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Resist.UA is a private equity fund established in late 2022 by Roman Sulzhyk, a former trader at JP Morgan and Deutsche Bank. The fund focuses on investing in Ukrainian military technology companies amid the ongoing conflict with Russia. Its mission is to develop the local mil-tech ecosystem and create international connections that will ensure the commercial viability of these companies after the war. The fund is headquartered in Ukraine and is actively involved in supporting over 1,500 military technology projects.
Resist.UA aims to build a strong sector that can adapt and expand its capabilities in the post-conflict landscape. The organization does not pay dividends during the ongoing conflict, directing all resources towards production and establishing a sustainable defense ecosystem. This approach reflects a commitment to the long-term growth of the Ukrainian defense industry.
Resist.UA invests primarily in early-stage Ukrainian military technology companies, particularly those developing technologies for battlefield use. The fund's focus areas include drones, communication systems, and electronic warfare solutions. It seeks to support local teams and ensure their innovations can be tested in real combat scenarios. The fund's investment strategy emphasizes the importance of leveraging real combat situations to refine and validate these technologies, ensuring their viability in the post-conflict environment.
Investment stages typically include seed and Series A rounds, with a commitment to building a diversified portfolio of companies that can improve and expand their technologies after the war. The fund's leadership believes that Ukraine has the potential to become a leading producer of drone-era warfare systems, capitalizing on the unique opportunity to test products in real-world conditions.
Resist.UA is involved with over 1,500 companies working on military technology projects in Ukraine. Notable portfolio companies include:
These companies have direct access to armed forces for deployment on the battlefield, allowing them to test their technologies in real combat situations. This access is crucial for ensuring that the innovations developed by these startups meet the practical needs of military operations.
Roman Sulzhyk — Founder & Co-owner. Roman has a background as a trader at JP Morgan and Deutsche Bank. He advocates for Western governance standards in Ukrainian defense startups and has been involved in discussions with the Ukrainian President regarding defense industry expansion.
Oleksii Komlichenko — Partner. Oleksii brings expertise in military technology and investment strategies, focusing on supporting startups in the defense sector.
Taras Zharun — Partner. Taras has a strong background in technology development and military applications, contributing to the fund's strategic direction and portfolio management.
Startups interested in pitching to Resist.UA should visit their website at Resist.UA. The pitch deck should include detailed information about the technology, its battlefield applications, and the team's qualifications. A clear demonstration of how the technology can be tested in real combat scenarios is essential.
Response times may vary, but founders are encouraged to provide a comprehensive overview of their project to facilitate a timely review. Warm introductions are beneficial but not strictly necessary.
In 2025, Resist.UA participated in a funding round for M-FLY, a company developing laser guidance systems for UAVs, alongside MITS Capital and Freedom Fund. This investment highlights the fund's active role in supporting innovative military technology startups.
Resist.UA is recognized as one of the top 15 most active investors in Ukrainian defense tech, according to AIN.ua. The fund is part of a broader $105M+ raised by Ukrainian defense startups in 2025, showcasing its commitment to the local mil-tech ecosystem.
What are Resist.UA's investment criteria?
Resist.UA focuses on early-stage Ukrainian military technology companies, particularly those developing drones, communication systems, and electronic warfare solutions. The fund seeks startups that can demonstrate their technologies' effectiveness in real combat scenarios.
How can startups apply or pitch to Resist.UA?
Startups can pitch their ideas through the official website at Resist.UA. It is recommended to include detailed information about the technology, its battlefield applications, and the team’s background in the pitch deck.
What makes Resist.UA different from other investors?
Resist.UA is unique in its wartime focus, directing all resources towards production and development of military technologies without paying dividends during the conflict. This commitment to the local defense ecosystem sets it apart from traditional venture capital firms.
What is the geographic scope of Resist.UA's investments?
The fund primarily invests in Ukrainian companies, focusing on those that are developing military technologies relevant to the ongoing conflict and future defense needs.
What kind of post-investment involvement does Resist.UA have?
Resist.UA provides strategic support to its portfolio companies by facilitating access to military resources and ensuring that their technologies are tested in real-world conditions. The fund's leadership offers valuable insights and connections to help these startups thrive.
What is the fund size and check size for investments?
The fund size has not been publicly disclosed, but it focuses on seed and Series A investments, typically involving significant capital directed towards military technology development.
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