LVIV – Ukraine’s technology sector has received a major boost with the official launch of the Ukraine Phoenix Tech Fund, a new €50 million venture capital fund dedicated to early-stage startups. Announced at the annual IT Arena conference, the fund represents a significant injection of European capital and a strong vote of confidence in the nation’s innovation potential.
The fund’s core mission is to invest in approximately 50 Ukrainian startups, providing them with the necessary resources to scale globally. A key aspect of its strategy is to foster sustainable growth by helping companies expand into international markets while maintaining their primary operations and R&D teams in Ukraine.
What makes the launch particularly significant is the roster of foundational investors. The fund’s first closing is secured by major European financial institutions, including the European Investment Bank (EIB), France’s public investment bank Bpifrance, development finance institution Proparco, and tech entrepreneur Henri Seydoux via Horizon. This institutional backing signals a deep level of trust and a strategic commitment to the resilience and long-term viability of the Ukrainian tech industry.
The initiative is co-founded by Dominique Piotet and Charles K. Whitehead, both long-standing figures within the Ukrainian tech ecosystem known for their work with UNIT.City and eō Business Incubators. “Our goal is to build robust bridges between the Ukrainian and European tech ecosystems”, stated Piotet. “This fund is a vehicle to provide Ukrainian founders with not just capital, but also strategic support to compete on the world stage”.
The launch event highlighted the strong collaboration between Ukraine and its European partners, with the attendance of key officials including Mykhailo Fedorov, First Deputy Prime-Minister of Ukraine, and Pierre Heilbronn, France’s Special Envoy for Ukraine’s relief and reconstruction. Their presence underscores the fund’s alignment with national strategic goals for economic development and innovation.
Source: Dominique Piotet
