Norwegian Billionaires Invest $250 Million in Ukraine, Shifting from Humanitarian Aid to Commercial Venture Capital

(Taipei Times reporter Wu Chi-lin, Oslo, 16th) More than 20 Norwegian billionaires and business owners have quietly transformed their roles—from humanitarian donors providing vehicles and trucks to commercial venture capitalists. Together, they have invested 80 million euros (approximately NT$2.53 billion) to establish the 'Gardar Fund,' specifically targeting Ukrainian defense-tech startups with battlefield-proven innovations. They state this is not only about saving lives but also a promising business venture.

According to Norway's financial media 'Dagens Næringsliv,' the Gardar Fund was jointly initiated by three parties: the Norwegian venture capital platform Sandwater, which leads the initiative; Ferd, the private investment company owned by the Andreassen family; and Munkene, a volunteer organization dedicated to supporting Ukraine. The fund focuses on Ukrainian defense-tech startups, providing investment from the earliest angel stage through to maturity.

Ukrainian Minister of Economy Oleksii Sobolev, in an interview, said, 'This is private Norwegian capital reaching the front lines directly.' He noted that Norway has already been one of Ukraine's most important supporters, and the Gardar Fund 'opens a new channel for civilian involvement—it represents a way for Norwegian private capital to invest in Ukraine for commercial purposes.'

Erlend Prestgard, the fund manager, told 'Dagens Næringsliv' that the journey began with one vehicle. He had been a major donor to the Ukraine aid group 'Fritt Ukraina,' previously donating vehicles and trucks to the front lines. But after engaging with a Ukrainian anti-drone company, he realized he could do far more than just donate. 'I'm good at starting companies,' he said.

'The creativity and resilience demonstrated by Ukrainian entrepreneurs are what motivated us to launch this fund,' Prestgard said. 'This sector is severely underfunded, yet it's producing technologies that change the battlefield every day. Being part of this is an honor.'

The list of investors spans various Norwegian industries, including Christian Ringnes, heir to a renowned brewing dynasty and real estate investor; salmon farming entrepreneur Gustav Witzøe; and Johan H. Andresen, leader of Ferd, an investment firm emphasizing social responsibility.

Andresen, in an exclusive interview with 'Dagens Næringsliv,' said, 'I've always believed private enterprises can take on risks others won't. Given the current geopolitical security landscape, we should invest in Ukraine's emerging defense technologies to contribute to European security. If we succeed, profits will naturally follow.'

The report states that the Gardar Fund's investments are focused on technologies already battle-tested in Ukraine, including drone defense, electronic warfare jamming, and battlefield AI applications. For security reasons, the names of the four invested companies have not been disclosed.

Peter Frolich, chairman of Norway's parliamentary Committee on Foreign Affairs and Defense, is also a long-time participant in 'Fritt Ukraina' and has personally driven aid supplies into Ukraine. He welcomed this private equity investment and emphasized that the new fund operates independently and is not affiliated with 'Fritt Ukraina.'

'This group has already proven how deeply they care,' Frolich said. 'This kind of support differs from simple donations—it sends a positive signal within the Ukrainian community.' (Edited by Chen Cheng-kung) 1150616

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