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Ukrainian Venture Capital and
Private Equity overview 2016
Special thanks
Marianna Yarosh, Noosphere Ventures, Head of Research Committee UVCA
Yurii Sachenok, Concorde Capital
Alexa...
Foreword
Ukrainian Venture Capital & Private Equity Overview 2016 3
Last year UVCA released the first Ukrainian Venture Ca...
Foreword
Ukrainian Venture Capital & Private Equity Overview 2016 4
Every year we see more and more Ukrainian success stor...
• 87 deals (32% growth in number 2016 vs 2015)
• $88 mln total capital invested* (125% up over 2014)
• $525k average deal ...
7
16
10 9
7
UVCA released the first in Ukraine
Investors Book, displaying current
players’ activity, sectors of interest
a...
Portfolio & average ticket
Investment funds in Ukraine usually have around 20 companies in portfolio. The average ticket
v...
> 65%
of investors
expect an increase
in VC investments in
2017
> 50%
of investors
expect an
increase in Private
equity in...
Fundraising outlook
A certain number of investors is undergoing the fundraising process in different stages.
According to ...
The most active investors 2016 according to AIN.ua
*AIN - a major Ukrainian tech publication. Runs an annual ranking of th...
● Total number of deals in 2016: 87
● Seed stage: 73 deals (58 in 2015)
● Round B stage: 1 (4 in 2015)
● 13 Undisclosed de...
● Total capital invested: $88mln,
125% up over 2014 and 33%
down over 2015 (due to several
one-off large growth stage deal...
6
11
31
2
8
5
45
$132m
2015
54
2
7
$20m
33
16
14
2010
18
22
2014
21
26
$39m
18
2013
2
20
10
15
$89m
11
2
9
28
2012
$59m
8
...
● Median value deals are the
most attractive in 2016 –
24 deals in $100-500k sector
● Number of $0-100k value
deals is als...
● Average ticket at the seed
stage – $525k
● Undisclosed deals,
average - $2,2 mln
● 44% of capital invested at the
seed s...
Seed Stage Deal Volume by
segments, number of deals
Seed Stage Deal Value by
segments, $M
● The most active segment of
inv...
● Russian investors completed
one of the biggest deals by
value - $20 mln (Busfor)
● Ukrainian capital prevails in the
maj...
Quantity
Number of eligible startups
grew 3 times versus 2015,
however investors surveyed
noted that there is still room f...
Top 10 Startups according to AIN.ua rating
*AIN - a major Ukrainian tech publication. Runs an annual ranking of the countr...
For investors to identify a
startup as Ukrainian, its core
team or R&D center must be
based in Ukraine.
Certain investors ...
Capital of Ukraine was added
at Top 10 least expensive cities
for living. It helps to reduce
operation costs for companies...
Ukrainian Venture Capital & Private Equity Overview 2016 22
World Bank Doing Business
Economies are ranked on their ease o...
Legal novels of Ukrainian IT market in 2016
Ukrainian Venture Capital & Private Equity Overview 2016 23
The year 2016 was ...
Legal novels of Ukrainian IT market in 2016
Ukrainian Venture Capital & Private Equity Overview 2016 24
Export of IT servi...
Ukrainian pavilion at CES
2017 for the first time in the history of CES Ukraine presented its
national expo, which was joi...
In frames of the World Economic Forum in Davos, which took
place on January 2017, two Ukrainian investment-oriented
events...
Ukrainian Venture Capital and Private Equity
Association (UVCA) was established in mid-2014 and
unites more than 40 member...
UVCA members
Ukrainian Venture Capital & Private Equity Overview 2016 28
UVCA members
Ukrainian Venture Capital & Private Equity Overview 2016 29
Olga Afanasyeva
Executive Director
ceo@uvca.eu
www.uvca.eu
Contacts
Marianna Yarosh
Head of of Research Committee
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Ukrainian Venture Capital and Private Equity Overview 2016

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There were 87 investment deals with Ukrainian innovative companies in 2016 , which is 32% more than in 2015 - such a data was presented by the Ukrainian Venture Capital and Private Equity Association (UVCA) in its annual market overview. The overview has gathered information on venture, private equity and angel investment deals - their total volume is accounted in 88 mln. USD in 2016. The amount of investments over the past 5 years growth to 400 mln. At the same time, the volume of investment deals decreased on 33% since 2015 (including 13 undisclosed deals), but still is higher than in 2014 at 125%. The reason is few deals in 2015 amounted in dozens of millions.
