Defense Tech Scale-Up UFORCE Reaches $6B Valuation in $700M Raise

Growth-stage venture investors are significantly recalibrating their exposure to defense hardware. Ukrainian defense developer UFORCE has closed a $700 million funding round at a $6 billion valuation, backed by US growth firm Valor Equity Partners and the UK National Wealth Fund. The mega-round represents one of the largest capital raises for a European defense technology entity to date.

The valuation reflects sustained institutional interest in companies delivering combat-proven hardware at scale. UFORCE's operational footprint includes its NEMESIS unmanned aerial vehicles—which have logged over 300,000 combat flights—and its MAGURA maritime vessels, which have achieved demonstrated success in naval engagements. For growth investors, concrete deployment metrics are rapidly eclipsing traditional software-style ARR milestones in underwriting defense rounds.

The participation of the UK National Wealth Fund alongside private growth equity underscores a structural shift in LP sentiment. Sovereign capital units are increasingly willing to anchor large defense allocations, providing validation for risk-averse institutional LPs. This co-investment model offers growth funds both downside protection and the political alignment required to navigate international procurement regulatory hurdles.

For the broader venture asset class, UFORCE's $6 billion mark signals that defense technology has moved decisively out of the venture ecosystem's periphery and into mainstream mega-fund deployment territory. Historically, sovereign risk and restricted exit paths kept venture capital allocated to military tech at modest levels. Today, Western funds are competing for scale-ups capable of bridging real-world operational demand with high-volume manufacturing.

Moving into 2027, the primary underwriting variable for defense investors will shift from product development risk to supply chain capacity and government sales cycles. As sovereign wealth vehicles and tier-one growth funds deepen their commitments, early-stage defense founders across Europe and North America will face a substantially higher bar for Series A and B metrics, but significantly deeper liquidity at the growth stage.