Resist 2.0: The €50 Million European Fund Fueling Ukraine's Defence Tech Revolution

Ukrainian defence tech investment platform Resist.UA has launched Resist 2.0, a new European fund targeting up to €50 million in capital commitments to connect international capital with Ukraine’s rapidly growing defence and dual-use technology sector . The fund is established in Estonia and represents Resist.UA's second fund overall and its first European investment vehicle .

Fund Structure and Investment Model

Resist 2.0 operates as a hybrid venture capital and private equity platform . Unlike a traditional fund that distributes returns to limited partners after an exit, Resist 2.0 employs a reinvestment-first approach. Initial returns are recycled back into the ecosystem rather than distributed, with the goal of building a self-sustaining industry rather than a short-term exit vehicle .

Track Record from Resist.UA's First Fund

Resist.UA's first fund was backed entirely by Ukrainian capital and focused on pre-seed and seed-stage defence tech companies . Key outcomes include:

• Portfolio value: over $10 million
• Deal flow: reviewed more than 600 projects
• Engagement: built relationships with over 100 Ukrainian defence tech teams

The portfolio includes up to 7 companies, though a significant share remains undisclosed for security reasons .

Publicly Known Portfolio Companies

• Farsight Vision — develops AI-powered intelligence software that integrates data from multiple battlefield sensors
• M-FLY — builds autonomous aircraft and drones for defence applications
• Phantom Technology Solutions — develops unmanned ground systems

Investment Philosophy

Resist.UA emphasises backing strong teams and founders capable of building globally competitive companies under extreme wartime conditions. The fund's thesis is that founders who can build and operate during war are positioned to scale into global leaders .

Founding Partner Background

Roman Sulzhyk founded Resist.UA in late 2022/early 2023 and serves as its Founding Partner . He brings more than 20 years of experience in international capital markets, having previously worked as a trader at J.P. Morgan and Deutsche Bank . The firm is also supported by co-founders including Oleksii Komlichenko .

Broader Market Context

Sulzhyk noted that Ukrainian defence tech companies have attracted more than $500 million in private investment over the past two years, reflecting growing international interest in the sector and its long-term potential .

Strategic Rationale from Partners

Roman Sulzhyk stated: "We are not building a short-term story. Our goal is to help shape a new industry that can become one of the key drivers of Ukraine's economic future" . He added that wartime demand has created a generation of companies testing products under real battlefield conditions, arguing that the investable moment is now, not after the war .

Oleksii Komlichenko has reinforced the vision of building a long-term defence technology industry in Ukraine — one that can compete globally and outlast the immediate wartime context .