International venture funds and tech companies are joining forces and creating the “Ukrainian Tech Circle” to help the Ukrainian IT sector. Ukrainian startups will receive support in financing, finding new customers, and access to a global network of contacts. The initiative is already being supported by ff Venture Capital, Roosh Ventures, Google for Startups and others.
Ukrainian Tech Circle is a network of angel investors, venture capitalists, entrepreneurs, and tech professionals who will help Ukrainian tech projects and startups affected by the Russian invasion of Ukraine.
The initiative has already been joined by tech company Roosh and venture fund Roosh Ventures, along with venture firms BBQ Capital, Spaceсadet Ventures, Samaipata, ff Venture Capital, and Caixa Capital Risc, and companies Neurons Lab, Alma, TheGuarantors, Libeo, Silicon Allee, Powder, and Google for Startups and many others.
The Russian invasion of Ukraine has heavily affected talented Ukrainian tech projects that lost their sources of financing alongside 30-100% of their revenue. With more work than ever, tech projects such as Diia, Reface, and Ajax Systems have successfully reformatted and adapted their tools to apply them during wartime. However, a reported 99% are in need of funding as they struggle to deal with the subsequent effects of war.
“So far, an impressive group of experts from tech, marketing, investment, and education has joined to support our initiative. Companies understand the level of expertise and the capabilities the Ukrainian tech ecosystem has to offer. And by joining the Ukrainian Tech Circle, not only will partners be helping Ukrainian startups realise their ambitions, but also having the opportunity to invest and access to high-quality IT services” – comments Nina Levchuk, Startup & VC Lead at Google and one of the initiators of Ukrainian Tech Circle.
The team at Ukrainian Tech Circle will offer their support in three key areas to help Ukrainian startups thrive and reach their potential:
- Fundraising to help startups receive financial support, matching founders with investors.
- Contract sourcing for companies in need of new clients (mainly IT outsourcing and outstaffing).
- Advising, consulting, and access to an international network of experts / mentors from venture funds and through Google for Startups initiatives & programs.
“The Ukrainian tech landscape has a lot of potential, we have talented IT engineers and some brilliant ideas being developed here. Our focus in Roosh was always to support and provide opportunities for local talents, and support Ukraine’s development into becoming Europe’s AI hub. Our goal hasn’t changed but the war has of course created unprecedented challenges. This is precisely why we’ve put together a network of venture and tech world specialists to help Ukrainian startups reach their planned success” – states Sergey Tokarev, founding partner at Roosh, and one of the initiators of Ukrainian Tech Circle.
Ukrainian Tech Circle is accepting applications on its website from Ukrainian tech projects and startups that are in need of support. Simultaneously, the team is expanding its circle of partners and investors that are keen on supporting the local tech industry and providing the crutch that Ukrainian startups need.
To become part of the network of specialists, one can also apply through the application on uatechcircle.com.