tested technology, unmet capital needs, and clear paths to defence integration.
To ensure every investment meets the highest operational and technical standards, NODIH has built a dedicated validation architecture in partnership with Ukraine’s top institutions:
These partnerships enable us to deliver structured, third-party assessments of each venture’s:
Each startup is evaluated through NODIH’s proprietary six-dimension assessment framework — generating a transparent Readiness Score, risk profile, and acceleration roadmap.
Ukrainian defence startups are exceptional at solving problems under pressure. But few are born investor-ready.
They often lack:
NODIH bridges this gap — helping founders turn proven prototypes into validated ventures, ready to engage with NATO-aligned forces and international procurement frameworks.
By combining early access, local knowledge, and structured validation, we create an environment where:
This is not just due diligence. It is hands-on value creation — for ventures, for investors, and for Europe’s defence resilience.
NODIH is purpose-built to invest where innovation meets operational urgency. We target ventures that develop defence technologies with high strategic relevance, strong potential for scale, and real-world battlefield validation.
Our investment scope spans across the core domains of modern warfare, with a focus on technologies that are modular, adaptable, and dual-use by design.
We invest in startups and early-growth ventures working within:
1. Aerial Systems (UAVs)
2. Ground Robotics (UGVs)
3. Maritime Drones
4. Electronic Warfare & Counter-UAS
5. Defence Components & Systems Integration
6. Supply Chain & Production Resilience
Our mission is not to bet on the next unicorn — it is to back the technologies that will form the infrastructure of European defence in the coming decade.
All ventures we invest in are evaluated for their ability to meet three core criteria:
We strongly favour technologies that are interoperable with existing NATO and EU defence systems — ensuring smoother adoption and longer-term viability.
NODIH enters at the early-stage to early-growth level — typically pre-Series A through Series B.
Our structured model allows us to guide ventures from:
We do not merely deploy capital.
We shape ventures into compliant, contract-ready suppliers — equipped for NATO-aligned defence markets and long-term resilience.
This is where innovation meets infrastructure. And where smart capital drives real impact.
Investing in early-stage defence ventures — particularly in an active war zone — requires more than ambition. It requires discipline, structure, and a professional approach to risk.
At NODIH, we address this head-on.
We don’t promise hype.
We deliver risk-managed access to one of the most strategically important and under-capitalized innovation environments in the world.
Defence innovation is complex. It carries three categories of risk:
Here’s how we mitigate these risks at every stage:
We don’t write blank cheques. Every euro is tied to predefined, verifiable milestones — including MVP completion, technical validation, and customer traction. This ensures:
Each venture undergoes structured assessment in collaboration with Lviv Polytechnic National University — Ukraine’s leading technical institution.
We evaluate:
This ensures that investments are based on objective data, not founder pitch decks.
Rather than concentrating risk in a single technology or vertical, our portfolio strategy spans:
We balance frontier innovation with infrastructure plays — combining upside with durability.
NODIH operates with full legal oversight from defence-specialized law firms. All ventures must adhere to:
Governance is handled by an independent investment committee, and reporting is delivered quarterly and annually with full risk disclosure.
Behind every successful investment platform is a team — not just with vision, but with the ability to execute under pressure, across borders, and within complexity.
NODIH is built by operators, not observers. Our leadership brings together decades of experience in venture building, defence innovation, finance, legal structuring, and international scaling — anchored by a permanent presence in Ukraine since 2018.
We know the terrain — technically, commercially, and culturally. And we are trusted by those who matter most: founders, institutions, and front-line innovators.
Founder, investor, and on-the-ground operator.
Jakob holds a Master of Science in Finance and Accounting and has founded and scaled multiple companies across Europe and internationally.
Since relocating to Lviv, Ukraine in 2018, Jakob has been deeply embedded in the local innovation ecosystem — contributing to both defence and humanitarian infrastructure projects, including:
He also serves as Visiting Professor of Innovation and Startups at Lviv Polytechnic National University.
In 2023, Jakob was awarded the Ukrainian State Medal of Merit for his contributions to national resilience through defence technology.
At NODIH, he leads venture selection, ecosystem partnerships, and strategic direction — combining a hands-on mindset with long-term vision.
Operational strategist and venture architect.
Jakob von Cappeln brings deep expertise in process optimization, automation, and organizational scaling.
He has built and led operational teams across industries, helping startups and growth-stage ventures design:
At NODIH, he heads Danish operations and acts as a hands-on scaling partner for portfolio companies — ensuring they grow not only with great technology, but with robust execution.
Ukrainian lawyer with domain expertise in cross-border defence investment.
Maksym oversees all aspects of:
His dual expertise in local Ukrainian law and international investment norms ensures that NODIH operates with full transparency and legal precision across all jurisdictions.
Execution lead and compliance coordinator.
Iryna ensures day-to-day fund operations run seamlessly — from reporting and documentation to investor communication and governance tracking.
She plays a pivotal role in delivering the institutional-grade discipline that professional investors expect — even in the most dynamic environments.
Validation & advisory network
NODIH is open to professional and institutional investors, family offices, defence-aligned funds, and mission-driven capital seeking exposure to high-impact innovation in the defence sector. Minimum allocation and terms are available upon request.
Our standard entry threshold begins at EUR 250,000, though larger commitments are prioritized for anchor and lead investors. Co-investment structures for specific ventures may offer alternative entry points.
The Danish state-backed EIFO equity guarantee covers up to 70% of invested equity in qualified Ukrainian defence ventures for a 7-year period. This mechanism dramatically reduces downside exposure for investors.
Returns are expected via a mix of:
The fund targets a 4–8x return on capital over a 7–10 year horizon. Exit readiness is built into every venture from day one.
Yes. Selected NODIH portfolio companies will offer co-investment windows for LPs seeking higher exposure to individual cases. These opportunities are managed transparently and with full technical disclosure.
We are at a historic inflection point.
NODIH brings these three forces together — through a professional, risk-managed platform designed for serious investors with long-term vision.
We do not offer passive capital placement. We offer active engagement in building the future of European defence — venture by venture, capability by capability.
Don’t wait for the report. Shape the future.
