Kreston Ukraine, together with Ukrainian Venture Capital and Private Equity Association (UVCA), AVentures, and ISE Corporate Accelerator, is pleased to present the results of the annual Ukraine Deal Review 2021, also covering 3 months of 2022.
In 2021, Ukrainian startups attracted venture capital investments worth USD 779.6 million, 46% more than in 2020. Like in a previous period, Ukrainian Startup Fund (USF) accounted for about half of the deals (47%). Investments attributed to private equity reached 82.8 million USD, and these are only agreements with the disclosed amount.
In 2021, six new players joined the Ukrainian venture capital market. GEEK Ventures, SID Venture Partners, ZAS Ventures, ANCHOR, and PAWA offer Ukrainian startups financing of around USD 0.5 million, along with their experience and expertise. World-renowned companies also did not ignore Ukraine last year: 19 of them opened their R&D centers, offices, and engineering hubs in Ukraine.
In the first quarter of 2022, the development of private technology investment markets did not halt despite the large-scale Russian aggression. In January–March 2022, 11 venture capital deals of USD 11.5 mln, 3 private equity deals of USD 4 mln, and 8 exits of USD 135 mln already took place. International companies went on establishing new R&D centers and offices in Ukraine. In addition, global technology companies, EU countries, and Ukrainian IT communities have offered Ukrainian startups several support programs.
For the first time investments in Ukrainian startups and IT companies have reached a half-billion mark in a year. Such data was presented by Ukrainian Venture Capital and Private Equity Association (UVCA) in its annual market overview in partnership with Deloitte.
The total volume of venture investments into Ukrainian IT companies has reached $510M, which is one and a half times more than the maximum of 2018. The number of deals in 2019 was almost the same as in 2018: 111 deals compared to 115 in 2018.
In 2019, the volume of M&A transactions increased by 18 times. 15 M&A deals have totaled $460M while in 2018 there were 7 transactions worth $25.2M.
The increase of Angel Investments by 7 times in 2019 has been shown in the amount of $6.1M compared to $0.9M in 2018.
2019 was marked by 29 exits of Ukrainian investors, with the average transaction check growing by 78% to $5.7M. Software companies have been leading in the number of deals and their volume, moving the “online service” sector to second place. The volume of TOP-10 transactions has almost doubled to $456M. By geography, 90% of the attracted investments were inflow from the USA.
The amount of VC investments over the last 8 years grew to $1.5 billion.
We can expect the companies mentioned in the report to attract larger investments in the near future.
If you represent VC or PE fund, Angel Investor and have an interest in the market, contact us at ceo@uvca.eu.
The DealBook is our annual overview of the Ukrainian tech investment industry. This edition comprehensively covers the full year 2021 and the first deals of 2022
The DealBook is our annual overview of the Ukrainian tech investment industry. This edition comprehensively covers the full year 2023 and the first deals of 2022.
The Ukrainian Venture Capital and Private Equity Association (UVCA) and the audit and consulting company Kreston Ukraine present the “Ukraine venture capital and private equity markets 2020” annual review, which also includes data for 8 months of 2021.
According to the results of 2020, Ukrainian technology companies and their investors closed 188 deals with investors worth USD 533.5 million. About 50% of the deals are small grants (25 and 50 thousand USD) from the Ukrainian Startup Fund. For 2020—2021, it has invested USD 5.3 million in Ukrainian projects.
Just three years ago, Ukraine did not have a single unicorn among its startups. Nowadays, as many as five of them — Gitlab, Grammarly, Bitfury, People.ai, and Ring — raised USD 1.3 bln funding and dominate the global market.
In this review, we analysed the key market trends, such as “investment focus on software projects”, “increase of foreign investors in the Ukrainian market”, “growing quality of Ukrainian startups and their interest in smart money” for the first time. The key drivers and barriers to market development were identified — the respondents noted that despite the imperfect regulatory framework, the country still has enough private capital to promote the sector.
Generally, all market players are unanimous in their outlooks and are quite optimistic about further market development. According to 81% venture and 67% private equity investors surveyed, all quantitative indicators are likely to grow, and high-tech industries traditionally represent the most promising ones.
Ukrainian investors primarily point to the experience and qualification of the team (according to 94% venture and 17% private equity investors surveyed) and the market potential of the business idea (according to 82% venture and 83% private equity investors surveyed), among the key factors for investment decisions. On the other hand, when choosing an investor, startups consider their industry expertise, investment terms, and ‘smart money’ they can get.
The study results show that Ukrainian companies offer attractive, relevant, and globally competitive solutions and demonstrate sustainability and adaptability in COVID-19. Ukraine is gradually transforming from a talent and idea exporter into a big international venture capital market player.
For the first time investments in Ukrainian startups and IT companies have reached a half-billion mark in a year. Such data was presented by Ukrainian Venture Capital and Private Equity Association (UVCA) in its annual market overview in partnership with Deloitte.
The total volume of venture investments into Ukrainian IT companies has reached $510M, which is one and a half times more than the maximum of 2018. The number of deals in 2019 was almost the same as in 2018: 111 deals compared to 115 in 2018.
In 2019, the volume of M&A transactions increased by 18 times. 15 M&A deals have totaled $460M while in 2018 there were 7 transactions worth $25.2M.
The increase of Angel Investments by 7 times in 2019 has been shown in the amount of $6.1M compared to $0.9M in 2018.
2019 was marked by 29 exits of Ukrainian investors, with the average transaction check growing by 78% to $5.7M. Software companies have been leading in the number of deals and their volume, moving the “online service” sector to second place. The volume of TOP-10 transactions has almost doubled to $456M. By geography, 90% of the attracted investments were inflow from the USA.
The amount of VC investments over the last 8 years grew to $1.5 billion.
We can expect the companies mentioned in the report to attract larger investments in the near future.
If you represent VC or PE fund, Angel Investor and have an interest in the market, contact us at ceo@uvca.eu.
