We develop early-stage Swedish and Ukrainian defense tech companies
Front Ventures is a Swedish investment company specializing in early-stage defence technology in Sweden and Ukraine.
Early-stage defense tech investing
Front Ventures is a Swedish investment company, specialized in helping innovative companies within defense technology.
We are early-stage investors in Nordic and Ukrainian defense companies, particularly in areas such as software, drone technology, communications, and electronic warfare.
We target companies with a finished prototype that want to scale quickly. Front Ventures' B-shares are listed on NGM Nordic SME.
Learn More →Drone Technology
Manufacturing, motors, and autonomous systems for defense applications.
Defense Software
UAV control systems, electronic warfare, and communications platforms.
Fintech (Legacy)
Legacy neobanking and financial infrastructure holdings.
Defense Infrastructure
Classified hangars and operational facilities for defense operations.
Insights from the Frontline
The European defense landscape is shifting fast. Here's why early-stage defense tech investment matters now.
Recent Updates
View All News →Front Ventures highlighted as strategically important investor by Brave1
In December 2025, Front Ventures invested in the Ukrainian drone motor manufacturer AeroMotors. The deal is now highlighted as a strategic milestone.
Board member has increased holdings
Board member Johan Lund traded 650,000 B-shares on January 14, 2026 at an average price, further strengthening his position.
Partner Skygaard protects the Davos meeting against drone threats
Skygaard Defense Solutions, partner of Scandinavian X, featured in Dagens Industri for security operations at the World Economic Forum.
Our Investments
Front Ventures focuses on companies with battle-tested solutions, where management seeks shareholders with the ability to rapidly scale production and sales in Western Europe.
Defense Tech Portfolio
Develops automated air defense systems to detect and eliminate hostile drones.
- Reviewed and approved by BRAVE1, Ukraine's government defense innovation portal
- First target acquisition software available for order by Ukrainian brigades on BRAVE1 Markets
AI-driven air surveillance integration and connection to Scandinavian X's drone factory ecosystem.
Manufactures 10,000 drone motors per month for Ukraine and 2 NATO countries.
- Capital round in Dec 2025 enables production increase to 40,000 motors/month
- Front Ventures assists in negotiating with Western European production partners
Negotiating Western European production partnerships to 4x manufacturing capacity. Connecting Aeromotors with Scandinavian X for custom motor development.
Scandinavian X
Scandinavia's first drone factory based on Ukrainian innovations. Joint venture between Front Ventures, Skygaard, Hede Capital, and Ukrainian defense tech company Vluchnyk.
- Custom-developed motor in collaboration with Aeromotors
- NATO-approved and in production since January 2026
Capital, practical guidance, and strategic coordination between Swedish and Ukrainian partners. Facilitated NATO approval and SWEBAL TNT supply agreement.
Aviation Center Engelholm
Swedish defense infrastructure facility. Classified hangar for defense operations.
Acquired to serve as classified final assembly facility for Scandinavian X drone production.
Black Forest Systems
Develops the SHADOX protected-propeller drone system designed for infantry use. Flies inside buildings and trenches with encrypted, low-detection communications. Does not require FPV piloting skills.
- Front Ventures co-invested $400K alongside Hede Capital Partners
- SHADOX system being industrialized — from engineering to manufacturing readiness
Co-investment with Hede Capital. Supporting industrialization of the SHADOX system and integration into the Western defense tech ecosystem.
Strategic Partnership
New Swedish actor in explosives production focusing on TNT manufacturing.
- Letter of intent signed with Scandinavian X for TNT deliveries to NATO markets and Ukraine
- Strong potential for synergies between Swedish defense tech startups
Legacy Portfolio (Fintech)
Citigiro
Investor consortium. Legacy fintech investment prepared for divestment.
Vopy
Successful Swedish fintech company developing embedded finance solutions. Cloud-based platform used by banks in South Asia, South America, and Africa.
How We Invest
Investment Philosophy
Selection Criteria
- Swedish or Ukrainian defense tech companies
- Patent opportunity or clear cost advantage
- Proven market with high potential
- Fast and scalable production process
- Existing permits and licenses
- Ticket: $0.5–5.0M · Ownership: 5–20%
Focus Areas
Out of Scope ▾
- Consumables without technical sophistication (e.g. personal equipment)
- Weapons systems with high capital costs and complexity (e.g. ballistic systems)
- Electronic warfare jamming systems
What does this mean?
