Show Notes
Join us for a conversation with Andreas Flodström, co-founder and chairman of Varangians, as we explore the journey that led him from building the Swedish-Ukrainian tech ecosystem Beetroot to investing in Ukraine’s DefenceTech sector.
Varangians is a DefenceTech-focused investment fund backing Ukrainian technologies developed and tested in demanding frontline conditions. With more than €10 million raised, the fund has invested in companies including Norda Dynamics, Himera and Sine Engineering, working across autonomous UAV systems, secure communications and technologies for contested environments.
In this interview, Andreas reflects on more than a decade of building companies in Ukraine and how that experience shaped his understanding of resilience, engineering and innovation. We also unpack the history behind the Varangians name and its connection between Sweden and Ukraine.
The conversation explores the balance between DefenceTech and dual-use technologies, the responsibilities involved in investing in defence, and what Europe can learn from Ukraine’s rapid development of drones, electronic warfare and secure communications.
With approximately €667 million in disclosed European DefenceTech and adjacent dual-use startup funding covered in 2026, alongside almost €3 billion in announced investment capacity across new funds and vehicles, Andreas discusses whether enough capital is reaching the sector and what Europe needs to do next.
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