UK Wealth Fund anchors $700 million Uforce raise, valuing drone startup at $6 billion

A sizable vote of confidence in defense tech

Uforce, a drone maker originally assembled from Ukrainian firms, secured $700 million in new capital with the UK's National Wealth Fund stepping up as a co-lead and contributing $150 million. That check is the wealth fund's largest in defense so far and helps pin the company's value at $6 billion, the top mark among UK defense startups. Parts of the fundraising had been reported earlier by Bloomberg, now confirmed with the close of this round.

What Uforce builds and how it will spend the money

The company took shape in 2022 by combining Ukrainian teams working on aerial drones, sea vessels and systems that counter drones. According to chief executive Oleg Rogynskyy, the new capital will be used to ramp up production in Ukraine and to grow R&D sites across the UK, US, and Germany. He described Uforce's unmanned systems as delivering a low "cost-per-strike" metric, an efficiency measure used by some defense investors.

A significant portion of sales are goods shipped to Ukraine, and while he withheld revenue figures on security grounds, he noted sales rose twofold over the last year. Rogynskyy called the wealth fund's participation a "huge recruiting driver" for building out UK hiring, while declining to detail production plans in Britain.

New technology tools can reshape how investors find and act on opportunities. We're hosting our first ever investor livestream on 11/17 to show you how to use ChatGPT and Claude to invest like a pro, hosted by Briefs Finance CEO Jaspreet Singh. Save your seat.

The investor lineup and the new board seat

Valor Equity Partners co-led the round, adding to its track record backing defense tech and several Musk-linked companies. Christopher Cavoli, a former US Army general and a partner at Valor, is joining Uforce's board, which already includes a former Ukrainian prime minister and a former UK defense secretary. Returning investors Shield Capital, Ballistic Ventures and Lakestar participated, with Menlo Ventures, Hiro Capital and Xantium joining as new investors.

The policy backdrop and why it matters for your portfolio

The UK's Labour government launched the National Wealth Fund in 2024 to deploy £27.8 billion and crowd in private money for strategic sectors like green energy, then expanded the mandate to include defense in March 2025. With rising threats from Russia, the UK is upping its defense push: in October, Chancellor John Healey said the country will commit up to £5 billion (about $6.7 billion) through a mix of investment and lending to defense technologies during the next four years, while both the NWF and British Business Bank intensify their focus on the sector. NWF CEO Oliver Holbourn, who joined after a stint at NatWest Group Plc last year, said the fund is targeting investments that boost UK manufacturing, adding, "We're always looking for something that creates jobs in the UK." Before deciding to invest, he crossed paths with Rogynskyy at a conference in Arizona run by national security investor In-Q-Tel.

For context, Europe's defense startup scene is busy: well-capitalized German players Helsing and Stark Defence are expanding into naval defense, and Cambridge Aerospace is developing missile defense in the UK. European militaries are awarding more contracts to such startups, though some industry voices warn valuations may be running hot in a market with a limited buyer base. The bottom line: government capital is flowing toward autonomous and low-cost systems, and that is drawing more private money into defense tech. If you track geopolitics as a risk factor, this deal signals where growth and contracting momentum could concentrate over the next few years.

Embracing smart tools like AI can help investors sharpen decision making over time. On 11/17, our CEO Jaspreet Singh goes live for our first ever investor livestream on how to use ChatGPT and Claude to invest like a pro. Register to join him.