Distinguishing feature of the market in 2016 is the prevalence of seed-stage deals. Thereby among all deals 73 were made at the seed-stage with the average amount of ticket over 500K USD. So we can expect that these initially invested companies will attract bigger investments in future.

The average ticket amount (on all stages) has grown up to 1M USD in 2016.

Published in: Investor Relations
  • Useful information. Could you please clarify: does the mentioned volume of 88 mln $ include Privat Equity deals in Ukraine?
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  • -= BTW Great info!.... Also you can send your pitchdeck to thousands of VC's and Angel's with just 1 click. Visit: Angelvisioninvestors.com
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Ukrainian Venture Capital and Private Equity Overview 2016

  1. 1. Ukrainian Venture Capital and Private Equity overview 2016
  2. 2. Special thanks Marianna Yarosh, Noosphere Ventures, Head of Research Committee UVCA Yurii Sachenok, Concorde Capital Alexander Bartkovyak, Concorde Capital Yuliya Sychikova, AVentures Capital Iegor Vernoslov, EY Ukraine Konstantin Vasiuk, 4i Capital Partners Anna Zorya, Arzinger
  3. 3. Foreword Ukrainian Venture Capital & Private Equity Overview 2016 3 Last year UVCA released the first Ukrainian Venture Capital and Private Equity Overview. Our aim as the Association is to encourage the development of Ukrainian venture ecosystem with its achievements, showing the reliable and accurate data. 2016 was marked by the entrance of international investors, to the market by becoming UVCA members. We also hope that ukrainian startups will grow not only in quantity (today there are about 3000 in Ukraine), but also qualitatively. This will be an additional motivation for the investment increase and the rise even more international investors. As the voice of private capital in Ukraine, our Association leans to bring the investment market players together and support collaboration between them. Another objective of the mission is the improvement of Ukrainian investment climate. UVCA Legal Committee is steadily working on the creation of necessary legal environment for investors in our country in order to let both local and foreign investors benefit from the favorable conditions created. It will also give market players the assurance of safety and lead the decrease of number of undisclosed deals (today this rate is 14%) so that will show us few times better investments volume rate. We are actively working on the creation and delivering country’s image at the international scene by applying our efforts and involving partners, stirring up market players. We hope that you share our vision and join us in spreading the latest information presented in our researches. Look forward to hearing from you as far as UVCA is open not only for new members but also for new partners. Let`s shape the market together and prove that it is definitely worth to INVEST IN UKRAINE! Olga Afanasyeva Executive director of UVCA, PhD in Finance
  4. 4. Foreword Ukrainian Venture Capital & Private Equity Overview 2016 4 Every year we see more and more Ukrainian success stories in the sphere of high technologies. Making the Overview, we investigated investments in IT companies in 2016 – it gave us the understanding of market’s structure. About 100 companies were invested last year, which is a very high indicator that shows interest of investors, international ones in particular. As we can see, today more and more Silicon Valley funds have portfolio companies from Ukraine so that is the signal to the whole world – it is possible and necessary to invest in Ukraine. Ukrainian IT sector is growing and developing every year. World’s community already knows about the technological (engineering) talent of Ukrainians, which is why many outsourcing companies are successfully operating in the country. According to PWC, Ukrainian market of IT outsourcing has all the opportunities to grow up to $ 5-7 billion in the near future. At the same time, despite the capacity of the outsourcing market is now the greatest, startups and product IT companies are running the leadership in terms of capitalization. Today there are about 3000 startups of different directions being developed in Ukraine. The investment activity of 2015, shown in the Overview 2015, became the catalyst for the growth of transactions. When the world saw the success of IT companies in the global market, the number of investments has begun increasing. Taking into account the average time for a deal, which is 8-12 months, we can expect a further growth of investment transactions and deals’ amounts. We hope that the collected data will give an understanding of not only about the current situation at the investment and IT market of Ukraine, but show its prospects and competitiveness. Andrey Kolodyuk Chairman of UVCA Supervisory Board, Founder & Managing partner, AVentures Capital
