€50m Ukraine Phoenix Tech Fund Launches to Boost Country's Tech Sector
A €50m fund, Ukraine Phoenix Tech Fund (UPTF), has launched to boost Ukraine's tech sector. Backed by European multilateral and development institutions, it's the first venture capital fund focused exclusively on Ukrainian startups. The fund aims to provide pre-seed to Series A investments and strategic support.
UPTF is the brainchild of Dominique Piotet and Charles Whitehead, who serve as its founders and managing partners. The fund is supported by investors such as the European Investment Bank (EIB), Bpifrance, Proparco, and Henri Seydoux's Horizon sas. It plans to target pre-seed through Series A opportunities, aligning growth with social, economic, and environmental priorities.
The fund's launch in Lviv, Europe, comes amidst Ukraine's ongoing recovery from Russia's invasion. European multilateral and development institutions have been supporting Ukraine's private sector resilience across various industries during the war. The EIB's commitment is expected through the EU for Ukraine Fund, supporting the country's recovery.
UPTF is collaborating with eo Business Incubators to identify suitable investments. It aims to make pre-seed to series A investments and provide strategic support and international network access to attract further investment. With a €50m fund, UPTF is poised to significantly impact Ukraine's tech sector, fostering growth and resilience.
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