Green Flag VenturesGreen Flag Ventures

Funding battle-tested founders from Ukraine to NATO’s eastern flank.

Ukraine proves the technology; the allies who face the same threat are where it scales. We back dual-use defense, AI and cyber founders, soldier-validated on the front line before we invest.

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The earliest-established U.S. fund inside Ukraine’s defense tech ecosystem, and the only one with local GPs.

Unmanned ground vehicle demonstration at a defense expo
Drones on display at a Ukrainian defense exhibition
Panel discussion on Ukrainian defense technology
Soldier alongside drone systems at a defense exhibition
On camera interview at a defense tech event
Drone systems at a defense technology expo
Tactical vehicle at a defense exhibition
Fireside conversation at a defense tech conference
Crowd at a Ukrainian defense tech event
AI on the Frontline panel discussion
At IT Arena 2025
At a conference session
At the HIMERA exhibition stand
At the Warsaw Security Forum
Attendees at a defense exhibition
Conversation at a conference
Dinner with founders and investors
Exhibition booth showing soldier equipment
Frontline briefing for investors in Kyiv
Group photo at a conference
IT Arena 2023 banner outside the Lviv Opera House
Interview being filmed in a lounge
Panel discussion on stage
Presentation on stage at a defense event
Robotic dog demonstration at a defense event
Roundtable meeting at a conference
Signage at a defense conference
Speaker on stage at a conference
Speaker on stage at a defense tech conference
Speaker shown on the big screen at a defense tech conference
Three attendees at a conference backdrop
Two attendees at a conference
Two visitors on the field of a football stadium

Defense tech venture capital, proven in Ukraine

Green Flag Ventures is a venture capital fund investing in defense and dual-use technology from Ukraine and NATO’s eastern flank. We back companies whose products hold up against real jamming and real drone threats: counter-UAS, electronic warfare, secure communications, autonomy, AI and cyber.

We invest at technology readiness level 5 and above, with every company domiciled outside Ukraine and structured for a Western exit. Our first fund backed nine companies, including Swarmer, now listed on Nasdaq (SWMR).

Our partners work from Kyiv, Los Angeles and Stockholm, and front-line operators pressure-test every deal before we invest.

Why Ukraine and the eastern flank, now · How we invest · Meet the team