  5. 5. • 87 deals (32% growth in number 2016 vs 2015) • $88 mln total capital invested* (125% up over 2014) • $525k average deal size at Seed stage (31% growth in average 2016 vs 2015) • 8 exits by VC and PE funds • Ukrainian capital prevails in the majority of deals on the Ukrainian market • Ukrainian startups should have a main part of the team or R&D center based in Ukraine according to investors’ view Industry snapshot 2016 Note: here and throughout the report investments include VC, PE and Angel capital Ukrainian Venture Capital & Private Equity Overview 2016 5
  6. 6. 7 16 10 9 7 UVCA released the first in Ukraine Investors Book, displaying current players’ activity, sectors of interest and portfolio. There are 31 funds operating in Ukraine, consisting of 5 incubators and accelerators, 1 corporate fund, 17 venture capital funds, and 8 private equity funds. Investors overview Source: Investors Book by UVCA Ukrainian Venture Capital & Private Equity Overview 2016 6 Investment stages considered by funds 5 1 17 8 Seed Pre-seed A B Growth
  7. 7. Portfolio & average ticket Investment funds in Ukraine usually have around 20 companies in portfolio. The average ticket varies from $50k to over $10 million Investments stages The prevalent number of funds operating in Ukraine focus on the Seed stage Geographical focus Most investors seek to diversify their portfolio and are looking for projects with international presence beyond Ukraine Investors overview (cont’d) Source: Investors Book by UVCA Ukrainian Venture Capital & Private Equity Overview 2016 7
  8. 8. > 65% of investors expect an increase in VC investments in 2017 > 50% of investors expect an increase in Private equity investments in 2017 6 of investors met their expectations for 2016 Investment Outlook Market participants expect an increase in investment activity in 2017 over previous years. Exits 8 successful exits in 2016. We expect more success stories as political and economic conditions improve. Investors overview (cont’d) Source: UVCA Investor Survey, April 2017 Ukrainian Venture Capital & Private Equity Overview 2016 8 68% exits by VC funds 2exits in private equity
  9. 9. Fundraising outlook A certain number of investors is undergoing the fundraising process in different stages. According to UVCA’s Investor Survey, 15 investors started their fundraising plans for 2017. Fundraising Source: Horizon Capital Ukrainian Venture Capital & Private Equity Overview 2016 9 Horizon Capital is in the final stages of fundraising and expects to attract up to USD 37.5mln from Overseas Private Investment Corporation (OPIC) into the Emerging Europe Growth Fund III, L.P. This fund seeks to invest in fast-growing, mid-size, export-oriented companies in Ukraine and Moldova with the potential of growth from local to regional market leaders.
  10. 10. The most active investors 2016 according to AIN.ua *AIN - a major Ukrainian tech publication. Runs an annual ranking of the country’s startups. Ukrainian Venture Capital & Private Equity Overview 2016 10
  11. 11. ● Total number of deals in 2016: 87 ● Seed stage: 73 deals (58 in 2015) ● Round B stage: 1 (4 in 2015) ● 13 Undisclosed deals ● Local investors: 19 (34 in 2015) ● Average ticket: total $1.01mln: $525k at the seed stage, $20 mln at the B Stage, $2.2 mln are undisclosed deals Highest number of deals since 2010 Source: "Dealbook of Ukraine 2014-2015” by Ukraine Digital News and AVentures Capital; Inventure; UVCA research Ukrainian Venture Capital & Private Equity Overview 2016 11 Note: 2016 including aggregated 17 seed deals ($5.4mln) and 13 undisclosed deals ($29mln) 20142013201220112010 2015 2016 Round A Seed Round B 78 55 48 24 11 58 73 8 14 9 5 2 4 13 4 1 1 2 1 Growth Undisclosed 86 71 58 29 14 66 87
  12. 12. ● Total capital invested: $88mln, 125% up over 2014 and 33% down over 2015 (due to several one-off large growth stage deals) ● Seed stage: $38.36 mln ● Round B stage: $20 mln ● Undisclosed deals account in $29.21 mln Total investments dropped by 33%, to $88 million Source: "Dealbook of Ukraine 2014-2015” by Ukraine Digital News and AVentures Capital; Inventure; UVCA research Ukrainian Venture Capital & Private Equity Overview 2016 12 Note: including aggregated 17 seed deals ($5.4mln) and 13 undisclosed deals ($29mln) 20142013201220112010 2015 2016 Round A Seed Round B 18151516 4 22 38 Growth Undisclosed Total 39 89 59 24 20 88 22 51 33 8 6 9 20 22 12 10 101 29 132 -128% +125%
