Green Flag Ventures
Investor in Swarmer's Series A; per Swarmer's SEC 424B4 cap table, Green Flag Fund I, L.P. holds 499,927 shares (5.3% pre-offering, 4.0% post-offering). Its principal, Justin Zeefe, sits on Swarmer's board.
Green Flag Ventures (fund entity: Green Flag Fund I, L.P.) is a Los Angeles- and Kyiv-based venture capital firm investing in early-stage, internationally-scalable Ukrainian startups building dual-use, AI, cybersecurity, and other defense-relevant technology. Founded in March 2023 by Justin Zeefe (US) and Deborah Fairlamb (Kyiv), it was among the first US venture funds to establish a full-time on-the-ground presence in Ukraine. Justin Zeefe previously co-founded Nisos, a managed threat-intelligence firm.
Overview
- Firm
- Green Flag Fund I, L.P.
- Headquarters
- Los Angeles, CA, USA
- Founded
- 2023
- AUM
- ~$20M (reported as a raising target, not confirmed as a closed fund size)
- Stages
- Pre-Seed, Seed
- Thesis
- Backs Ukrainian-founded, dual-use companies on the premise that technology "stress-tested in war" (generally TRL 6+) is validated for broader commercial and defense markets. Pairs capital with support on export controls, IP protection, government contracting, and NATO/US enterprise market entry. Portfolio spans autonomy/robotics (Swarmer), communications (Himera), navigation (AstraNav/Karadag Technologies).
Portfolio companies1
Partners0
No linked records yet.
Frequently asked
- What is Green Flag Ventures?
- Backs Ukrainian-founded, dual-use companies on the premise that technology "stress-tested in war" (generally TRL 6+) is validated for broader commercial and defense markets. Pairs capital with support on export controls, IP protection, government contracting, and NATO/US enterprise market entry. Portfolio spans autonomy/robotics (Swarmer), communications (Himera), navigation (AstraNav/Karadag Technologies).
- How much does Green Flag Ventures manage?
- Green Flag Ventures manages ~$20M (reported as a raising target, not confirmed as a closed fund size) in assets, and was founded in 2023.
- What stages does Green Flag Ventures invest at?
- Green Flag Ventures invests at Pre-Seed, Seed.
Sources & citations5
Each claim links to its underlying source. Confidence reflects how directly the source supports the claim.
- 1
Green Flag Ventures is a Los Angeles- and Kyiv-based venture capital firm founded in March 2023 by Justin Zeefe and Deborah Fairlamb, targeting a $20M fund.
Icebreaker Media: Why This American VC Is Betting Big on Ukraine's Defense TechVerified2026-08-08 - 2
Green Flag Ventures backs Ukrainian dual-use companies on the premise that technology stress-tested in war (TRL 6+) is validated for broader markets; Justin Zeefe previously co-founded Nisos.
The Defender: Zeefe / GFV interviewVerified2026-08-08 - 3
Green Flag Ventures' portfolio spans autonomy/robotics, communications, and navigation dual-use technology.
Green Flag Ventures: Our StoryVerified2026-08-08 - 4
- 5
Justin Zeefe previously co-founded Nisos, a managed threat-intelligence firm, before founding Green Flag Ventures.
Nisos: Justin Zeefe author pageVerified2026-08-08