Front Ventures targets seed-to-Series A companies in defense technology — typically $0.5–5.0M tickets for 5–20% ownership. We focus on dual-use technologies with both military and civilian applications, produced using existing European manufacturing capacity rather than building new facilities.
3–5 year horizon as a first mover
Public Listing
First BRAVE1 company (Swarmer) to list on NASDAQ in 2026, validating the path for Ukrainian defense tech IPOs.
Industry Consolidation
Consolidation underway — Vyriy acquired 5 domestic companies and 51% in three Ukrainian drone developers in H1 2025.
Strategic Acquirers
Ondas Holdings ($3B market cap) invested $11M in Ukrainian Drone Fight Group (Dec 2025). Growing international interest.
Building defense technology that can scale in Western Europe?
Pitch to Us →Investor Relations
Front Ventures continuously publishes news and regulatory press releases. Our B-shares are listed on NGM Nordic SME.
Financial Reports
Half-year reports and year-end statements published since 2019.
The Stock
Listed on NGM Nordic SME since May 19, 2016.
Corporate Governance
Board, management, articles of association, and auditor information.
Financial Calendar
Upcoming report dates and scheduled events.
Documents
Current documents and archived shareholder meeting notices.
Rights Issue
Details on the November 2025 rights issue of approximately 26 MSEK.
News & Press Releases
Latest news, regulatory press releases, and company updates.
Insider Transactions
Transactions reported under the EU Market Abuse Regulation.
Financial Reports
From 2019 onwards, Front Ventures publishes only half-year reports and year-end statements during a fiscal year.
Report types explained
Annual Report is the comprehensive yearly review including audited financials and board report. Year-End Report (Bokslutskommuniké) is the preliminary year-end summary released before the full annual report. Half-year Report (Halvårsrapport) covers January–June and provides an interim financial update.
The Stock
Live Market Data
Stock chart powered by Cision.
About FRNT B on NGM
FRNT B is traded on NGM Nordic SME, a regulated marketplace for small and mid-cap companies in the Nordics. Trading hours are 09:00–17:30 CET on weekdays. The ticker shows the latest price, daily change, and trading volume. ISIN: SE0005337920.
2026 YTD
Market data synced from Cision. Share count per Euroclear, January 16, 2026.
Largest Shareholders
| Name | Capital (%) | Shares |
|---|---|---|
| Johan Lund (Board) | 16.9% | 47,752,611 |
| Henrik Roglar | 9.2% | 27,000,000 |
| Fredrik Almqvist (Board) | 5.5% | 15,506,783 |
| Avanza Pension | 5.3% | 14,700,792 |
| Aviation Center | 5.2% | 14,224,000 |
| Jonas Malmgren (CEO) | 4.1% | 12,000,000 |
Source: Euroclear, January 16, 2026
Insider Transactions
Corporate Governance
Articles of Association
The company's foundational governance document, adopted May 27, 2013.
Board & Management
Meet the leadership team steering Front Ventures' strategic direction.
Auditor
Allians Revision & Redovisning AB, re-elected at the AGM on May 13, 2025. Sofia Gunnarsson, auditor in charge.
Annual General Meeting
Information about the latest AGM and registration requirements.
Articles of Association
Adopted at company formation May 27, 2013 and updated at the Annual General Meeting May 13, 2025. Organization number: 556935-4946.
§ 1 — Company Name
The company's name is Front Ventures AB (publ).
§ 2 — Registered Office
The board shall have its registered office in Stockholm.
§ 3 — Business Activities
The company's business purpose is to, directly or indirectly through subsidiaries, conduct consulting services, development and sales of products and services in accounting, economics, law and financing, and related activities.
§ 4 — Share Capital
Share capital shall be minimum SEK 7,500,000 and maximum SEK 30,000,000.
§ 5 — Number of Shares
The number of shares shall be minimum 150,000,000 and maximum 600,000,000. Shares are issued in three series: Series A shares (max 60,000,000, 10 votes each), Series B shares (max 600,000,000, 1 vote each), and preference shares (max 1,425,000, 1 vote each).
Preference shares carry priority over Series A and B for annual dividends equal to 6 percent of the subscription price. Upon liquidation, preference shares have priority to receive amounts equal to their redemption value.