  13. 13. 6 11 31 2 8 5 45 $132m 2015 54 2 7 $20m 33 16 14 2010 18 22 2014 21 26 $39m 18 2013 2 20 10 15 $89m 11 2 9 28 2012 $59m 8 6 48 29 54 $24m 2011 2 7 Online services Software Mobile Enterprise E-commerce Consumer Internet Other Education 12 55 5 9 $88m 2016 The largest y-o-y growth – Online Services – up by 44% Deals by segments, percentage 9 2 Relative deal volume of investments across key Internet sectors, 2010-2016 Source: "Dealbook of Ukraine 2014-2015” by Ukraine Digital News and AVentures Capital; Inventure; UVCA research Ukrainian Venture Capital & Private Equity Overview 2016 13 Note: excluding undisclosed and aggregated data (Includes follow-on, media for equity and bridge round deals. Excludes crowdfunding and grants)
  14. 14. ● Median value deals are the most attractive in 2016 – 24 deals in $100-500k sector ● Number of $0-100k value deals is also growing, while seed stage is rapidly accelerating as well Deal value brackets 14 Note: excluding undisclosed and aggregated data Note: 2015 and 2016F are based on interviews conducted in the course of EY Ukraine & UVCA Investor Survey, April 2016. 2016 is based on actual deals in 2016 $10 - 100M$1 - 10M$500k - 1M$100-500k$0-100k > $100M TOTAL 6 14 24 11 9 9 27 19 6 4 2 2 3 3 2 1 1 1 2 54 Online services E-commerce Other Source: "Dealbook of Ukraine 2014-2015” by Ukraine Digital News and AVentures Capital; Inventure; UVCA research Ukrainian Venture Capital & Private Equity Overview 2016
  15. 15. ● Average ticket at the seed stage – $525k ● Undisclosed deals, average - $2,2 mln ● 44% of capital invested at the seed stage, and the number of seed stage deals is dominant at 84% Structure of capital invested in Ukrainian Internet sector in 2016 Source: "Dealbook of Ukraine 2014-2015” by Ukraine Digital News and AVentures Capital; Inventure; UVCA research Ukrainian Venture Capital & Private Equity Overview 2016 15 Note: including aggregated 17 seed deals ($5.4mln) and 13 undisclosed deals ($29mln) Deal Volume by stages, number of deals Deal Value by stages, $M UndisclosedSeries ASeed Series B 87 13 88 1 73 29 20 38
  16. 16. Seed Stage Deal Volume by segments, number of deals Seed Stage Deal Value by segments, $M ● The most active segment of investments is Online Services - 16 deals ● $9 mln were invested in Online Services at the Seed Stage Deals Seed Stage Deals by segment Source: "Dealbook of Ukraine 2014-2015” by Ukraine Digital News and AVentures Capital; Inventure; UVCA research Ukrainian Venture Capital & Private Equity Overview 2016 16 Note: excluding undisclosed and aggregated data E-commerce Hardware Consumer Internet Other Software Online services AIMobile Sales Agtech Education 56 4 33 1 7 9 13 9 5 4 1 1 2 2 <1 5 9 7 5 1 1 <1<1 3
  17. 17. ● Russian investors completed one of the biggest deals by value - $20 mln (Busfor) ● Ukrainian capital prevails in the majority of deals on the Ukrainian market Origin of capital Source: "Dealbook of Ukraine 2014-2015” by Ukraine Digital News and AVentures Capital; Inventure; UVCA research Ukrainian Venture Capital & Private Equity Overview 2016 17 Note: excluding undisclosed and aggregated data UkraineRussiaUS International EU Capital structure by country 2016, $M Capital structure by country 2016, number of deals 48 6 44 1 20 5 18 11 1 12 9 9
  18. 18. Quantity Number of eligible startups grew 3 times versus 2015, however investors surveyed noted that there is still room for new projects Quality Perception of founders professional level improved year over year, however investor expectations are rising as well Startups snapshot Source: UVCA Investor Survey, April 2017 Ukrainian Venture Capital & Private Equity Overview 2016 18 Startups quality and quantity Number of targets for investment Professional level of projects in Ukraine 45%55% 55%45%
  19. 19. Top 10 Startups according to AIN.ua rating *AIN - a major Ukrainian tech publication. Runs an annual ranking of the country’s startups. Ukrainian Venture Capital & Private Equity Overview 2016 19 Sixa A full computer that operates right from the cloud via a client app eTachki The first in Ukraine online auction for the sale of cars Mobalytics Personal performance analytics for competitive gamers and esports People.ai System for empowers sales leaders to be more effective Allset Wait-free dining experience at restaurants Hideez An electronic hardware manufacturer specializing in cybersecurity and authentication devices and services Ajax Systems Smart security systems and sensors for homes SolarGaps Smart blinds that generate electricity Wishround An online platform that enables its users to choose online gifts and share them with friends on social media networks LifeTracker AI based context aware mobile app that reminds to do right things at the right time
