- Fund
- €9.1M
Varangians is a Stockholm-based fund investing in Ukrainian defence-technology companies, co-founded by Swedish entrepreneurs including Beetroot's Andreas Flodström. It closed €9.1 million in June 2026, with a portfolio including Norda Dynamics, Himera and Sine Engineering. Its thesis: Ukrainian companies build systems with real battlefield feedback, and Nordic and European rearmament creates a natural first customer base outside Ukraine.