Overview 2021: Ukrainian Tech Ecosystem

2021 was a booming year for the Ukrainian tech demonstrating a lot of “the first in the history” such as:

  • the first national decacorns and record IPO
  • the first Ukrainian pavilion on Web Summit
  • entries to the country of global companies and softlanding the R&D centers
  • Kick-off of Ukrainian venture funds, universities and initiatives
  • Expanding and conquering new markets by Ukrainian companies

According to the Ukraine IT Report 2021 by IТ Ukraine Association, last year:

  • the Ukrainian IT industry grew by 36% from USD 5 billion to USD 6.8 billion in exports
  • Over the past 6 years, fiscal revenues from the IT industry have more than tripled
  •  the number of specialists increased from 244 thousand to 285 thousand

Here’s a roundup of the top stories in the sector from last year.

Global companies entered Ukraine in 2021

Several international giants entered Ukraine, opened R&D or representative office: Apple, Amazon, Glovo, BlaBlaCar, Lyft, Revolut, Thales, Solarisbank, CognitOps, Nets A/S, Velory, Bringg, AIBY, TangoMe, Roku, JCB (Japan Credit Bureau), Seafai

Key investments (188 deals with investors worth $533.5 million in 2020)

  • Grammarly became decacorn – $200M+ funding round, estimated at $ 13BLN,
  • People.ai joins the unicorn club – $100 million funding, $1.1 billion post-money valuation,
  • GitLab is taking over Nasdaq with a valuation of $15 billion,
  • Revolut – $800 million (Vlad Yatsenko became the first Ukrainian tech billionaire),
  • Firefly Aerospace – $75 million,
  • airSlate (ex-PDFiller) – $50 million,
  • Preply – $35 MLN,
  • Revenue Grid (ex-Invisible.io) – $20 million,
  • Influ2 – $8 MLN,
  • 3DLOOK – $6.5MLN,

Solana – a valuation of 55 BLN, 4,300-fold increase in the price of the blockchain’s tokens.

Mergers and Acquisitions

  • Hitachi & GlobalLogic completed the acquisition $9.6 billion
  • Depositphotos and Crello have been acquired by Vistaprint – $85 MLN
  • Kaspi.kz acquired Portmone and buy Ukraine’s subsidiary of Kazakh BTA Bank
  • DataGroup bought Volia – $ 65 MLN
  • BlaBlaCar acquired Octobus
  • Techiia holding acquired Culver Aviation

TOP investors and newbies on the VC market

Active players: USF (funded more than 250 startups worth almost USD 7 million), Flyer One Ventures (ex-Genesis), Adventures‌ ‌Lab‌, TA Ventures, AVentures Capital, ICU, Digital Future, u.ventures, QPDigital, SMRK, Startup Wise Guys, TMT Investments, Brise Capital, etc.

Newbies: SID Venture Partners, Roosh Ventures, Geek Ventures, US MAC & StrategEast & Catapult ($50 MLN VC); Demium (€50 MLN in 2021, CEE Fund – €40 MLN in February 2022); Pawa; Baltic Sandbox, N1 investment fund.

Trade and international development

International: SoftServe in Dubai (Middle East go-to-market strategy), ELEKS in Japan & Switzerland, Bird by LUN in London, ROZETKA in Uzbekystan and Moldova, biotech A.D.A.M. in the US, Liki24 in Poland, Romania, and Hungary; Uklon in Moldova.

Local: Ajax Systems’s R&D in Lviv, SoftServe in Vinnytsya, Odesa, Uzhgorod, Khmelnytskyi, EPAM in Ivano-Frankivsk, Odesa, Mykolayiv, Kherson

Ranking, Awards, Achievements 

Global Startup Ecosystem Index Report 2021 by StartupBlink: Ukraine is 34th, Kyiv – 48th , Lviv has jumped an impressive 99 spots to 255th globally.

Global Innovation Index 2021: Ukraine ranks 49th among the 132 economies.


  • The first-ever Ukraine’s Pavilion at Web Summit
  • The first-ever UK-Ukraine Fintech Summit
  • Reface was awarded as the Fastest Growing App 2021
  • BetterMe named as the best application according to App Growth Awards 2021
  • Ukrainian cyber sport team the Natus Vincere NAVI is the world champion 2021 (got eighth titles within 2021)
  • Ukrainian Petcube products have 4 spots in the top 5 by USA TODAY’s Reviewed in the category “The best smart pet cameras of 2021”
  • Ukrainian e-bikes Delfast is among 10 rocketing European startups boosting the home delivery sector and the fastest e-bike by Insider & Forbes 
  • Ukrainian EdTech company Headway became the world leader by downloads in the book summary niche
  • Cardiomo was awarded as the Best Biometrics Innovation in Healthcare by Juniper Research

Tech Hubs

  • Innovation District ІТ Park in Lviv
  • Three Ukrainian universities, in Kyiv and Lviv, announced the opening the tech hubs: National University Kyiv-Mohyla Academy, Lviv Polytechnic National University, the National Technical University of Ukraine “Igor Sikorsky Kyiv Polytechnic Institute
  • Kharkiv State Biotechnological University announced founding the technopark “BIOTECH’
  • 22 IT clusters operating In Ukraine in 2021

Education institutions, media, initiatives, events

  • Education institutions: Greencubator.Academy, Intellias, Choice31 (by Netpeak), AI HOUSE (by Roosh), etc
  • New tech media: dev.ua, SPEKA, Mezha,media, Creators Media Group (MC.today, Highload, ITC.UA)
  • Initiatives: How to pitch Ukrainian Tech project & landing page , the first landscape showcasing female-founded startups & scaleups Ukraine Female-founded startups 1.0, Investors Book 2021
  • Events: IT Arena, UTomorrow Summit, AI Conference, Synergy 2021, BlockchainUA, ect

Government and The Ministry of Digital Transformation initiatives

Ukraine is now the world’s first country where a digital passport has the same power internally, as a paper or plastic one, making its digital and physical passports interchangeable. 

Diia platform services launched in 2021: Vaccination certificates, e-pidtrymka, e-Malyatko, driver’s license, business registration, digital education, building permits, etc

Thanks, Alexander Viktorov, Investment Banking in Concorde Capital, for support!

Everything is TECHable with Ukraine!
Stay tuned!

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