  20. 20. For investors to identify a startup as Ukrainian, its core team or R&D center must be based in Ukraine. Certain investors are looking for Ukrainian born founders who own at least 50% of shareholders equity in the company. 'Ukrainian' startup, the definition Source: UVCA Investor Survey, April 2017 Ukrainian Venture Capital & Private Equity Overview 2016 20 No less than 50% founders - Ukrainians The major part of the team or R&D center in Ukraine The company is registered in Ukraine 100% founders - Ukrainians 17% 4% 70% 9%
  21. 21. Capital of Ukraine was added at Top 10 least expensive cities for living. It helps to reduce operation costs for companies based in our country. 100+ multinational R&D centers* are based in Ukraine, including Samsung, Huawei, Siemens, Magento, Playtech etc. Ukraine - international rankings Ukrainian Venture Capital & Private Equity Overview 2016 21 Based on 113 cities surveyed in September 2016 Cost of living index The ten most/least expensive cities Source: Economist Intelligence Unit (economist.com) Source: Hi-Tech Ukraine
  22. 22. Ukrainian Venture Capital & Private Equity Overview 2016 22 World Bank Doing Business Economies are ranked on their ease of doing business, from 1–190. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. 8180 55% 45% Innovation Index This is the highest ranking of the GII that Ukraine has attained, led by raising eight positions up in the Innovation Input Sub-Index (76th) and raising seven places up in the Innovation Output Sub-Index (40th). Ukraine’s ranking in the Innovation Efficiency Ratio has also improved by three points to the 12th place in rating (and 10th in the region), which is one of the economy’s relative strengths in 2016. Source: The Global Innovation Index 2016 - Cornell University, INSEAD, and the World Intellectual Property Organization Source: The World Bank doingbusiness.org 2016 2017 +1 spot up 64 56 2015 2016 +8 spots up Ukraine - international rankings
  23. 23. Legal novels of Ukrainian IT market in 2016 Ukrainian Venture Capital & Private Equity Overview 2016 23 The year 2016 was marked by a significant novelty in the corporate law. In particular, successful steps were taken to reforming and bringing Ukrainian legislation and case law into the compliance with the European standards. 2016 may be described as the year of new trends and opportunities. Thus, the important and long-awaited Law on the Protection of Investors Rights dated 7 April 2015 No. 289-VIII was enacted, which came into effect on 1 May 2016. The Law introduces a number of novelties into Ukrainian corporate law aimed at improving the level of protection for domestic and foreign investors in Ukraine and, as a result, to improve Ukraine’s position in the Doing Business rating. The Law abolishing the mandatory state registration of foreign investment dated 31 May 2016 No.1390-VIII was finally adopted. The Law introduces the application-based principle for recording investments through submission of statistical information on investments made. The introduction of such changes will ensure the approximation of Ukrainian laws to the EU standards, simplify the procedure for attracting foreign investments and will facilitate the recovery of the State economy. In turn, the end of the year was marked by the adoption of the antiraider law dated 6 October 2016 No.1666-VIII, which abolishes the so-called "general" extraterritoriality principle and introduces the mandatory notarial certification of signatures of a legal entity’s shareholders on resolutions of its general shareholders’ meetings/ other management bodies, amending the records contained in the Unified State Register regarding the legal entity. To bring the Ukrainian corporate law into compliance with the world standards, it is primarily necessary to adopt the law on limited liability and additional liability companies. The adoption of the new law will allow considerably improving the conditions for activities of limited liability and additional liability companies and creating an attractive alternative for many Ukrainian companies and foreign investors.
