Britain’s national wealth fund invests £113m in UForce, whose equipment has been used heavily in war with Russia

A London-based naval drone maker founded by Ukrainians has reached a £4.5bn valuation after it raised more than £500m from investors including the UK government.

UForce, which makes military drones for land, air and sea, received £113m from the UK’s national wealth fund. The investment makes UForce one of the UK’s fastest-growing unicorns – or startups with a valuation of more than $1bn. Its drones have been used extensively in the war in Ukraine.