Lviv-based VC firm Ukraine Phoenix Tech Fund announced at the annual IT Arena conference the launch of a new €50 million venture capital fund dedicated to early-stage startups. The fund received support from the EIB and Bpifrance.
- Founded in 2024 by co-founders Dominique Piotet and Charles K. Whitehead, The Ukraine Phoenix Tech Fund is a €50 million venture capital fund focused on early-stage Ukrainian technology startups.
- It invests in companies from pre-seed and MVP stages to those generating up to €1 million in revenue, with follow-on funding available based on performance.
- The fund targets startups with at least one Ukrainian founder and a significant local team, across software and hardware sectors, and supports research-based spinouts from universities.
- Its approach combines capital investment with operational support, mentorship through a network of over 75 advisors, and international expansion assistance in Europe, the US, and Asia.
“Our goal is to build robust bridges between the Ukrainian and European tech ecosystems. This fund is a vehicle to provide Ukrainian founders with not just capital, but also strategic support to compete on the world stage," claims Dominique Piotet, co-founder of The Ukraine Phoenix Tech Fund.
- The fund plans to back around 50 startups with up to €1 million each, helping them scale globally while keeping core operations and R&D in Ukraine.
- Foundational investors include the European Investment Bank, Bpifrance, Proparco, and tech entrepreneur Henri Seydoux.
