Former Ukrainian Defense Minister Mykhailo Fedorov is seeking Western capital for a new fund designed to build and finance weapons companies developing technologies for Ukraine’s war against Russia.
The proposed vehicle would go beyond conventional venture capital by creating companies itself as well as investing in existing Ukrainian defense start-ups, Fedorov said during a visit to Washington.
“This isn’t exactly a classic venture fund,” Fedorov told the Financial Times. “We’re writing a new history of the war.”
Western Capital for Defense Technology
Fedorov said during the FT interview that he was in discussions with “a large number” of prospective investors, including venture capitalists, private investors and U.S. technology companies.
The fund would initially concentrate on battlefield robotics, high-speed interceptor drones and low-cost missiles using artificial intelligence.
Robotics would be aimed at reducing Ukraine’s reliance on manpower and limiting the number of troops required on the front line.
Interceptor drones would be developed to counter Russia’s newer jet-powered attack drones, while cheaper AI-enabled missiles would expand Ukraine’s strike options.
Fedorov did not provide details on the proposed fund’s structure, his own management role or whether he could benefit from it financially.
He argued that private investment could become increasingly important if Russia succeeds in prolonging the war for another two or three years.
In that scenario, he said, the fund could develop advanced battlefield systems while giving investors access to lessons drawn from Ukraine’s wartime experience.
Drones in Exchange for Patriots
Fedorov also said he would be willing to help the U.S. develop a large-scale military drone capability in exchange for additional Patriot missile interceptors for Ukraine.
“I’m ready to make that trade,” he said.
Ukraine is struggling with shortages of Patriot interceptors as Russia continues missile and drone attacks against infrastructure, factories and warehouses.
Fedorov said high-speed drones capable of bringing down Russian jet-powered drones had already been tested in Ukraine and could be produced at scale with greater financial backing.
He also called for more investment in long-range strike systems.
“We need more jet drones, we need cheap missiles, we need missiles with artificial intelligence,” he said.
Fedorov argued that intensified Ukrainian strikes inside Russia represented the most viable path to forcing President Vladimir Putin to end the war.
Political Controversy
Fedorov, 35, was Ukraine’s youngest defense minister before President Volodymyr Zelensky dismissed him last month after six months in office.
Zelensky cited problems with military mobilization and irreconcilable differences between Fedorov and commander-in-chief Oleksandr Syrsky.
Syrsky was dismissed days later after protests erupted.
Since leaving office, Fedorov has called for wartime national elections and said Ukraine was “gradually, slowly losing” the conflict.
He told the FT that conditions could change rapidly but warned that Russia’s expanding use of missiles and advanced drones posed an immediate threat.
“Right now, if we don’t respond to these issues, they will smash us.”
Fedorov has also announced an unpaid advisory role with Italy’s defense minister and said he could seek similar positions with other partner countries, potentially including France and the U.S.
The move drew criticism in Ukraine, where opposition MP Oleksiy Goncharenko warned it could create “a threat of leakage of knowledge about our cutting-edge military technologies.”
Fedorov argued that working with foreign militaries could instead deepen cooperation with countries possessing capabilities Ukraine needs.
His proposed fund now places private Western capital at the center of that effort, combining investment, company creation and battlefield technology development as Ukraine looks for new ways to sustain its defense against Russia.
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