  24. 24. Legal novels of Ukrainian IT market in 2016 Ukrainian Venture Capital & Private Equity Overview 2016 24 Export of IT services IT services worth around USD 3 billion were exported from Ukraine in 2016. Therefore it is hard to overestimate the importance of removing the administrative barriers for the export of Ukrainian IT services adopted in November 2016 by the Law "On lifting administrative barriers for the export of services" for industry and foreign customers (investors). Particularly, the Law stipulates the following: ● Foreign economic agreements may be concluded in electronic form, inter alia through billing (invoicing), including in electronic form; ● Using transfer and acceptance certificates to confirm the completion of work or provision of services is not a must; ● It is no longer mandatory to translate documents into Ukrainian, if they are drawn up in English; ● Currency control requirements do not extend to export transactions with services and IP rights. Tax Most IT specialists and not large IT companies enjoyed simplified taxation system during 2016 paying 5% (amount of unified tax for the 3rd unified group payers if VAT is included in the unified tax) from the amount of their income. Worth noting that conditions of simplified taxation system were toughened in 2016, - particularly tax rates for the 3rd unified group payers became higher and threshold of annual income providing opportunity to be unified taxpayer became lower from UAH 20 mln to UAH 5 mln. Currency regulation The year 2016 was as well marked by gradual currency regulation liberalization which continuous in 2017 and results particularly in the following: ● dividends, accrued for the period of 2014-2016, are permitted to be repatriated; ● an amount of foreign currency proceeds transferred from abroad to accounts, opened with Ukrainian banks, and subjected to mandatory sale at the interbank market, has been reduced from 65% to 50%; ● placement of funds in foreign currency by individuals into accounts opened abroad, provided that such funds were originated outside Ukraine (salaries, dividends etc.), is no longer subject to obtaining a respective individual license of the NBU.
  25. 25. Ukrainian pavilion at CES 2017 for the first time in the history of CES Ukraine presented its national expo, which was jointly organized by UVCA and Western NIS Enterprise Fund (WNISEF). To choose the best 8 companies that are worthwhile to be exhibited in frames of the first national expo, UVCA organized contest “UVCA Challenge: CES Edition”. Hideez Your only digital key SolarGaps Green energy available to everyone Ecoisme Discover your home power Tecnhovator Remote wireless charging Cardiomo Saves your life Raccoon.world Tactile virtual world Wider Unique multivision solution Luciding Dream what you are dreaming about UVCA achievements for investors, startups and Ukraine Ukrainian Venture Capital & Private Equity Overview 2016 25
  26. 26. In frames of the World Economic Forum in Davos, which took place on January 2017, two Ukrainian investment-oriented events were held by UVCA. Ukrainian Davos Nights gathered more than 400 participants of the World Economic Forum: investors, entrepreneurs, media representatives to let them learn more about Ukraine’s achievements, partnership opportunities in IT and investment sectors. The main goal of these jointly organized Ukrainian business events was to position Ukraine not only as the new technological leader but also as the country where new international R&D centers are being opened and people are making successful investments. Read more: http://uvca.eu/en/news/ukrainian-davos-nights Ukrainian Davos Nights 2017 26Ukrainian Venture Capital & Private Equity Overview 2016
  27. 27. Ukrainian Venture Capital and Private Equity Association (UVCA) was established in mid-2014 and unites more than 40 members - private equity and venture funds, accelerators, incubators, educational institutions, and non-government organizations that make significant impact on the development of Ukrainian investment market. UVCA aims to remove the gap, by channeling the power of its network into better awareness and investment climate by proving that it is worthwhile to INVEST IN UKRAINE. http://uvca.eu https://www.facebook.com/uvca.eu/ https://twitter.com/uvca_official Learn more about what do we do: http://uvca.eu/en/about About UVCA Ukrainian Venture Capital & Private Equity Overview 2016 27
  28. 28. UVCA members Ukrainian Venture Capital & Private Equity Overview 2016 28
  29. 29. UVCA members Ukrainian Venture Capital & Private Equity Overview 2016 29
  30. 30. Olga Afanasyeva Executive Director ceo@uvca.eu www.uvca.eu Contacts Marianna Yarosh Head of of Research Committee

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