§ 6 — Board of Directors
The board shall consist of minimum 3 and maximum 6 members, plus maximum 2 substitute members. Board members are elected annually at the AGM until the next AGM concludes.
§ 7 — Auditors
One authorized auditor is appointed with a term according to the Swedish Companies Act. A registered audit firm may also serve as auditor.
§ 8 — Notice of Meeting
Notice of the Annual General Meeting shall be given through announcements in Post- och Inrikes Tidningar, the company website, and advertisement in Svenska Dagbladet.
§ 9 — AGM Agenda Items
The standard agenda includes: election of meeting chairman, preparation and approval of voting list, election of auditors to verify minutes, verification of proper convening, approval of agenda, presentation of annual report and audit report, decisions on financial statements, discharge of liability, setting of fees, and elections.
§ 10 — Record Date Provision
Shareholders registered in the share register on the record date and noted in a securities account shall be entitled to exercise rights under the Swedish Companies Act.
§ 11 — Conversion Provision
Series A shares may be converted to Series B shares. Series A holders may annually request conversion of all or part of their holdings. Requests must be submitted in writing.
§ 12 — Financial Year
The company's financial year is the calendar year.
Board & Management
Jonas Malmgren
- 2023–2025: Sales Director, Sandvine
- 2005–2023: Sales Director, Cisco
- 1998–2005: Strategy consultant & investment manager, Accenture
- Technical officer, Swedish Armed Forces
- MSc Economics, Stockholm School of Economics (1998)
Annica Näslund
Tommy Ekholm
Johan Lund
- 2013–present: Board member & former CEO, Front Ventures
- 2012–2020: Founder, Svensk Företagsrekonstruktion
- 2005–2009: CFO, Bonnier Entertainment
- MSc, Stockholm & Lund Universities
- Naval vessel, combat command, Berga Naval Schools
Fredrik Almqvist
Carl Meurling
Holdings as of January 16, 2026. Source: Euroclear.
Auditor
The auditor reviews the annual report, accounting, half-year report, year-end report, and the board's and CEO's administration of the company, and reports to the Annual General Meeting.
At the Annual General Meeting on May 13, 2025, the registered audit firm Allians Revision & Redovisning AB was re-elected as the company's auditor, with Sofia Gunnarsson as auditor in charge. The appointment applies until the conclusion of the next Annual General Meeting.
The meeting also resolved that auditor fees shall be paid per approved invoice.
Annual General Meeting
Date: May 13, 2025
Location: Sibyllegatan 9, c/o Vopy, 114 42 Stockholm
Financial Calendar
Documents
Below are published current documents concerning Front Ventures.
Rights Issue 2025
SEK 0.21 per share
2025
Commitments + guarantees
Unit Composition
Series A units: 4 A-shares + 3 TO4A warrants
Series B units: 4 B-shares + 3 TO4B warrants
Subscription ratio: 5 subscription rights = 1 unit
Capital Raise Projections
Initial raise: Approximately 26 million SEK (before costs)
Additional potential: Up to 13.6 million SEK from full warrant exercise
Combined maximum: Approximately 39.7 million SEK (before emission costs)
Use of Proceeds
• Strengthen financial position and balance sheet
• Finance ongoing operational costs
• Enable future defense sector acquisitions
• Partially finance Stage 2 of Joint Venture drone factory
Dilution
Non-participating shareholders face up to 44.40% dilution. However, they may offset this economically by selling received subscription rights. Following full warrant exercise: approximately 25% dilution.
About Front Ventures
Front Ventures is a Swedish financier and catalyst within defense tech. The company invests in Ukrainian innovation companies with the goal of supporting their business development and scaling up production in the West.
Listed on NGM in Stockholm, Front Ventures combines early investments in Ukrainian defense tech companies with scaling and production in Western Europe. The board and CEO are active large shareholders in the company.
Our mission is to bridge Ukrainian military innovations with Western capital, production capacity, and military needs. Ukrainian product development is cost-effective and has been tested in live combat. Europe has lower capital costs, available production capacity, and an acute demand.
UAV control systems, target acquisition, and command software platforms.
Manufacturing, motors, and autonomous defense systems.
Secure communications infrastructure for defense applications.
Counter-drone systems and electronic countermeasures.
