Swedish defense-tech startup Sweden Ballistics, also known as SWEBEL, has successfully raised €30 million in venture capital to bolster TNT production amidst a European shortage of munitions, exacerbated by the Russia-Ukraine war. This funding aims to reduce European dependency on foreign supplies. SWEBEL has obtained construction approval for a new facility, with full-scale production expected to commence in 2028. Notable investors in this funding round include Swedish family offices and prominent individuals such as former Swedish army chief Karl Engelbrektson and ex-CEO of EQT Thomas von Koch. The investment addresses the critical bottleneck in energetics production.