Front Ventures AB is a Stockholm-based listed investment company specialising in early-stage defence technology in Sweden and Ukraine. Founded in 2012, the company originally backed fintech, enterprise software, and blockchain businesses before pivoting to defence in August 2025 under new CEO Jonas Malmgren.
Front Ventures invests in early-stage Swedish and Ukrainian defence technology companies with finished prototypes that are ready to scale. Core focus areas include drone technology (manufacturing, motors, autonomous systems), defence software (UAV control, target acquisition, command and control, AI), secure communications, electronic warfare countermeasures, and critical defence supply chains. The firm targets companies with a clear patent advantage or cost moat, existing permits and licences, and a production model that leverages existing European industrial capacity rather than requiring new facilities. The firm is also an approved investor in Brave1, the Ukrainian government's defence innovation platform.
Front Ventures raised €5 million (~$5.4M USD) through an oversubscribed rights issue of B-shares closed in May 2026, with the raise subscribed to 278%. Participation in the May 2026 raise included all major existing shareholders, CEO Jonas Malmgren and board member and former CEO Johan Lund, alongside new investor Roglar Holding, which contributes production and industrial expertise. APREA Partners AB acted as financial advisor; Advokatfirman Lindahl KB as legal counsel; Aqurat Fondkommission AB as lead manager.
Leadership
Jonas Malmgren is CEO, appointed in August 2025 as part of the company's strategic pivot to defence. He is a former technical officer and reserve officer in the Swedish Armed Forces, with previous roles as Sales Director at Sandvine and Cisco and earlier experience as a strategy consultant and investment manager at Accenture.
Johan Lund is a board member and principal owner who serves as a working board member following his tenure as CEO; his background includes founding Svensk Företagsrekonstruktion and serving as CFO of Bonnier Entertainment, as well as combat command experience at Berga Naval Schools.
Tommy Ekholm serves as Chairman of the Board. Björn Nobel is a board member with over three decades of experience across the Swedish Armed Forces Headquarters, the Ministry of Defence, and the Swedish Defence Materiel Administration (FMV), covering defence planning, procurement, export controls, and critical technology development. Henrik Roglar is a board member and one of the company's largest owners, with a background in building and scaling industrial niche companies in Sweden.
Investment Strategy
Front Ventures targets seed to early-growth stage companies, investing $0.5–5.0M per company for 5–20% ownership. The firm takes an active operational role post-investment, supporting portfolio companies with EU and NATO market access, connections to Western European manufacturers for production scaling, and navigation of defence procurement and export control processes. Its model prioritises deploying Ukrainian battlefield-tested innovation into existing European industrial capacity rather than building new manufacturing infrastructure. The firm operates from Stockholm and Lviv.
Notable Investments
Other
Front Ventures was formerly known as FrontOffice Nordic AB and historically invested in fintech and enterprise software. Legacy fintech holdings include Vopy (embedded finance, 25% stake) and Citigiro (prepared for divestment). The company's strategic pivot was accelerated in part by the bankruptcies of two former portfolio companies, Intergiro and Powrs. As a listed company, Front Ventures offers regulated public market transparency as a verifiable Western partner for Ukrainian founders navigating NATO market entry.
info@frontventures.se
Jonas Malmgren - CEO
jonas.malmgren@frontventures.se
Annica Näslund - Chief Marketing Officer
annica.naslund@frontventures.se
Sweden