Why Defense Tech
State defense spending in the EU is increasing sharply after 30 years of erosion. Military equipment is a major budget item, and the EU's goal is to become self-sufficient as soon as possible.
The EU's target is to increase purchases from domestic defense producers from 22% (2022) to 50% (2030). This creates an unprecedented opportunity for European defense tech companies that can deliver battle-tested innovations at scale.
Political Challenges
- Democratic countries' defense is built on consensus, slowness, and sequential decisions
- EU resources are insufficient for immediate defense needs
- Need for the private sector's tradition of free thinking, risk acceptance, and ability to prioritize
Commercial Challenges
- Traditional European defense producers are not equipped for large-scale military conflict
- Innovation post-2022 is lightning fast and requires startup thinking
- In Ukraine, time between breakthrough and countermeasure has often been weeks, not years
H2 2025 — Rapid Execution
For a safe future in peace
We're looking for founders who share our vision.
Pitch to Us →News & Press Releases
Front Ventures continuously publishes news and regulatory press releases.
Loading...
Loading...
Pitch to Us
We invest exclusively in defense technology — drones, software, sensors, and critical infrastructure. If you're building tech that strengthens European defense capabilities, we want to hear from you.
What We Look For
We invest $0.5–5.0M in seed to early-growth stage defense tech companies. We typically take 5–20% ownership and engage actively as operational partners — not passive shareholders.
Our ideal portfolio company has a finished prototype, a proven market with defense or dual-use applications, and a team that wants to scale production fast in Western Europe.
Ground Drones (UGV) — autonomous and remote-operated platforms
Interceptor & Recon Drones — counter-UAS and surveillance systems
Components — motors, sensors, cameras, and propulsion systems
Software — target acquisition, command & control, and AI systems
What do these categories mean?
Ground Drones (UGV) includes autonomous and remote-operated ground platforms for logistics, reconnaissance, and combat support. Interceptor & Recon Drones covers counter-UAS systems and aerial surveillance platforms. Components means critical subsystems like motors, sensors, cameras, and propulsion. Software encompasses target acquisition, command & control (C2), and AI-based systems for autonomous operations.
Selection Criteria
Requirements
- Swedish, Nordic, or Ukrainian defense tech company
- Finished prototype or product already in production
- Patent opportunity or clear cost advantage
- Fast and scalable production process
- Existing permits and licenses
Out of Scope
- Consumables without technical sophistication
- High-cost weapons systems (ballistic, etc.)
- Electronic warfare jamming systems
How do we evaluate?
Patent advantage means the company holds patents or has a clear cost/technology moat that competitors cannot easily replicate. Scalable production means the product can be manufactured at volume using existing supply chains, not requiring custom factories. Out of Scope items are categories where we do not invest regardless of the technology quality.
More Than Capital
EU & NATO Market Access
We bridge Ukrainian innovations with Western defense markets. Our portfolio company Scandinavian X achieved NATO approval within 3 months of launch.
Western Production Scaling
We connect you with existing European manufacturers instead of building from scratch. Aeromotors is scaling from 10,000 to 40,000 motors/month with our support.
Operational Partnership
Our CEO and board are hands-on investors with military, tech, and finance backgrounds. We're active shareholders who help navigate defense procurement, export controls, and scaling challenges.
Public Market Transparency
As a listed company on NGM Nordic SME, we offer full transparency and regulatory oversight — giving your company a credible, verifiable Western partner.
From Pitch to Partnership
We believe founders deserve a clear, fast process. Here's exactly what happens after you reach out.
Screening
We review your pitch against our investment criteria and focus areas.
Deep Dive
If there's a match, we study your product, market position, and competitive moat.
Founders Call
A 30-minute video call with Jonas and the team. We want to understand your vision and how we can help.
Decision
Investment decision, term sheet discussion, and next steps for our operational partnership.
Are We a Good Fit?
Answer four quick questions to see if your company matches our investment criteria. Takes less than a minute.
Where is your company based?
What does your company build?
What's your product stage?
How much capital are you seeking?
Submit Your Pitch
Fill in the details below and we'll get back to you within 5 business days. All fields help us evaluate faster.
Contact
Front Ventures AB (publ)
Sibyllegatan 9
114 42 Stockholm
Sweden
For media enquiries, please contact press@frontventures.se
Register to subscribe to our press releases and reports.