The DealBook is our annual overview of the Ukrainian tech investment industry. This edition comprehensively covers the full year 2021 and the first deals of 2022
The DealBook is our annual overview of the Ukrainian tech investment industry. This edition comprehensively covers the full year 2023 and the first deals of 2022.
The Ukrainian Venture Capital and Private Equity Association (UVCA) and the audit and consulting company Kreston Ukraine present the “Ukraine venture capital and private equity markets 2020” annual review, which also includes data for 8 months of 2021.
According to the results of 2020, Ukrainian technology companies and their investors closed 188 deals with investors worth USD 533.5 million. About 50% of the deals are small grants (25 and 50 thousand USD) from the Ukrainian Startup Fund. For 2020—2021, it has invested USD 5.3 million in Ukrainian projects.
Just three years ago, Ukraine did not have a single unicorn among its startups. Nowadays, as many as five of them — Gitlab, Grammarly, Bitfury, People.ai, and Ring — raised USD 1.3 bln funding and dominate the global market.
In this review, we analysed the key market trends, such as “investment focus on software projects”, “increase of foreign investors in the Ukrainian market”, “growing quality of Ukrainian startups and their interest in smart money” for the first time. The key drivers and barriers to market development were identified — the respondents noted that despite the imperfect regulatory framework, the country still has enough private capital to promote the sector.
Generally, all market players are unanimous in their outlooks and are quite optimistic about further market development. According to 81% venture and 67% private equity investors surveyed, all quantitative indicators are likely to grow, and high-tech industries traditionally represent the most promising ones.
Ukrainian investors primarily point to the experience and qualification of the team (according to 94% venture and 17% private equity investors surveyed) and the market potential of the business idea (according to 82% venture and 83% private equity investors surveyed), among the key factors for investment decisions. On the other hand, when choosing an investor, startups consider their industry expertise, investment terms, and ‘smart money’ they can get.
The study results show that Ukrainian companies offer attractive, relevant, and globally competitive solutions and demonstrate sustainability and adaptability in COVID-19. Ukraine is gradually transforming from a talent and idea exporter into a big international venture capital market player.
Investors Book 2021 - catalog for investors and startups that will allow them to connect in a reliable, efficient way to make ‘perfect match’.
The Investors Book 2021 was created by the Ukrainian Venture Capital and Private Equity Association (UVCA) supported by the USAID through its Competitive Economy Program in Ukraine (USAID CEP) and the Ministry of Digital Transformation of Ukraine.
The main goal of this overview is to give the complex picture of what blockchain industry in Ukraine is like - companies in which areas are present on the market, who are they, how the industry was formed and what are the current needs of blockchain sector in Ukraine.
Deal Book: Ukrainian Venture Capital and Private Equity Overview 2022-2023Mind UA
This research covers the period from the beginning of 2022 to the end of the Q1/2023 – five quarters during which Ukraine was engulfed in the flames of war.
The study was conducted by the Ukrainian Venture Capital and Private Equity Association (UVCA) and business media Mind.ua.
Yet, despite predictions, the Ukrainian venture market has shown remarkable resilience and self-renewal capacity in conditions we have never faced before.
The trend is illustrated by the number of investments, which has reached nearly 200 deals. Moreover, their number has almost doubled, if compared with 2021 – the last pre-war year.
The total investment in projects with Ukrainian roots during the war year exceeded $880 million, but the lion’s share consisted of investments in the top five start-ups. This trend has persisted for several years in a row.
The Ukrainian ecosystem has already produced 7 unicorns. However, we see similar potential in another 50 companies. Over 20 years, we have built a very large ecosystem, which gives potential for growing unicorns. And therefore, it’s worth investing in funds focused on Ukraine. 17 funds with a total volume of $1.4 billion have already been fundraising intensively.
Ukraine Dealbook IT and Internet Market 2012-14Yevgen Sysoyev
The comprehensive overview of venture market in Ukraine and all tech deals in 2012-14, overview of key trends, players and Ukrainian venture ecosystem
Subscribe to @YevgenSysoyev to receive updates
Downloadable version is here:
http://www.ewdn.com/files/ua_dealbook.pdf
Key findings:
https://prezi.com/y_gg35xswhcr/the-deal-book-of-ukraine/
Investors Book is the first overview that has gathered Ukrainian investment market players displaying their current activity, spheres of interest, portfolio. According to the book, there are 33 active funds operating in Ukraine, 5 of those are incubators and accelerators, 1 corporate fund, 19 venture capital funds, 8 private equity funds.
Vol. 2 updated in July 2017.
Vietnam Foreign Investment Outlook for 2022 and beyondFiinGroup JSC
Vietnam: Foreign Investment Outlook 2022 and beyond
Common Requests in Sourcing Reliable Business Information and
Market Insights in Vietnam and FiinGroup's Solutions
Does VCs really add value? This is a study about the venture capitalist’s value-add. By Carl Fritjofsson (Creandum) and Henri Deshays (NewFund) in collaboration with Kauffman Fellows.
Initial Coin Offerings (ICOs): The Class of 2017 - one year laterEY
In the first half of 2018, 86% of the leading initial coin offerings (ICOs) that listed on a cryptocurrency exchange in 2017 are below their initial listing price and a portfolio of these ICOs is down by 66% since the peak of the market at the beginning of this year, according to a study from EY, Initial Coin Offerings: The Class of 2017 – one year later, that examined the ICOs’ progress and investment returns.
Global banking outlook 2018: pivoting toward an innovation-led strategyEY
Banks are seeking to become digitally mature, completing the transition from regulatory-driven transformation to innovation-led change. EY’s Global banking outlook 2018 survey provides actionable insights for banks as they prepare.
EY Price Point: global oil and gas market outlook, Q2 April 2021EY
The theme for this quarter is governed. Apparent market balance at prices that could be sustainable is the product of calculated choices by market leaders and the cooperation of those who follow them. Economics played their customary role as well, with capital scarcity in North America taking about 2 million barrels per day out of the market, about half of the remaining gap in demand. While inventories are close to their pre-COVID-19 levels, there is still uncertainty. The resolution of the pandemic is in sight, but timing is unclear. Vaccine distribution in the US is having an impact but Europe is struggling to contain a third wave of infections. The taps have opened on economic stimulus, but it remains to be seen if policymakers have done enough or if they have overshot the mark.
