Kyiv-based investment manager MITS Capital plans to raise $50 million for its flagship venture capital vehicle which will invest primarily in seed and Series A rounds for Ukrainian defense startups, co-founder Perry Boyle told PitchBook.
The first close on the MITS Lightning Fund is planned for later this month, Boyle said in an interview published Wednesday.
Boyle, a former executive at Point72 hedge fund, co-founded MITS with former advisor to Ukraine's Ministry of Digital Transformation Anton Melnyk, and Denys Gurak, a former venture partner at FF Venture Capital.
MITS was set up in January as a Ukraine-focused boutique investment bank and advisory firm. The firm also operates a defense accelerator program.
MITS is especially interested in backing Ukranian startups merging technology with modern warfare, including autonomous vehicles and weapons, emerging drone innovations, AI applications to streamline defense supply chains, and laser weaponry.
VC investment in Ukraine has so far remained minimal. Last year, the country saw just $10 million in VC funding, according to PitchBook data.
