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📢【新聞標題】
European VC breaks taboo by investing in pure defense tech from Ukraine's war zones
歐洲創投打破禁忌，投資來自烏克蘭戰區的純國防科技
📰【摘要】
Estonian VC firm Darkstar breaks from the trend of investing in dual-use defense tech by focusing on purely military applications from Ukraine. With a fundraising target of €25 million, they aim to help rearm Europe using combat-proven solutions. The firm provides funding and support to startups, helping them navigate European procurement and compliance.
愛沙尼亞創投公司 Darkstar 打破了投資軍民兩用國防科技的趨勢，專注於來自烏克蘭的純軍事應用。該公司目標募資 2500 萬歐元，旨在利用經過實戰驗證的解決方案幫助歐洲重新武裝。該公司為新創公司提供資金和支持，幫助它們應對歐洲的採購和合規要求。
🗝️【關鍵詞彙表】
📝 dual-use (adj.)
- 軍民兩用
- 例句: However, dual use — meaning that the technology must also have civilian applications — is still a requirement for most of them.
- 翻譯: 然而，軍民兩用——意味著該技術還必須具有民用應用——仍然是他們大多數的要求。
📝 procurement (n.)
- 採購、採辦
- 例句: In any company which wants to be part of European procurement or even grants, the operational side has to be perfect.
- 翻譯: 任何想要參與歐洲採購甚至補助金的公司，其營運方面都必須是完美的。
📝 pre-seed and seed rounds (n.)
- 種子輪和種子輪融資
- 例句: Darkstar intends to focus on pre-seed and seed rounds, with a usual check size of €500k to €1 million.
- 翻譯: Darkstar 打算專注於種子輪和種子輪融資，通常支票金額為 50 萬歐元至 100 萬歐元。
📝 geospatial analytics (n.)
- 地理空間分析
- 例句: FarSight Vision specializes in geospatial analytics and 3D mapping for drone pilots.
- 翻譯: FarSight Vision 專門從事地理空間分析和無人機飛行員的 3D 地圖繪製。
📝 ammunition (n.)
- 彈藥
- 例句: Deftak develops ammunition for drones.
- 翻譯: Deftak 開發用於無人機的彈藥。
📝 leverage (v.)
- 利用、槓桿
- 例句: Darkstar started out as a coalition organizing hackathons and bootcamps, leveraging his decade-long experience at hackathon community Garage48.
- 翻譯: Darkstar 最初是一個組織黑客松和新兵訓練營的聯盟，利用他在黑客松社群 Garage48 十年的經驗。
📝 sovereign VC fund (n.)
- 主權創投基金
- 例句: Lithuania’s sovereign VC fund Coinvest Capital became authorized to make defense investments without requiring civilian use cases in 2023.
- 翻譯: 立陶宛的主權創投基金 Coinvest Capital 於 2023 年獲得授權進行國防投資，而無需民用用途。
📝 cyber warfare (n.)
- 網路戰
- 例句: Darkstar plans to invest in autonomous systems, air defense, electromagnetic warfare, communications, cybersecurity, sensors, as well as surveillance and intelligence.
- 翻譯: Darkstar 計劃投資於自主系統、防空、電磁戰、通信、網路安全、感測器以及監視和情報。
✍️【文法與句型】
📝 breaks from this trend by + V-ing
- 說明: Used to describe a deviation from a common practice or pattern by doing something different.
- 翻譯: 用於描述通過做一些不同的事情來偏離常見做法或模式。
- 例句: Estonian VC firm Darkstar breaks from this trend by investing in purely military applications.
- 翻譯: 愛沙尼亞創投公司 Darkstar 打破了這一趨勢，投資於純軍事應用。
📝 meant to help
- 說明: Intended or designed to provide assistance or support.
- 翻譯: 旨在提供協助或支持。
- 例句: Darkstar’s bootcamps are meant to help.
- 翻譯: Darkstar 的新兵訓練營旨在提供幫助。
📖【全文與翻譯】
Defense tech has gone from a no-go zone for VCs to a hot investment sector.
國防科技已從創投公司的禁區變成了熱門投資領域。
However, dual use — meaning that the technology must also have civilian applications — is still a requirement for most of them, including the NATO Innovation Fund.
然而，軍民兩用——意味著該技術還必須具有民用應用——仍然是他們大多數的要求，包括北約創新基金。
Estonian VC firm Darkstar breaks from this trend by investing in purely military applications, with the goal of helping rearm Europe using combat-proven solutions emerging from Ukraine.