The shape of the crude oil forward curve has fundamentally changed since the end of the last quarter. In late December of last year, the Brent forward curve was gradually increasing while today, the curve is backwardated. This is a clear sign that the market sees a short-term dynamic that is disconnected from the medium-to-long-term fundamentals. The lasting impact of the COVID-19 pandemic remains to be seen. While many have opined that COVID-19 marks a turning point in energy transition, the IEA recently released a five-year forecast of oil demand that shows steady growth, albeit at rates that are below historical expectations.
Gas markets are a paradox. At the Henry Hub and at LNG destinations, demand grows, investment lags and prices will occasionally attract attention. Traders, so far though, are unconvinced and futures prices don’t indicate imminent scarcity at any link in the value chain.
China Exit or Co-Investment Opportunities for German PE InvestorsL.E.K. Consulting
L.E.K.'s Karin von Kienlin recently presented at BVK on a study conducted by L.E.K. Munich and Shanghai. They wished to:
- Understand developments in Chinese equity investments in both the domestic China / pan-Asian market and cross-border investments between China and Germany / Europe
- Identify trends in likely future investment behavior and its drivers
- Defining success factors both for Chinese and German investors / corporates as to how to benefit from the potential opportunities of cross-border investments and cooperation
Learn more in the presentation here.
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.
Investors Book 2021 - catalog for investors and startups that will allow them to connect in a reliable, efficient way to make ‘perfect match’.
The Investors Book 2021 was created by the Ukrainian Venture Capital and Private Equity Association (UVCA) supported by the USAID through its Competitive Economy Program in Ukraine (USAID CEP) and the Ministry of Digital Transformation of Ukraine.
The main goal of this overview is to give the complex picture of what blockchain industry in Ukraine is like - companies in which areas are present on the market, who are they, how the industry was formed and what are the current needs of blockchain sector in Ukraine.
Deal Book: Ukrainian Venture Capital and Private Equity Overview 2022-2023Mind UA
This research covers the period from the beginning of 2022 to the end of the Q1/2023 – five quarters during which Ukraine was engulfed in the flames of war.
The study was conducted by the Ukrainian Venture Capital and Private Equity Association (UVCA) and business media Mind.ua.
Yet, despite predictions, the Ukrainian venture market has shown remarkable resilience and self-renewal capacity in conditions we have never faced before.
The trend is illustrated by the number of investments, which has reached nearly 200 deals. Moreover, their number has almost doubled, if compared with 2021 – the last pre-war year.
The total investment in projects with Ukrainian roots during the war year exceeded $880 million, but the lion’s share consisted of investments in the top five start-ups. This trend has persisted for several years in a row.
The Ukrainian ecosystem has already produced 7 unicorns. However, we see similar potential in another 50 companies. Over 20 years, we have built a very large ecosystem, which gives potential for growing unicorns. And therefore, it’s worth investing in funds focused on Ukraine. 17 funds with a total volume of $1.4 billion have already been fundraising intensively.
Ukraine Dealbook IT and Internet Market 2012-14Yevgen Sysoyev
The comprehensive overview of venture market in Ukraine and all tech deals in 2012-14, overview of key trends, players and Ukrainian venture ecosystem
Subscribe to @YevgenSysoyev to receive updates
Downloadable version is here:
http://www.ewdn.com/files/ua_dealbook.pdf
Key findings:
https://prezi.com/y_gg35xswhcr/the-deal-book-of-ukraine/
Investors Book is the first overview that has gathered Ukrainian investment market players displaying their current activity, spheres of interest, portfolio. According to the book, there are 33 active funds operating in Ukraine, 5 of those are incubators and accelerators, 1 corporate fund, 19 venture capital funds, 8 private equity funds.
Vol. 2 updated in July 2017.
Vietnam Foreign Investment Outlook for 2022 and beyondFiinGroup JSC
Vietnam: Foreign Investment Outlook 2022 and beyond
Common Requests in Sourcing Reliable Business Information and
Market Insights in Vietnam and FiinGroup's Solutions
Does VCs really add value? This is a study about the venture capitalist’s value-add. By Carl Fritjofsson (Creandum) and Henri Deshays (NewFund) in collaboration with Kauffman Fellows.
Initial Coin Offerings (ICOs): The Class of 2017 - one year laterEY
In the first half of 2018, 86% of the leading initial coin offerings (ICOs) that listed on a cryptocurrency exchange in 2017 are below their initial listing price and a portfolio of these ICOs is down by 66% since the peak of the market at the beginning of this year, according to a study from EY, Initial Coin Offerings: The Class of 2017 – one year later, that examined the ICOs’ progress and investment returns.
Global banking outlook 2018: pivoting toward an innovation-led strategyEY
Banks are seeking to become digitally mature, completing the transition from regulatory-driven transformation to innovation-led change. EY’s Global banking outlook 2018 survey provides actionable insights for banks as they prepare.
EY Price Point: global oil and gas market outlook, Q2 April 2021EY
The theme for this quarter is governed. Apparent market balance at prices that could be sustainable is the product of calculated choices by market leaders and the cooperation of those who follow them. Economics played their customary role as well, with capital scarcity in North America taking about 2 million barrels per day out of the market, about half of the remaining gap in demand. While inventories are close to their pre-COVID-19 levels, there is still uncertainty. The resolution of the pandemic is in sight, but timing is unclear. Vaccine distribution in the US is having an impact but Europe is struggling to contain a third wave of infections. The taps have opened on economic stimulus, but it remains to be seen if policymakers have done enough or if they have overshot the mark.
