€50m Ukraine Phoenix Tech Fund Launches to Back Startups
Ukraine Phoenix Tech Fund (UPTF), a €50m fund, has been launched to support Ukrainian tech startups. Backed by investors including the European Investment Bank (EIB), Bpifrance, Proparco, and Henri Seydoux, the fund aims to make responsible, high-impact investments. The launch was attended by Ukrainian government officials, including Mykhailo Fedorov, Ukraine's first deputy prime minister and minister of digital transformation.
UPTF is the first institutionally supported venture capital fund focused exclusively on Ukrainian tech startups. Led by Dominique Piotet and Charles Whitehead, the fund plans to invest in pre-seed to Series A opportunities, providing strategic support and access to international networks. The EIB's €15m commitment is expected to be made through the EU for Ukraine Fund, adding to the €4bn in financing the EIB has provided to Ukraine since the Russia-Ukraine war began in 2022.
The fund will collaborate with EO Business Incubators to identify suitable investments. It aims to align growth with social, economic, and environmental priorities, fostering a responsible tech ecosystem in Ukraine.
UPTF's launch signals a vote of confidence in Ukraine's tech sector. With backing from prominent investors and a focus on responsible growth, the fund is poised to support Ukrainian startups and contribute to the country's economic recovery during the ongoing Russia-Ukraine war.
