The first institutionally supported venture capital fund focused exclusively on Ukrainian tech startups was launched on September 27 in Lviv. The Ukraine Phoenix Tech Fund (UPTF) complements broader government-led efforts to attract and mobilize foreign capital, including the Ukraine Reconstruction Fund and the EU for Ukraine Fund. Together, these initiatives are creating the financial infrastructure needed to channel international confidence into productive, job-creating investment opportunities inside Ukraine.
UPTF is a €50 million early-stage venture capital fund, marking a milestone in building the foundations for long-term economic growth and Ukraine’s deeper integration into global markets.
The Fund has anchor commitments from leading institutions and visionary investors: the European Investment Bank, Bpifrance (the French public investment bank), and Proparco, the private-sector arm of the Agence française de développement Group.
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 instrument for Ukraine’s recovery. The investment signals strong confidence from international and European development finance institutions in Ukraine’s innovation ecosystem and paves the way for the Fund’s official launch in Q4 2025.
“UPTF represents more than financial support for startups—it is an investment in Ukraine’s future economy,” said Oleksii Sobolev, Minister of Economy, Environment and Agriculture of Ukraine. “The Ministry has been proud to support the efforts of the Phoenix Fund, helping to build the innovation pipeline that will drive our economic recovery. We are grateful for the support of the European Investment Bank, Bpifrance, and Proparco, among others, for Ukraine’s entrepreneurs and its new innovation economy. The Fund is also a step toward creating a capital market that will keep Ukrainian innovation anchored at home while opening it up to Ukrainian and global investors. By blending foreign investment with local opportunity, Ukraine is ensuring that its recovery is not only rapid but also long-term.”
A Stronger Capital Market for a Stronger Economy
By investing in early-stage companies and fostering transparency, UPTF is helping to establish the foundations of a capital market that can attract both domestic and foreign investors. Such a market is essential to preventing capital flight and ensuring that the success of Ukraine’s entrepreneurs directly contributes to national prosperity.
“The launch of UPTF is an inflection point for Ukraine’s innovation economy,” said Charles Whitehead, Managing Partner of UPTF. “It signals that Ukraine is not only open for investment but is actively creating the institutions to sustain it. Our work will help Ukraine’s entrepreneurs, capital market, and global investors grow together in a transparent, rules-based environment.”
“Ukraine’s founders are demonstrating resilience and ingenuity in the face of war,” said Dominique Piotet, Managing Partner of UPTF. “This fund allows them to scale globally while remaining anchored in Ukraine. By pairing world-class international standards with strong domestic institutions, UPTF will help turn innovation into sustainable economic growth.”
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. UPTF helps promising startups scale faster, attract international investors, and compete globally, powering the rise of Ukraine’s new tech economy.