The shape of the crude oil forward curve has fundamentally changed since the end of the last quarter. In late December of last year, the Brent forward curve was gradually increasing while today, the curve is backwardated. This is a clear sign that the market sees a short-term dynamic that is disconnected from the medium-to-long-term fundamentals. The lasting impact of the COVID-19 pandemic remains to be seen. While many have opined that COVID-19 marks a turning point in energy transition, the IEA recently released a five-year forecast of oil demand that shows steady growth, albeit at rates that are below historical expectations.
Gas markets are a paradox. At the Henry Hub and at LNG destinations, demand grows, investment lags and prices will occasionally attract attention. Traders, so far though, are unconvinced and futures prices don’t indicate imminent scarcity at any link in the value chain.
China Exit or Co-Investment Opportunities for German PE InvestorsL.E.K. Consulting
L.E.K.'s Karin von Kienlin recently presented at BVK on a study conducted by L.E.K. Munich and Shanghai. They wished to:
- Understand developments in Chinese equity investments in both the domestic China / pan-Asian market and cross-border investments between China and Germany / Europe
- Identify trends in likely future investment behavior and its drivers
- Defining success factors both for Chinese and German investors / corporates as to how to benefit from the potential opportunities of cross-border investments and cooperation
Learn more in the presentation here.
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.
RMG Russian Venture Capital Market Overview 2Q2013Boris Orlovetsky
Rye, Man & Gor Securities is pleased to present the first issue of the Russian Venture Capital Market Overview, which includes a rundown of Russia’s venture capital market and an industry focus dedicated to the cloud technology market.
Tech Ecosystem of Ukraine 2019. Insights, facts, companies you wanted to knowKirill Mazur
Ukraine's tech ecosystem is booming.
Last 5 years have become history-changing for Ukraine. With its 185 000 tech specialists, a few thousand startups, first unicorns, first innovation district and 20% average annual tech workforce growth, Ukraine is facing a prominent creative revolution in many areas.
In 2019, UNIT.City team together with partners has launched the guide about key things you should know about innovations in Ukraine.
Rye, Man & Gor Securities is pleased to present a fresh issue of the Russian Venture Capital Market Overview, which includes a rundown of Russia’s venture capital market in the 3rd quarter of 2013. The primary goal of this report is to make Russia’s innovative sector more alluring for both foreign and domestic investors and increase the efficiency of contacts between investors and innovative companies seeking financing.
In this updated edition of our report, we share our continued excitement for the South Korean technology and venture capital ecosystem. With more global investors turning their attention to Korean startups today, we're excited to continue strengthening our presence in the country. The report includes the latest South Korean startup funding data and perspectives from some of the country's leading VCs.
UHY Dawgen Chartered Accountants (Incorporating Paul Goldson & Company) is a professional service firm providing audit, accounting, tax and business advisory services from 5 strategic locations in Jamaica. . UHY Dawgen Chartered Accountants (the “Firm”) is a member of Urbach Hacker Young International Limited, a UK company, and forms part of the international UHY network of legally independent accounting and consulting firms. UHY is the brand name for the UHY international network.
Report M&A Index Poland - Mergers and acquisitions in Poland, Q3 2022FORDATA VDR
In the third quarter of 2022, we noticed a significant decrease in the volume of M&A transactions compared to the second quarter - by approx. 16 pp. However, the second quarter was a record period. 74 transactions recorded in Q3 are therefore still a high result, which in the yoy perspective is approx. 8% higher. The uncertainty caused by the rise in inflation, interest rates and energy commodity prices, as well as the war in Ukraine, did not put the mergers and acquisitions on hold, as was the case at the peak of the pandemic. What was the transaction structure in the analyzed period?
This is a comprehensive analysis of the IT sector in Ukraine. It is an integrated guide for perspective investors who are exploring opportunities in Ukraine. The report includes key figures characterizing the market, as well as information about the ongoing projects. This report also contains the list of forthcoming reforms and policy development needed to boost Ukrainian IT. The report was prepared by the Office of the National Investment Council of Ukraine and presented at the Council meeting in Kyiv, on May 25, 2018
BGX Investment Report covering venture capital flow into the period of 2018 Q4 and market sentiment for blockchain in 2019. Note: we are not talking about discredited ICOs or cryptocurrency predictions.
Innovate Finance’s 2017 VC FinTech investment landscape provides investors, startups and the wider FinTech ecosystem the data to understand trends and capital flows as the FinTech market evolves. Overall figures suggest that the UK has had its best year on record and was a global leader in terms of capital invested and deal volume, second only to the US.
Overview of Top Ukraine’s ICOs is the first-ever analytical research of the most successful Ukrainian projects, which made a public offer of tokens, created by joined forces of the Ukrainian Venture Capital and Private Equity Association UVCA and the Ukrainian company Hacken with the support of the Ministry of Digital Transformation.
The research shows the potential of the crypto industry of Ukraine. Ukrainian startups attracted $ 171 million in investments by cryptocurrency fundraising.
Overview of Top Ukraine’s ICOs reveals the crypto market capitalization, the features of Ukrainian companies and their tokens, the number of funds raised, and the social media community.
There were 115 investment deals made with Ukrainian innovation companies in 2018 - 29% more than in 2017. Such data was presented by Ukrainian Venture Capital and Private Equity Association (UVCA) in its annual market overview in partnership with Deloitte.
The overview gathered information on venture capital, private equity, M&A and angel investment deals. In 2018 the overall volume has accounted to $336,9m.
For the first time, this overview includes M&A transactions (mergers and acquisitions) and angel investments. In 2018, there were 7 M&A deals $25.2m.
The distinguishing feature of the market in 2018 is the prevalence of seed-stage deals. 21 of all the deals made, were at the seed-stage with the average ticket of over $918k.
The amount of VC investments over the last 7 years grew to $1 billion.
We can expect the companies mentioned in the report to attract larger investments in the near future.
If you represent VC or PE fund and have an interest in the market, contact us at ceo@uvca.eu.
* After publishing the Overview, a part of Busfor's deal (disclosed on Slide 12 as $4m) was disclosed about the full amount of a $8,6m deal. However, the full sum of $8.6M is included on Slide 8.
