Darkstar is a pan-European venture capital firm based in Estonia that invests exclusively in defense technology, including solutions developed in active war zones like Ukraine. Founded by Ragnar Sass and a team of seasoned operators and technologists, Darkstar challenges the traditional dual-use requirement by focusing purely on military applications. The firm’s mission is to rearm Europe with combat-proven, rapidly deployable defense innovations emerging from frontline environments. Darkstar positions itself not just as a financial backer but as a hands-on partner helping startups navigate military procurement, compliance, and deployment, particularly across NATO countries.
Darkstar focuses on defense technologies across:
The firm places special emphasis on startups with combat validation, especially those operating or originating from Ukraine. While its investment thesis includes pan-European founders, Darkstar strongly supports relocating core operations to NATO-aligned geographies to streamline defense contracts and grant eligibility.
Darkstar recently completed the first close of its debut fund, raising €15 million (approximately $17.5 million) as part of a broader €25 million target. The fund focuses on pre-seed and seed rounds, with typical check sizes ranging from €500,000 to €1 million.
Backers include European entrepreneurs, family offices, and Estonia’s state-backed fund SmartCap, marking a rare endorsement of a pure defense play.
Darkstar’s capital is not just financial; the firm also operates bootcamps in locations like Kyiv to help startups refine their products with direct feedback and field-testing from frontline military users.
These engagements also serve as a pipeline for future investments, allowing Darkstar to work closely with startups before deploying capital.
The fund is designed to accelerate the commercialization of cutting-edge defense solutions and to help companies transition from local success in Ukraine to broader NATO adoption.
Leadership
Darkstar is led by General Partners Ragnar Sass, Kaspar Gering, Mart Noorma, and Philip Jungen. Sass is best known for co-founding Pipedrive and investing in unicorns such as Veriff. Gering brings a decade of engineering and data science experience from Wise. Noorma is the Director of the NATO Cooperative Cyber Defence Centre of Excellence, bringing deep institutional expertise. Jungen is based in Germany and adds cross-border operational strength. The team is supported by a growing network in Ukraine and other Central and Eastern European countries.
Investment Strategy
Darkstar takes a hands-on approach from the earliest stages, often engaging with startups through field-based bootcamps before committing funding. The firm prioritizes technical rigor, real-world validation, and operational excellence.
For Ukrainian startups, Darkstar facilitates the creation of NATO-compliant corporate structures to unlock procurement pathways. It also seeks founders who are deeply embedded in operational realities, often military veterans or technologists with direct access to end users.
Many of the teams it backs are led by women and have demonstrated significant traction with minimal capital. Darkstar sees its role as not only an investor but as a strategic partner helping founders cross borders, scale supply chains, and meet shifting military needs.
Notable Investments
To date, Darkstar has invested in Farsight Vision, a Ukrainian-Estonian startup specializing in geospatial analytics and 3D mapping for drone pilots, and Deftak, which develops combat-grade drone ammunition.
Both companies reflect the firm’s thesis of backing operationally validated solutions with rapid battlefield feedback loops.
Other
Darkstar’s bold strategy of focusing solely on defense, without the typical requirement for civilian applications, sets it apart from most European VCs. Darkstar’s founders believe that the urgency of Russia’s war economy demands faster tech adoption, and that elite military units share surprising similarities with high-performing startups.
The firm’s long-term vision is to help defense tech companies grow into independent revenue-generating businesses or strategic acquisition targets for defense contractors unable to match their speed.
