This article is published in association with United Nations.
Ukraine’s tech sector continues to build, scale, and attract global attention even in the face of war. The launch of Ukraine Phoenix Tech Fund (UPTF), an early-stage €50 million venture capital fund, was announced today as a major effort to back this resilience and help Ukrainian startups compete on the global stage.
UPTF is the first institutionally supported venture capital fund focused exclusively on Ukrainian tech startups, investing from pre-seed/seed through Series A.
Led by Managing Partners Dominique Piotet and Charles Whitehead, who bring decades of international experience and deep ties to Ukraine and its innovation ecosystem, the Fund combines rigorous international investment standards with the ingenuity, creativity, and determination that define Ukrainian founders.
“Even during the full-scale war, Ukrainian startups are creating innovative products and competing globally. The launch of UPTF is a strong signal of Ukraine’s potential in the global market. The involvement of the European Investment Bank and private investors shows growing confidence in the country’s innovations,” – said Mykhailo Fedorov, First Deputy Prime Minister of Ukraine – Minister of Digital Transformation of Ukraine.
Anchor Commitments from Leading Institutions and Visionary Investors
Three leading institutions are joining this initiative:
- On September 24, 2025, the Board of the European Investment Bank approved a potential €15 million commitment to UPTF, which would establish EIB as one of the Fund’s anchor investors. This contribution is expected to be made under the EU for Ukraine Fund, EIB’s dedicated fund for Ukraine’s recovery. The investment signals strong institutional confidence in Ukraine’s innovation ecosystem and paves the way for the Fund’s official launch in Q4 2025.
“The European Investment Bank is proud to stand with Ukraine’s entrepreneurs at this critical moment,” said Teresa Czerwińska, Vice-President of the European Investment Bank. “By supporting innovation today, we are helping to secure Ukraine’s economic recovery and its integration into the European and global economy.”
- In March 2024, Bpifrance, the French public investment bank, confirmed its willingness to commit €10 million to UPTF, marking the first positive investment decision for the Fund.
“Bpifrance is committed to supporting Ukraine’s innovation ecosystem,” said Nicolas Dufourcq CEO of Bpifrance. “Our investment in UPTF reflects our belief in the global potential of Ukrainian startups and the importance of European cooperation.”
- In December 2024, Proparco, the private sector arm of the Agence française de développement Group, also demonstrated its support as an early backer through a €5 million proposed commitment.
“Proparco is proud to contribute to this initiative, which directly supports Ukraine’s private sector resilience,” said Françoise Lombard, CEO of Proparco. “By empowering early-stage companies, we are investing in both Ukraine’s recovery and its long-term growth.”
UPTF is also backed by Henri Seydoux, founder of Parrot, a pioneering drone company, who committed, through his investment vehicle Horizon sas, €2.5 million to the fund.
“Ukrainian entrepreneurs are showing extraordinary courage and creativity,” said Mr. Seydoux. “I am honored to support their journey and confident they will build technologies that matter far beyond Ukraine.”
The official launch of the Ukraine Phoenix Tech Fund is taking place on September 27, 2025, in Lviv, Ukraine, in the presence of Mykhailo Fedorov, First Vice Prime Minister, Minister of Digital Transformation of Ukraine, as well as Kristina Mikulova, Head of Regional Hub for Eastern Europe at European Investment Bank, Pierre Heilbronn, France’s Special Envoy for Ukraine’s relief and reconstruction, Nicolas Dufourcq, CEO of Bpifrance, and Dominique Piotet, Managing Partner of UPTF.
“With public and private French actors investing in Phoenix Fund, France strongly demonstrates in action its confidence in the future of Ukraine and its growth potential,” said Pierre Heilbronn, France’s Special Envoy for Ukraine’s relief and reconstruction.
First Institutional VC Fund Focused Exclusively on Ukrainian Tech Startups
The Fund will:
- Invest in early-stage Ukrainian tech companies, providing capital plus hands-on strategic support and access to international networks.
- Accelerate innovation, attract follow-on global capital, and deepen Ukraine’s integration into the European and international markets.
“This is a decisive vote of confidence in Ukraine’s founders,” said Dominique Piotet, Managing Partner. “With world-class institutional partners at our side, we will help Ukrainian startups scale globally while keeping their roots—and their talent—thriving in Ukraine.”
“UPTF is more than a capital investor,” added Charles Whitehead, Managing Partner. “It’s an engine to build a durable economy, an emerging capital market, and a bridge from Ukraine’s extraordinary engineering talent to global customers, partners, and markets—and doing so with transparent, international standards.”
Building Ukraine’s Innovation Future
UPTF supports and is supported by eō Business Incubators, Ukraine’s leading tech incubator and accelerator. eō has helped launch more than 135 startups across 15 cycles, working nationwide with global mentors and investors to build the foundation of Ukraine’s innovation economy. UPTF will operate from UNIT.City in Kyiv—Ukraine’s flagship innovation park and the central hub for the nation’s startups and tech ecosystem.
Together, UPTF and eō represent resilience in the face of war, and a concrete step toward Ukraine’s long-term technological and economic recovery.
Background information
About the European Investment Bank
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world. Present in Ukraine since 2007, the EIB has stepped up its financial support for the country’s resilience and modernisation since Russia’s full-scale invasion of Ukraine in 2022. Since then, the EIB has provided €4 billion in financing. Through its EU for Ukraine (EU4U) Initiative, coupled with its key role in implementing a dedicated window of the Ukraine Facility, the EIB is strongly committed to accelerating its activities in line with the mandate given by EU leaders , in close cooperation with the European Commission, the European Parliament, Member States and international partners.
About Ukraine Phoenix Tech Fund
The Ukraine Phoenix Tech Fund (UPTF) is the first institutionally supported venture capital fund focused exclusively on Ukrainian tech startups, investing from pre-seed/seed through Series A. UPTF’s mission goes beyond investing capital. The Fund partners with founders through responsible, high-impact investments that align growth with social, economic, and environmental priorities. Guided by a management team that blends global experience with deep local insight, UPTF helps promising startups scale faster, attract international investors, and compete globally, powering the rise of Ukraine’s new tech economy. www.uptf.vc. Follow us on LinkedIn.
About Bpifrance
Bpifrance Investissement is the management company that handles Bpifrance’s equity investments. Bpifrance is the French national investment bank: it finances businesses – at every stage of their development – through loans, guarantees, equity investments and export insurances. Bpifrance also provides extra financial services (training, consultancy) to help entrepreneurs meet their challenges (innovation, export…).
About Proparco
Proparco, a subsidiary of Agence française de développement Group, has been working with the private sector for 50 years for a more just and sustainable world. With an international network of 25 local offices, Proparco works closely with its partners to build sustainable solutions in response to environmental and social challenges in Africa, Eurasia, the Middle East, Asia and Latin America. Proparco benefits from sector-based expertise as well as a wide range of financial solutions tailored to the different stages of business development. Discover more about Proparco: www.proparco.fr. Follow us on LinkedIn.
Share this Sting:
Trending now:
Discover more from The European Sting - Critical News & Insights on European Politics, Economy, Foreign Affairs, Business & Technology - europeansting.com
Subscribe to get the latest posts sent to your email.
Why don't you drop your comment here?