愛沙尼亞創投公司 Darkstar 打破了這一趨勢，投資於純軍事應用，目標是利用來自烏克蘭的經過實戰驗證的解決方案幫助歐洲重新武裝。
“This is very critical, not only today but for the next 10 years,” said its cofounder and general partner Ragnar Sass (second from the left in the picture).
「這不僅在今天，而且在未來 10 年都非常重要，」其聯合創始人兼普通合夥人 Ragnar Sass（照片中從左邊數第二個）說道。
The firm takes a hands-on approach to this mission, helping startups bring products to military customers both in Ukraine and throughout Europe.
該公司對這項任務採取親力親為的方式，幫助新創公司將產品推向烏克蘭和整個歐洲的軍事客戶。
For Ukrainian teams, this means not just funding but also support with setting up compliant entities in NATO countries like Estonia.
對於烏克蘭團隊來說，這不僅意味著資金，還意味著在愛沙尼亞等北約國家建立合規實體的支持。
“In any company which wants to be part of European procurement or even grants, the operational side has to be perfect,” Sass said.
「在任何想要參與歐洲採購甚至補助金的公司中，營運方面都必須是完美的，」Sass 說。
With a fundraising target of €25 million (approximately $29.2 million) in the next six to 12 months, Darkstar intends to focus on pre-seed and seed rounds, with a usual check size of €500k to €1 million.
在未來六到十二個月內，Darkstar 的募資目標為 2500 萬歐元（約 2920 萬美元），Darkstar 打算專注於種子輪和種子輪融資，通常支票金額為 50 萬歐元至 100 萬歐元。
It has already made two investments: in Ukrainian-Estonian startups FarSight Vision, which specializes in geospatial analytics and 3D mapping for drone pilots, and Deftak, which develops ammunition for drones.
它已經進行了兩項投資：在烏克蘭-愛沙尼亞新創公司 FarSight Vision（專門從事地理空間分析和無人機飛行員的 3D 地圖繪製）和 Deftak（開發用於無人機的彈藥）中。
For Sass, investing in weapons wasn’t an obvious move.
對於 Sass 來說，投資武器並不是一個明顯的舉動。
A key figure in the Estonian startup ecosystem ever since Skype’s founders funded his first startup, a community for pet owners, he went on to co-found CRM and sales tool Pipedrive, and used the proceeds of that unicorn-sized exit to make more than 50 angel investments.
自從 Skype 的創始人資助了他的第一家新創公司（一個寵物主人社群）以來，他一直是愛沙尼亞新創生態系統中的關鍵人物，他後來共同創立了 CRM 和銷售工具 Pipedrive，並利用該獨角獸規模退出的收益進行了 50 多項天使投資。
Some of these investments became unicorns, too, including Veriff.
其中一些投資也變成了獨角獸，包括 Veriff。
But none of them were in defense, even after Russia’s full-scale invasion of Ukraine in 2022 prompted Sass to deliver trucks and aid to Ukraine, to which he has personal and business ties.
但沒有一項投資是國防，即使在 2022 年俄羅斯全面入侵烏克蘭之後，促使 Sass 向烏克蘭運送卡車和援助，他與烏克蘭有個人和商業聯繫。
“It took quite a long time mentally to understand that I want to be involved in weapon systems,” Sass said.
「在精神上花了很長時間才明白我想參與武器系統，」Sass 說。
He eventually made his choice a year and a half ago when Estonian drone startup Krattworks became his first defense investment.
他最終在一年半前做出了選擇，當時愛沙尼亞無人機新創公司 Krattworks 成為了他的第一筆國防投資。
Krattworks marked a turning point for Sass; it was also his last investment as an angel investor.
Krattworks 標誌著 Sass 的一個轉捩點；這也是他作為天使投資人的最後一筆投資。
Sass is now putting his money into Darkstar, which started out as a coalition organizing hackathons and bootcamps, leveraging his decade-long experience at hackathon community Garage48 between 2010 and 2020.
Sass 現在將他的資金投入 Darkstar，Darkstar 最初是一個組織黑客松和新兵訓練營的聯盟，利用他在 2010 年至 2020 年間在黑客松社群 Garage48 十年的經驗。
Since then, Sass went on to fund and sell another company, Salto X, although it is unclear whether he made money from that exit.
從那時起，Sass 繼續資助和出售另一家公司 Salto X，儘管尚不清楚他是否從那次退出中賺錢。
Sass isn’t the only one backing this approach.
Sass 並不是唯一支持這種方法的人。
Fifteen-month-old Darkstar just completed a first close of €15 million (approximately $17.5 million) backed by European entrepreneurs, family offices, and Estonian state-backed LP SmartCap, TechCrunch learned exclusively.
