More than 20,000 Ukrainian investors put 1 billion UAH into the Inzhur MilTech fund over 20 days, with the proceeds directed into the working capital of drone manufacturer Vyriy Industries. This was reported by RBC-Ukraine, citing a post in the Telegram channel of investment company Inzhur. The fund began accepting contributions on August 13, 2026, and by the beginning of September had reached the one-billion-hryvnia mark — a result that Inzhur itself calls unique for the Ukrainian defense investment market.
The Mechanism: How Retail Investors Buy Bonds of a Defense Plant
The deal structure is built around corporate bonds of Vyriy Industries, with Inzhur acting as underwriter and placement organizer. Ukrainian investors do not buy the bonds themselves, but rather certificates of the Inzhur MilTech investment fund. The fund pools thousands of small contributions and invests them in the manufacturer's bonds. The projected average annual yield of the fund over a three-year period is 25–29% in hryvnia. The minimum entry threshold is 1,000 UAH, and investment acceptance is open until December 31, 2026. By the end of the year, Inzhur plans to raise up to 5 billion UAH for Vyriy Industries, of which up to 4 billion is expected to come from retail investors.
Why Not a Public Issue: Legal Restrictions
The choice of this particular structure is driven by direct legal constraints. Vyriy Industries' financial reporting is classified under an order of the Ministry of Defense of Ukraine, which makes a public bond issue impossible. At the same time, private placement under Ukrainian law is available to no more than 150 investors. The investment fund allows both restrictions to be circumvented: it is not a public issue and does not fall under the 150-participant limit, since formally the investors are not buying securities of the issuer but rather shares of the fund.
Where the Money Will Go and How the Risks Were Assessed
The raised funds replenish the working capital of Vyriy Industries. The company will be able to purchase components in advance, a significant portion of which requires prepayment, fulfill a larger volume of contracts, and increase drone deliveries for the Armed Forces of Ukraine. Before launching the fund, Inzhur analyzed Vyriy Industries' financial reporting for 2024, 2025, and the first half of 2026. On August 14, 2026, the rating agency Standard-Rating assigned the company and its bonds a long-term credit rating of uaBBB with a stable outlook. The rating will be updated quarterly, and at the end of 2026 the financial reporting, including the valuation of Inzhur MilTech's assets, will be audited by Deloitte.
About Vyriy Industries and Inzhur
Vyriy Industries is a Ukrainian Defense Tech company that mass-produces autonomous systems for combat conditions. Its product line includes strike FPV systems, fixed-wing UAVs, ground robotic complexes, ground control stations, and aerial repeaters. The company cooperates with more than 200 units of the Armed Forces of Ukraine and is a resident of the Diia platform. Inzhur is an investment company led by founder and CEO Andriy Zhurzhyy. As of September 1, 2026, more than 123,000 co-owners have invested in Inzhur, the total value of the funds' assets has exceeded 8.5 billion UAH, and a further 3.5 billion UAH is held in investors' portfolios in OFZ (government bonds). One can exit an investment in Inzhur MilTech at any time: the fund repurchases certificates at the current selling price within up to three business hours.