Ukrainian Venture Capital and Private Equity Association (UVCA) in partnership with Deloitte, presented its annual Overview of Ukrainian investment market. Following a dip in 2016, the data for 2017 indicates that the total amount of venture capital investment in Ukrainian IT companies has reached its peak totaling $259 million, tripling compared to the previous year. Although in line with the global trend of shifting investors’ focus from quantity to quality, the number of deals remains at about the same level with 89 deals.
For the first time, the Overview also covers two additional segments on the top of private capital trends: private equity deals and ICO.
2017 was an exceptional year for private equity investments due to a relative rise in activity, compared to the last 3 years, when the average number of deals did not exceed 4. The value of PE deals in Ukraine totals $ 126.7m, and numbers at 14, however, the deals were undisclosed.
Initial Coin Offering (ICO) financing is the new trend in attracting investments by Ukrainian startups. 19 startups succeeded in attracting $160m within ICO in 2017. Moreover, VC funds focused solely on crypto-related businesses emerged, establishing stronger ties between private capital and blockchain. Neuromation ($71M), Dmarket ($19,1M) and Propy marketplace ($15,4M) were the top 3 ICOs from Ukraine in 2017.
Ukraine will once again showcase its IoT and innovation achievements to the world.
For the second time in a row Ukrainian Venture Capital and Private Equity Association (UVCA) together with Western NIS Enterprise Fund (WNISEF) are organizing the UA TECH Expo Zone at Consumer Electronics Show (CES) - one of the largest consumer electronics conferences, which will be held on January 9-12 in Las Vegas.
Ukrainian startups are increasingly coming out on crowdfunding platforms, including the world's largest ones: Kickstarter and Indiegogo.
According to the results of the first 7 months, 2017 has already become one of the "richest" for successful crowdfunding campaigns in the history of Ukrainian start-ups.
According to the Research committee of the Ukrainian Venture Capital and Private Equity Association (UVCA), 35 campaigns have been launched at Kickstarter and Indiegogo, the most popular global crowdfunding platforms, since the beginning of 2017.
http://uvca.eu/en/news/ukrainian-projects-raised-2-million-dollars-at-crowdsfunding
On January 2017, the whole technological world was showing up the best innovations at the 50-th International Consumer Electronic Show (СES-2017), which every year takes place in Las Vegas and attracts more than 200 thousands visitors from all the globe. This year, for the first time in the history of CES Ukraine organized its national expo, where the brightest startups presented their products. UaTech Expo Zone was jointly organized by the Ukrainian Venture Capital and Private Equity Association (UVCA) and Western NIS Enterprise Fund (WNISEF).
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. Association promotes investment opportunities in Ukraine for foreign investment funds, conducts market research, lobbies laws for improving investment and business climate, implements Invest in Ukraine activity. 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.
Invest Europe, formerly the European Private Equity and Venture Capital Association (EVCA), is the association representing Europe’s private equity, venture capital and infrastructure sectors, as well as their investors. Invest Europe is the guardian of the industry’s professional standards, demanding accountability, good governance and transparency from our members.
UVCA (Ukrainian Venture Capital and Private Equity Association) was established in 2014 and unites more then 35 members. The association promotes investment opportunities in Ukraine for foreign investment funds, conducts market research, lobbies laws for improving investment and business climate, implements Invest in Ukraine activity
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CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
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What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
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Ukraine Deal Review 2021. Tech Venture Capital and Private Equity deals of Ukraine
1. Tech Venture Capital and Private
Equity deals of Ukraine
May 2022
Ukraine Deal
Review 2021
2. Contents
Market snapshot
Annual investment volume
Exits
Emerging investors
01
02
03
04
05 R&D in Ukraine
06
07
08
09
Key events of January–March 2022
Support for the startups amid wartime
Methodology
01
02
03
04
05
06
07
08
09 About us
2
3. 3
Managing partner of Kreston Ukraine
Sergey Atamas
2021 was a short break for Ukraine between the global COVID-19
pandemic and the war against the Russian Federation. It would
seem that these are not the best conditions for any achievements,
but 2021 was a year of records for Ukrainian venture capital
and private equity sectors. For example, a 200 million USD
investment pushed the ca
Grammarly up to 13 billion USD, making a 'decacorn' of the company
and billionaires of its founders. Another unicorn, GitLab, went public,
The government does not stand aside either, providing the industry
rom
the USF still make up about half of the total number of deals
in the venture capital segment. Furthermore, the Ministry of Digital
Transformation announced the launch of Diia City, a unique 'virtual
residency' for the IT industry, aimed at creating a favorable legal
and tax environment for the development of Ukraine's
tech-ecosystem, increasing earnings and jobs of the industry.
The venture capital and private equity markets are essential
elements of the Ukrainian economy. Thus, we at Kreston Ukraine
believe that recognizing their successes is important because
investments in Ukrainian startups and companies are
investments in the post-war recovery of our nation.
4. 4
Market snapshot 2021
779.6 mln USD
Total VC deals amount
216
Total deals number
47%
Share of USF in total VC
deals number
60.9%
Share of top-5 companies
in total VC funding
944.7 mln USD
Total amount of exit deals
19
New foreign companies with
R&D centers and offices
82.8 mln USD
Total other PE deals
amount
20.7 bln USD
Valuation of Ukraine
startups
6
New venture capital
funds
5. Annual investment volume
Venture Capital
2021 was a record year for the Ukrainian venture capital
ecosystem, both in terms of the number of deals
and the amount of investment attracted.
As usual, later-stage projects attracted the most
considerable portion of the financing.
In 30% of transactions, investors were foreigners (with
more than 50% when it comes to the early stages
of financing). Such a proportion indicates that Ukraine
maintains its reputation as a country of high quality,
genuinely attractive relevant solutions and demonstrates
stability and adaptability in the COVID-19 environment.