TechCrunch 獨家獲悉，成立 15 個月的 Darkstar 剛剛完成第一輪 1500 萬歐元（約 1750 萬美元）的募資，由歐洲企業家、家族辦公室和愛沙尼亞國家支持的 LP SmartCap 支持。
Backing a fund like Darkstar makes SmartCap an exception as well, alongside Lithuania’s sovereign VC fund Coinvest Capital, which became authorized to make defense investments without requiring civilian use cases in 2023.
支持像 Darkstar 這樣的基金也使 SmartCap 成為一個例外，以及立陶宛的主權創投基金 Coinvest Capital，該基金於 2023 年獲得授權進行國防投資，而無需民用用途。
It’s no coincidence that all of these come from the Baltics.
所有這些都來自波羅的海國家並非巧合。
Russia’s proximity and the Soviet Union’s former occupation give Estonians like Sass a sense of urgency that is now spreading across Europe as investors recognize the importance of defense.
俄羅斯的鄰近和蘇聯以前的佔領給像 Sass 這樣的愛沙尼亞人帶來了一種緊迫感，隨著投資者認識到國防的重要性，這種緊迫感現在正在歐洲蔓延。
“But if you don’t have real know-how in that area, you’re struggling,” Sass said.
「但是，如果你沒有該領域的真正專業知識，你就會很掙扎，」Sass 說。
For Darkstar, building that know-how meant talking to end users from day one.
對於 Darkstar 來說，建立這種專業知識意味著從第一天起就與最終用戶交談。
In Darkstar’s case, the end users are Ukraine’s brigades.
在 Darkstar 的案例中，最終用戶是烏克蘭的旅。
While some changes are being implemented, the country has adopted a decentralized approach, enabling combat units to make their own decisions.
雖然正在實施一些變更，但該國已採取分散式方法，使作戰部隊能夠自行做出決定。
This can be hard to navigate for outsiders, but Sass got a head start.
這對於外人來說可能難以駕馭，但 Sass 獲得了先機。
“In the last three and a half years, I have been to Ukraine 20-plus times, and I have personally met 100-plus unit commanders — spent time with them, talked with them, learned from them,” said the entrepreneur, who also found a lot of common ground.
「在過去的三年半裡，我去過烏克蘭 20 多次，我親自會見了 100 多名部隊指揮官——和他們一起度過時間，和他們交談，向他們學習，」這位企業家說，他也發現了很多共同點。
“Elite units are more similar to startups than we can imagine.”
「精銳部隊比我們想像的更像新創公司。」
Although cheap first-person view (FPV) drones have been used to destroy equipment worth millions, Sass says that it would be a huge mistake to think that tech developments from Ukraine are easily copyable.
儘管廉價的第一人稱視角 (FPV) 無人機已被用於摧毀價值數百萬美元的設備，但 Sass 表示，認為來自烏克蘭的技術發展很容易複製將是一個巨大的錯誤。
There’s sophistication — “most elite drone battalions in Ukraine have their own R&D” — and there is velocity on both sides of the frontline.
存在複雜性——「烏克蘭大多數精銳無人機營都有自己的研發」——而且前線雙方都存在速度。
For instance, fiber-optic drones have been a game changer.
例如，光纖無人機已經改變了遊戲規則。
For startups outside of Ukraine, it means that a solution that works on paper could become pointless, and that’s where Darkstar’s bootcamps are meant to help.
對於烏克蘭以外的新創公司來說，這意味著在紙上有效的解決方案可能會變得毫無意義，而這正是 Darkstar 的新兵訓練營旨在提供幫助的地方。
The next one will take place this summer in Kyiv, and according to its website, will give companies “feedback, field-testing opportunities and combat validation.”
下一次將於今年夏天在基輔舉行，根據其網站，將為公司提供「回饋、現場測試機會和作戰驗證」。
Some of Darkstar’s deal flow will come from its bootcamps, where staff work hands-on with teams for five days.
Darkstar 的一些交易流程將來自其新兵訓練營，工作人員將與團隊親自合作五天。
But the pipeline is broader, and Ukraine’s 2,000 eligible teams stand out.
但是管道更廣泛，烏克蘭的 2,000 個合格團隊脫穎而出。
“Many of the Ukrainian companies we are looking at are not six months old; they have been around two-plus years and they have already managed to build a product and company with minimum capital.”
「我們正在關注的許多烏克蘭公司都不是六個月大的；他們已經存在了兩年以上，並且他們已經設法以最少的資金建立產品和公司。」
General mobilization of Ukrainian men isn’t as big an obstacle as often assumed.
烏克蘭男子的總動員並不像通常認為的那樣是一個巨大的障礙。
Founders building effective combat products can receive exemptions and travel approval, and a significant percentage of Ukraine’s defense startup founders are women, including FarSight Vision CEO, Viktoriia Yaremchuk, Sass said.
