Defence company UFORCE, born in Ukraine and based in London, has announced a $700 million Series A (around €595 million) that values it at $6 billion. According to tech.eu and FrenchWeb, the round is co-led by investment firm Valor Equity Partners and the National Wealth Fund, the UK’s public investment fund. FrenchWeb sees it as one of the largest European defence tech fundraisings. The deal confirms that in Europe, public money now directly co-finances young arms manufacturers.
A funding round where the British state sits alongside venture capital
According to tech.eu, which details the 12 November announcement, the two lead investors are joined by the US–Ukraine Reconstruction Investment Fund (URIF), Menlo Ventures, Xantium and Hiro Capital. Existing shareholders Shield Capital, Ballistic Ventures, Lakestar and Squadra are also putting in more money. The board of directors welcomes retired General Christopher Cavoli, former NATO Supreme Allied Commander Europe and now a partner at Valor. FrenchWeb specifies that the board is chaired by Oleksiy Honcharuk, former Prime Minister of Ukraine, and that operational management is in the hands of Oleg Rogynskyy, founder of People.ai.
The presence of the National Wealth Fund is far from incidental. On 30 October 2026, The Next Web, drawing on the Financial Times, revealed that this public fund was preparing to take a stake, without disclosing the amount. The same article recalled that the latest UK budget had just granted it £15.4 billion in additional capital, with instructions to step up its efforts on defence, critical minerals and artificial intelligence. Together with the British Business Bank, it is to mobilise up to £5 billion over four years for defence and national security, including dual-use technologies.
A valuation multiplied almost sixfold since March
The financial trajectory is rapid. In March 2026, UFORCE secured $50 million on the basis of a valuation of slightly more than one billion, making it a unicorn, The Next Web recalls. In September, talks concerned around $500 million at close to $5 billion. The round finally closed exceeds both figures.
This value rests on equipment already used in combat. The company brings together several Ukrainian manufacturers and offers MAGURA surface drones, NEMESIS strike drones, LIUT ground robots, PREDATOR counter-drone turrets and command-and-control software. According to company figures cited by tech.eu, NEMESIS drones have logged more than 300,000 combat flights across more than 100 units, and MAGURA drones are said to have helped sink more than a dozen Russian ships in the Black Sea. These claims come from the company and cannot be independently verified.
Producing outside Ukraine: the real point of the fundraising
The funds will first be used to increase the volumes delivered to the Ukrainian army. But the heart of the project is to spread manufacturing across the United States, Europe, Asia-Pacific and the Middle East, as close as possible to the countries that need this equipment, tech.eu indicates. There are two reasons for this: to keep producing and supplying the front despite the attacks hitting Ukraine, and to help allied countries build their own industrial capabilities. FrenchWeb already mentions a partnership with Reconcraft to assemble MAGURA drones on US soil. In the United Kingdom, it is the chief executive of the National Wealth Fund who promises skilled jobs and stronger local supply chains, without any figures at this stage.
For the ecosystem, the signal is clear: know-how forged on the front line is becoming an exportable industrial asset, which investors value like that of a future global champion.
What this changes for European defence startups
- A new valuation benchmark: $6 billion for a Series A gives young drone and military robotics companies a point of comparison in their own negotiations.
- A public-private co-financing model: when a sovereign fund invests alongside venture capital, the risk perceived by private investors falls in a sensitive sector.
- Competition between capitals: by hosting the headquarters and part of the production, London captures jobs and skills. Paris, Berlin or Warsaw will have to offer comparable conditions to attract the factories of these new players.
Grey areas remain. The announcements reported by the press give neither revenue nor headcount, and demand for its products depends partly on how the war evolves. The valuation assumes that orders from allied armed forces will take over if Ukrainian needs were to decline.
Frequently asked questions
Who is financing UFORCE’s $700 million fundraising?
The round is co-led by Valor Equity Partners and the UK’s National Wealth Fund, with the URIF fund, Menlo Ventures, Xantium and Hiro Capital. Shield Capital, Ballistic Ventures, Lakestar and Squadra, already shareholders, have increased their stakes.
What does UFORCE make?
Naval drones (MAGURA), strike drones (NEMESIS), ground robots (LIUT), counter-drone systems (PREDATOR) and software that coordinates this equipment in the field.
Why is the company based in London?
Founded in Ukraine, it moved its headquarters to the British capital and keeps teams in Kyiv and Washington. The sources do not detail the reasons for this move; in any case, the UK’s National Wealth Fund is one of the two lead investors in its Series A.
Sources
- Ukrainian defence tech UFORCE raises $700M Series A at $6B valuation — tech.eu, 2026-11-12
- UFORCE lève 595 millions d'euros pour transformer les drones ukrainiens en industrie mondiale de défense — FrenchWeb, 2026-11-12
- UK's National Wealth Fund to invest in defence tech firm — The Next Web, 2026-10-30