Ukrainian Startups Backed by State Fund Attract $50.9M in Foreign Capital
A wartime funding chain is emerging in Ukraine: small state grants at the start, followed by larger rounds from private investors as products gain traction.
KYIV, Ukraine — 29 July 2025
Ukrainian startups supported by the Ukrainian Startup Fund (USF) have attracted more than $50.9 million in external investment by July 2025, according to the Ministry of Digital Transformation. The state-backed program, operating under the ministry, provides grants to innovative companies across a range of sectors.
“Despite the ongoing war, Ukrainian innovators are actively evolving and building markets that didn’t even exist a few years ago," said Minister of Digital Transformation Mykhailo Fedorov. "Support from the Ukrainian Startup Fund (USF) has been crucial in launching many of these market-making companies. This effort is key to advancing our WINWIN 2030 innovation strategy and accelerating Ukraine’s transition to an innovation-driven economy.”
The ministry has highlighted portfolio companies including Esper Bionics, CheckEye, SolarGaps, Deus Robotics, Tayra_ai, AGRO BI, and Y-Harvest — each of which has secured follow-on investment since receiving USF support.
This growth comes alongside European funding efforts. In May 2025, 117 Ukrainian startups received a combined €3.5 million in grants through the EU-funded Seeds of Bravery initiative, the largest single round in the program’s history. The initiative is aimed at scaling deep-tech projects and integrating Ukrainian innovators more deeply into European markets.
For the government, these results align with the WINWIN 2030 innovation strategy, which focuses on building an innovation-driven economy despite the challenges of war. For founders, they are a rare signal that capital is still available for Ukrainian products with clear market potential.