Grants
0.4%
Grants
48%
Pre-seed
3%
Pre-seed
24%
Seed
5%
Seed
14%
Series A
12%
Series A
5%
Series B
23%
Series B
2%
Growth
and Secondary
57%
Growth and Secondary
7%
204
Deals with undisclosed amount are not included Including deals with undisclosed amount
Annual investment amount
Structure of the deals' number
Structure of the venture deals' value
42
146
80
265
323
542
571
779.6
0
200
400
600
800
2014 2015 2016 2017 2018 2019 2020 2021
mln USD
Grants Pre-seed Seed Series A Series B Growth and Secondary
779.6
mln USD
207
5
6. mln USD
87
2020 2021
8
Undisclosed
Disclosed
mln USD
82.8
8
Annual investment volume
Number and amount of private equity deals
Private equity deals
Private equity
As usual, this segment showed a low level of publicity and transparency
of deals, as only one-third of transactions had amounts disclosed.
Nonetheless, the published amounts look impressive for the Ukrainian
private equity segment.
Such funds as Horizon, Dragon Capital, and Concord Capital have
traditionally acted as principal investors in the private equity segment.
Buy side Target name Sell side Deal amount, mln USD Sector
Kernel Holding SA Lind Value II ApS 60.0 Agriculture
Diligent Capital Partners Bank FMO Edinstvo Group n/a 20.0 Agriculture
Magnus Capital
Concorde Capital
7 O’Clock Capital
Weld Money Weld Money 1.95 Financial services
Bondarev Evgen
Maxim Kurochko
Yudgin Burger Evgeny Chernyshenko 0.8
Consumer
markets
MHP Foodz n/a n/a Logistics
Dragon Capital Treeum n/a n/a Financial services
Fedoriv
Nova Poshta
The Good Plastic
Company
The Good Plastic
Company International
Limited
n/a
Industrial
products
n/a VIKING Business Center Dragon Capital n/a
and real estate
Construction
7
n/a
7. 8
2
7
1
3
m
l
n
U
S
D
7
5
7
,
44
IPO
2%
M&A
86%
Buyouts
11%
mln USD
282.8
2020 2021
13 44 mln USD
944.7
Exits
The total number of exit transactions
increased compared to 2020.
M&As have proven to be one of the most
efficient and popular tools for exiting
private equity investments. Near 90%
of exits in 2021 fell into this type
of transaction. It is important to note
that exit deals make up almost half of all
Ukraine's M&A transactions in 2021.
Top deals
Buy side Target name Sell side Deal amount, mln USD
n/a Gitlab n/a 800.8
VistaPrint Depositphotos (incl. Crello) Dmitry Sergeev, EBRD, TMT Investment 85.0
Hopin
Stillfront
Attendify Digital Future, TMT Investments 10.0
GameLabs n/a 32.5
Galnaftogaz, OKKO Group Kherson Oil Transshipment Complex West Finance; Aktiv Asset Management Company 7.1
Med-Service TAS-Farma TAS Group 5.5
Number and amount of exits Structure of exits by type
Undisclosed
Disclosed
8. 6
Annual investment volume
Top venture capital deals
Company Deal amount Company description Investors
AI-powered service checking English
grammar and style in real-time,
explaining how to avoid repeating
mistakes in the future
Baillie Gifford, BlackRock
AI-powered platform tracking
the performance of personnel
and offering a solution to improve it
Akkadian Ventures, Mubadala
Capital Ventures, ICONIQ
Capital, Lightspeed Venture
Partners
Cash flow startup combining
payments, funding, and accounting
in one tool so brands can scale faster
Kleiner Perkins, Ribbit Capital,
Caffeinated Capital, Stripes,
Activant Capital
Solves Ethereum scalability with zero
security compromises
Andreessen Horowitz
Provides no-code business process
automation, e-signature, and docu-
ment management solutions.
Silicon Valley Bank
mln USD
200
100
75
50
Top-5 startups
accounted for
of the total
amount of deals
50
6
60,9%
9. 9
Six new investors joined the venture capital and private equity
sector in 2021, eager to finance Ukrainian startups with an average
check of USD 0.5 mln. They are also keen to share their experience
and expertise with startups, thus helping them to launch and scale
their business ideas faster.
Up to 20 world-renowned companies have opened their R&D
centers, offices, and engineering hubs in Ukraine, attracted by its
convenient geography, low tax burden, and highly qualified
workforce.
The launch of new funds means additional investments in the
market, resulting in more startups receiving funding and launching
their businesses. The activity of foreign companies shows their
willingness to cooperate with Ukraine, to expand their
presence in our country, despite the present dire circumstances.
Executive Director of UVCA
Dmytro Kuzmenko
10. 10
Emerging investors
Founders
Vadim Rogovskiy (co-founder of 3DLOOK)
Ihar Mahaniok (Angel, Belarus)
Three teams of corporate executives
from high-end tech companies
Andriy Zinchuk (launching seed-stage VC
fund, Entrepreneur, Startup Advisor)
About
US-based venture fund that invests
in Eastern European startups with a focus
on the US market and helps them further
develop and grow in this market
Ukrainian high-technology venture capital
firm established by IT experts, focusing
on early-stage technology startups
Founder-friendly, “hands-on”, and
mentor-driven Ukraine-based venture
fund, boosting entrepreneurs from
Central and Eastern Europe
Capital under
management, mln USD
15 15
Average investment,
mln USD
up to 0.5 up to 0.3 0.2–0.5
Projects in portfolio 9 3 n/a
Selection criteria
for investment targets
(the list may not be exhaustive)
• Rapidly scalable startup
• At least one of the founders is in the USA
or spends a significant amount of time
there
• Startups with Ukrainian founders
• Founding and management team track
record
• Proprietary secret sauce
• Traction in the North American market
• High velocity metrics
• Registered as the U.S. C-Corp
Target sectors n/a
Deeptech, B2B, Blockchain, Fintech,
Automotive
n/a
11. 11
Emerging investors
Investors and founders with experience
and expertise in various industries — Boris
Glants, Dmitry Ovcharenko, Mandeep Arora,
Sterling Lanier, Stephen Papermaster
Denis Dmitrenko and Kirill Sigida (co-founders of Reface), Sergey Tokarev (angel investor)
Venture alliance of top investors with a deep
connection to Ukraine
Entrepreneurs-led multi-stage venture
firm, that boosts, helps, mentors, shares
experience, gives access to resources,
and more.
