Danish funds raise €100m for defence startups in Ukraine and Northern Europe
Danish venture funds Final Frontier and Myriad are merging under one brand and plan to raise €100m to invest in defence technology companies in Ukraine and the Nordic countries. The new Final Frontier Fund II will focus on the earliest-stage startups.
The fund will finance pre-seed and seed defence-tech companies in the Nordic countries, the Baltics and Ukraine. The first close of Final Frontier Fund II is planned for before the end of 2026.
Before the merger, Final Frontier and Myriad specialised in early-stage defence technology investments. In their first year of operation, their combined portfolio reached 15 companies. The funds believe that the main constraint on the sector's further development remains a shortage of capital at the early stages.
"The region does not lack talent, technology or ambition. However, there is still an acute need for more early-stage defence technology capital, and most investors are too small," — Final Frontier said.
After the merger, the platform will continue under the Final Frontier brand. The Myriad team will bring its network of entrepreneurs and technology company executives, while Final Frontier will provide connections and expertise in the defence industry, armed forces and security.
In addition to financing, the fund intends to help companies with product development, finding industry specialists, scaling the business and navigating the long and complex defence procurement procedures.
The first Final Frontier was created in late 2024 by former Seed Capital general partner Niels Vejrup Carlsen. In May 2025, the fund closed its first investment vehicle at €4.5m. Its investors included former NATO Secretary General Anders Fogh Rasmussen.
Myriad appeared in August 2025 with capital of about €2m. It was co-founded by Alexander Aghassipour, who was involved in scaling Zendesk to its IPO, and former Just Eat executive Klaus Nyengaard.
The merger of the two funds began being discussed in spring 2026. Final Frontier explains the decision by the need to consolidate specialist investors in the European defence technology market: small funds find it difficult to provide startups with the capital they need for rapid growth on their own.
Ukraine has become one of the key investment directions for the new fund amid the rapid development of defence technology during the war. Final Frontier notes that Ukraine's experience has shown the importance of software, short development cycles and small teams for the modern battlefield.
