Gardar is a Norwegian defense technology fund launched in June 2026 to back early-stage Ukrainian defense tech startups. The fund was established with the support of Sandwater, a Norwegian early-stage VC with $466M+ in AUM, alongside Ferd AS, one of Norway's largest family-owned investment groups, and Munkene, a Norwegian volunteer investor organization focused on supporting Ukraine. Gardar operates on Sandwater's venture platform, benefiting from its infrastructure and operational expertise. The fund takes its name from two Old Norse roots: Gardariki, the Old Norse name for the territory encompassing modern Ukraine, and gardar, meaning stronghold or settlement, both fitting references for a fund built around Ukraine's defense innovation ecosystem.
Gardar backs Ukrainian defense technology companies building systems that are already operational at the front lines of the conflict with Russia.
The fund focuses on technologies that address immediate battlefield needs and have clear pathways to scale within Europe's broader defense and security architecture. Areas of interest include drone systems, autonomous platforms, electronic warfare countermeasures, defence software, and related dual-use technologies. Gardar invests across Seed through Series B.
Gardar launched with ~$88M USD (€80M) in committed capital in June 2026. The fund has begun deployment; specific portfolio companies have not been publicly named at launch.
The fund's LP base includes some of Norway's wealthiest family investors, with Dagens Næringsliv reporting backers including Johan H. Andresen, Jens Ulltveit-Moe, Christian Ringnes, and Gustav Witzøe.
Leadership
Erlend Prestgard is Managing Partner of Gardar and a partner at Munkene. He also serves as a partner at Sandwater.
Torkel Engeness is a Partner at Sandwater and is named as a key figure in the Gardar launch, providing oversight and platform support for the fund's operations.
Investment Strategy
Gardar targets defence tech founders in Ukraine who are building systems already tested and proven under live combat conditions, operators-turned-founders who have bypassed the traditional lab phase because their products have been validated in operational environments.
The fund's thesis is that Ukrainian defense tech represents a generational investment opportunity: battlefield-tested at speed and low cost, with clear pathways into European and NATO procurement channels and industrial partnerships.
The fund aims to accelerate the conversion of front-line R&D and engineering projects, often self-funded by the builders themselves, into investable, scalable companies. Gardar operates on Sandwater's venture platform, providing portfolio companies with access to Sandwater's infrastructure and network.
Other
Norway is one of Ukraine's most significant bilateral supporters relative to GDP, with the Nansen Support Programme committing approximately $25B through 2030 and approximately $8.5B allocated for 2026 alone.
Gardar sits within this broader Norwegian ecosystem of Ukraine support, alongside government-level defence supply, the Brave-Norway defence startup programme (~$21.8M), and Kongsberg's co-production agreements with Ukrainian firms.
Ferd AS's participation in Gardar reflects its broader strategic orientation as a long-term capital allocator in high-conviction sectors.
Norway