ML venture studio, working
on a projects from the idea stage
scaling it to a fully-fledged company.
n/a n/a 3–5
n/a 1–3 up to 0.5
3 4 n/a
• Ukrainian startups with the prospect
of entering the USA market
n/a
• Market size
• Fit with founding entrepreneur
• AL/ML applicability
Healthcare, IT, IoT, Real Estate Artificial Intelligence, Machine learning
• Market size
• Fit with founding entrepreneur
• AL/ML applicability
• Consumer products, Fintech, Gaming,
HealthTech, Media
Founders
About
Capital under
management, mln USD
Average investment,
mln USD
Projects in portfolio
Selection criteria
for investment targets
(the list may not be exhaustive)
Target sectors
12. 12
R&D in Ukraine
In addition to the number of deals
and raised investments, 2021 was
also rich with new R&D,
representative offices, and
engineering hubs. World-renowned
companies including Apple, Glovo,
and BlaBlaCar have opened their
offices in Ukraine. For such
companies, Ukraine is attractive
as a geographically convenient
destination with a low tax burden
and a highly qualified workforce.
Kyiv was usually chosen as
a location, but several offices were
deployed in large cities such
as Lviv, Dnipro, and Kharkiv.
100
Announced
average
headcount
1 10
3
1 4
Lviv
R&D centers
2 1
6 7 2
19
Offices
1
14. 14
2021 was a record year for the Ukrainian venture capital ecosystem,
both in terms of the number of deals and the amount of investment
$800M attracted with more then 40% growth from previous 2020.
After February 24 It seemed that ongoing war would stop any industry
development until better times, but this is not the case. In the first
quarter of 2022, venture capital and private equity investments
and exits went on, and many foreign companies established their
offices in our country.
Despite the war, the industry keeps rolling and makes ambitious plans
for the future so more unicorns will emerge.
Andrey Kolodyuk
Chairman of the board UVCA
Founder Aventures Capital
15. Key facts of January–March 2022
15
VC deals number
11 New venture capital fund
1
VC deals amount
11.5
mln USD
Top venture capital deals
New Venture capital fund
Company Investments Description Investors
mln USD
7.4
2
1
0.6
0.3
Founder Igor Pertsiya (ex-venture parnter of TAVentures)
About Ukrainian fund investing in web3 in Ukraine and the world
Capital under management, mln USD 25
Average investment, mln USD 0.5-2
Target acquisition share 5%-25%
Projects in portfolio 2
Mindist
Fintech startup creating digital banks in
emerging markets
Mobile assistant for truck drivers
Helps to find, compare and buy new
residential construction
Client management software for freelance
business
Mobile app which helps mindfulness teachers
record the meditation content
Flyer One Ventures, Solid, TA Ventures, Jiji,
u.ventures, AVentures Capital
JKR Investments Group, Flyer One Ventures,
Murat Abdurakhmanov, Hannu Turunen
Pragmatech
Lighthouse Ventures, BRISE Capital, Startup
Wise Guys, Geek Ventures
SID, angels
16. A US-based IT company is opening an R&D center
in Rivne. The planned headcount is 100. Currently,
the company's offices are already operating in 12
cities in Ukraine.
A Romanian game development company is
establishing a game studio in Kyiv. There were six jobs
open before the war, and the planned staffing by the
end of the year was 60 people.
A French neobank enters the Ukrainian market
in partnership with WeSoftYou. Recruitment
has started, and the company plans to launch
an office.
Key facts of January–March 2022
PE deals number
3 PE deals amount
4
mln USD
Exit number
8 Exit amount
135
mln USD
PE Exits
New R&D-centers and representative offices
InSoft Partners
InSoft Partners
Horizon Capital
Inoxoft
Linkup Studio
Miratech
2
2
n/a
Buy side Target
Deals amount,
mln USD Buy side Target Sell side
Deals amount,
mln USD
HARMAN
International
Apostera SMRK, ICU Ventures, founders 51
Glovo Zakaz.ua
Chernovetskyi Investment Group, BEST
Business group, Bas Godska
50
Qualcomm Augmented Pixels
Vitaliy Goncharuk, ICU Ventures,
Presence Capital, The Hive, Steltec
Capital, 408 Ventures, Aventures Capital
30
Sigma Software
Group IdeaSoft Andrii Lazorenko, Valery Krasovsky
Danila Slupsky
2
IdeaSoft PULS Software 2
n/a CallPage Startup Wise Guys n/a
Geo Alliance
Group Limited
Geo Alliance Oil
Gas Public Limited
Arawak Energy Ukraine B.V. n/a
LUN.UA
Flatfy
Rieltor.ua n/a n/a
16
17. 17
The Ukrainian innovation ecosystem is among the top-10 dynamic
ecosystems in the world with double-digits growth rate per
annum. Ukraine has a proven track record of producing founders,
who created some of the world’s most successful tech companies
like Grammarly, GitLab, Preply, Ajax and People.ai, and many
others. Despite the war the most startup founders of all stages
keep working and developing their products. The war will not
prevent this.
ISE Corporate Accelerator has totally dedicated its work to search
for any opportunities to support startups and to promote Ukraine
worldwide. Together with our mentors from the global tech
companies and startups we prepared the list of different support
measures, startup support funds and initiatives.
It is easy to destroy buildings, but Ukrainian digital products,
intellectual capital and abilities, entrepreneurial spirit won’t be
destroyed. And this is the spirit of the winners. This is the spirit
of freedom and future.
Elena Malitskaya
CEO and founder of ISE Corporate
Accelerator
18. TECH TO THE RESCUE
#TechForUkraine
400 Entities pledged
Tech support
A voluntary movement of tech companies
to help social impact organizations around
the world implement digital solutions to
scale up their influence.