Sass 說，開發有效作戰產品的創始人可以獲得豁免和旅行批准，而且烏克蘭國防新創公司的創始人中有很大一部分是女性，包括 FarSight Vision 的執行長 Viktoriia Yaremchuk。
As for the restriction on defense tech exports out of Ukraine, that hurdle is in the process of being removed.
至於對烏克蘭國防科技出口的限制，該障礙正在被消除的過程中。
Sass is applying a similar location philosophy to defense investing.
Sass 正在將類似的地理位置理念應用於國防投資。
Just as he once argued that “early-stage Nordic startups should cut the crap and move to Silicon Valley,” Darkstar won’t invest in companies that intend to stay based exclusively in Ukraine.
正如他曾經爭辯說「北歐早期新創公司應該停止胡說八道並搬到矽谷」一樣，Darkstar 不會投資那些打算完全留在烏克蘭的公司。
It is also talking to teams based in Central and Eastern Europe, Latvia, the U.K. and Germany, among others.
它還在與位於中歐和東歐、拉脫維亞、英國和德國等地的團隊交談。
“After a year or two, this [portfolio] will be a way more diverse and mixed group.”
「一兩年後，這個 [投資組合] 將會是一個更加多樣化和混合的群體。」
In alignment with this goal, Darkstar describes itself as pan-European in background.
為了配合這一目標，Darkstar 將自己描述為具有泛歐背景。
Sass is joined by Estonia-based GPs Kaspar Gering, who spent a decade at Wise in engineering and data science roles, and Mart Noorma, director of the NATO Cooperative Cyber Defence Centre of Excellence (on the left in the main picture).
Sass 與位於愛沙尼亞的 GP Kaspar Gering 一起，後者在 Wise 花了十年時間從事工程和數據科學工作，以及北約合作網路防禦卓越中心主任 Mart Noorma（在主圖的左側）。
A fourth GP, Philip Jungen, is based in Germany, with another partner and additional staffers in Ukraine.
第四位 GP Philip Jungen 位於德國，另一位合夥人和額外的員工位於烏克蘭。
As for categories, Darkstar plans to invest in autonomous systems, air defense, electromagnetic warfare, communications, cybersecurity, sensors, as well as surveillance and intelligence, both with single and dual uses.
至於類別，Darkstar 計劃投資於自主系統、防空、電磁戰、通信、網路安全、感測器以及監視和情報，包括單一和軍民兩用。
According to Sass, some of these could turn into acquisition targets for cash-rich prime contractors struggling to deliver the rapid solutions that NATO countries are now willing to buy from them.
根據 Sass 的說法，其中一些可能會成為現金充裕的主要承包商的收購目標，這些承包商正在努力提供北約國家現在願意從他們那裡購買的快速解決方案。
But fueled by governments coming to terms with how the war in Ukraine has transformed modern warfare, other startups could also reach hundreds of million in revenue on their own and even go public.
但是，由於各國政府開始接受烏克蘭戰爭如何改變現代戰爭，其他新創公司也可以自行實現數億美元的收入，甚至上市。
It is unclear whether defense startups, particularly those without civilian applications, can achieve breakout success on their own.
目前尚不清楚國防新創公司，特別是那些沒有民用應用程式的新創公司，是否能夠自行取得突破性的成功。
However, the rapid rise and valuation of companies like Anduril and Helsing along with a wave of new defense-focused funds, suggests that the prospect of venture-scale returns is being taken more seriously.
然而，像 Anduril 和 Helsing 這樣的公司的迅速崛起和估值，以及一波新的以國防為重點的基金，表明風險投資規模的回報前景正受到越來越嚴肅的對待。
Either way, what keeps Sass going is something bigger.
無論如何，讓 Sass 堅持下去的是更大的事情。
Though he embraces the humor of NAFO, a global online movement leveraging memes to support Ukraine, Sass also delivers a sober warning about Russia’s relentless war economy.
儘管他擁抱 NAFO 的幽默感，NAFO 是一個利用迷因支持烏克蘭的全球線上運動，但 Sass 也對俄羅斯無情的戰爭經濟發出了嚴肅的警告。
“The enemy is moving very fast, and that’s exactly why I believe that we need to have the tech community being involved way more to address that huge and growing threat.”
「敵人移動得非常快，這正是我認為我們需要讓科技社群更多地參與進來，以應對那個巨大且日益增長的威脅的原因。」
🔗【資料來源】
文章連結：https://techcrunch.com/2025/07/08/european-vc-breaks-taboo-by-investing-in-pure-defense-tech-from-ukraines-war-zones/