Ukraine Phoenix Tech Fund Launches €50 Million VC to Back Early-Stage Ukrainian Startups
The first institutionally backed VC focused solely on Ukraine aims to invest in roughly 50 startups and funnel global capital into the country’s innovation economy
KYIV, Ukraine — 17 October 2025
Ukraine Phoenix Tech Fund (UPTF), a €50 million venture capital fund focused exclusively on Ukrainian tech startups, launched September 27 in Lviv during IT Arena. Backed by anchor commitments from the European Investment Bank (EIB), Bpifrance, Proparco and private investors including Parrot founder Henri Seydoux, UPTF is the first institutionally supported venture fund dedicated solely to Ukraine’s tech sector.
EIB’s board approved a potential €15 million commitment under the EU for Ukraine Fund on September 24, alongside a previously confirmed €10 million from Bpifrance and a proposed €5 million from Proparco. Seydoux committed €2.5 million through Horizon. Led by managing partners Dominique Piotet and Charles K. Whitehead, the fund targets pre-seed through Series A and pairs capital with hands-on support and international market access.
UPTF plans to back about 50 companies with investments of up to €1 million each and make follow-on commitments as portfolio startups scale. The mandate centers on Ukrainian founders and teams with significant local presence across software and hardware, with operations based at UNIT.City in Kyiv and support from mentors in Europe, the United States and Asia.
“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,” First Deputy Prime Minister and Digital Transformation Minister Mykhailo Fedorov said in a statement.
Piotet framed the effort as bridge-building between ecosystems.
“For me, this is much more than a fund. It is the beginning of a new phase of my life and career: becoming a VC, dedicating myself fully to supporting Ukrainian founders and building bridges between Ukraine and Europe,” he said, noting that initial commitments enabled the fund’s first close.
Government officials emphasized the vehicle’s role in long-term recovery. “The UPTF is more than just financial support for startups — it is an investment in the future of Ukraine’s economy,” Minister of Economy, Environment and Agriculture Oleksii Sobolev said.
Whitehead said the objective is to crowd in larger pools of capital by proving out the pipeline and standards. “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,” he said.
UPTF will work closely with eō Business Incubators to identify and prepare candidates. eō has helped launch more than 135 startups across 15 cycles nationwide, providing a vetted pipeline and mentor network to accelerate due diligence and market readiness.
Piotet previously led UNIT.City, Kyiv’s flagship innovation park, while Whitehead founded eō Business Incubators and has extensive capital markets and academic experience. The partners say the goal is to keep Ukrainian talent anchored at home while helping founders reach global customers and attract follow-on investment.