An international conference for
startups, investors, corporate
representatives and developers
from over 50 countries
• 15 mln USD of donations and in-kind
support to humanitarian efforts
in Ukraine, including 5 mln USD from
the Google employee matching
campaign and 5 mln USD in direct
grants.
• 5 mln USD of advertising grants
to help trusted humanitarian and
intergovernmental organizations
connect people to the important
sources of aid and resettlement
information.
• 5 mln USD for Ukraine Support Fund
allocating equity-free cash awards
and Google support for
Ukraine-based startups.
Called for non-profit organizations
and tech companies to develop
digital solutions to maximize efforts
in providing help to millions of people
in need. Interested organizations
and companies will provide pro bono
support to Ukrainian non-profits
in cybersecurity, resource
distribution, safe messaging,
embedded payments, data-driven
decision making, and making
donations easier.
Free tickets
for startups
Wolves Summit 2022 will feature a 4-day week
full of tech, innovation forums, investment,
and recruiting talent. For startups, free tickets
are offered to discover the worlds of talent,
digital, and innovation that converge on a mega
tech festival.
American multinational technology
company
30 mln USD
• 15 mln USD for cloud computing
credits, and technical expertise,
to continue supporting local and
global organizations addressing
Ukraine’s humanitarian crisis.
• 10 mln USD for organizations
providing on-the-ground
support in Ukraine.
• Up to 5 mln USD from employee
matching campaign.
American multinational technology
company
30 mln USD
• 10 mln USD of donations to Ukraine
humanitarian effort and launching
the first crypto crowdfunding site
to further help provide aid to
Ukraine through Binance
CharityFoundation.Ukraine
• Launching the Emergency Relief
Fund that allows people to donate
crypto to emergency relief
to refugees and children and
support logistics of food, fuel,
and supplies for refugees. A
donation of 16,042 BNB
(the equivalent of 6 mln USD) has
already been made by Binance.
The world’s largest cryptocurrency
exchange
10 mln USD
• Raises crypto-assets to contribute
to humanitarian support to people
affected by the war. The platform
converts all funds to euros without
any fees and donates them weekly
to selected organizations.
• Kickstarted the campaign with
a 100k EUR contribution, matching
every donation up to 500k EUR
in total.
• 50k EUR of the personal contribution
made by each of the three founders.
Provider of a cryptocurrency exchange,
commodities and securities trading, ETFs
0.65 mln USD
Support for the startups amid wartime
Global Tech Support
18
Сlick on company logo to see the source
19. Estonian startup ecosystem contributing
educational, office and hiring resources.
Estonia
Support for the startups amid wartime
Tech Support by countries
300k PLN donations to support start-ups
from outside Poland
Long-term support using the talents
and tools of the organizations
Poland
An initiative of the Dutch tech ecosystem
organizations and NGOs focused on providing
humanitarian aid to the Ukrainian people.
Netherlands
Offers free desk space, internet, and access
to an extensive network of startup and corporate
entrepreneurs for displaced entrepreneurs, startup
founders, and freelancers.
Germany
Helps mobilize human resources, set up business
in Portugal, and solve local legal and administrative
issues. Inquiries about available infrastructure.
A platform to help Ukrainian refugees worldwide find
support and apply for accommodation, financial,
medical, and psychological support, refugee status,
logistics, jobs, and local language classes.
Portugal
19
20. 10 mln USD
Support for the startups amid wartime
Local Ukrainian IT support
Network VC Series Ukraine
A fund for investing and helping Ukrainian startups during
Russian aggression. The fund will finance several dozen
startups, which will be selected through open competition on
the Unicorn.
60k EUR
An initiative to establish potential bridges between Ukraine and the
rest of the world, creating an environment for businesses, knowledge
institutions, and capital providers to find each other via a portal
guiding through the Ukraine Tech ecosystem that frames, unites, and
strengthens the whole ecosystem.
An initiative to help Ukrainian startups suffering from the war to
find funding and other assistance. The aim is to match investors
willing to help with the Ukrainian startups that need such
investments and are ready to discuss and find common ground with
investors.
Save Ukrainian Startups
20
21. 1
2
3
21
There are three ways of support within the program:
Currently selected startups:
Sitniks CRM, Zubok CRM, Promin Aerospace, Suplery,
Fintellect, MoniHeal, Discoperi, AstraFit, nect WORLD,
Caretech.human, Meredot, FeeLo, Manna.
Among the first donors of the program are AltaIR Capital,
Almaz Capital and a few US tech entrepreneurs.
This is the program of grant support
for Ukrainian IT and startup companies.
This program provides targeted
assistance for startups and specialists
that are a part of the Ukrainian startup
community and whose innovative
business needs help right now. The
program aims to help the majority
of startup teams that stay in Ukraine
and not relocated abroad.
More details here
Grant Committee:
Andrey Kolodyuk, Free Ukraine Foundation
Dmytro Kuzmenko, UVCA
Rostyslav Chayka, founder&CEO Lviv startup club and Edunomica
Vita Kravchuk, the Founders League
Maxim Moneta, the Founder Institute Ukraine
To join the program click here
DONATE HERE
Financial: grants. These grants are aimed at essential needs:
payroll, relocation, rent etc.
Non-financial: pro bono services such as mentoring,
consulting, software development, legal services, business
development, entering new markets etc.
Promoting startups among foreign investors and business
communities.
Support for the startups amid wartime
“Support Ukrainian startups NOW” Program
The joint program of UVCA and Free Ukraine Foundation
22. Methodology
This report is based on open-source statistics, secondary information (e. g., business and industry periodicals, market reviews), and websites of the market players. This
report covers the period from January 2021 to March 2022 and is derived from the following primary information sources:
Deals value is based on officially reported or disclosed figures. No insider information was used.
20 USF usf.com.ua
The state-funded grant programme established in 2018 to provide financial support
for Ukrainian startups
21 ISE Corporate Accelerator ise-group.org The startup accelerator and VC firm
# Name Website Description
22
#
1 M&A Radar: Ukraine by KPMG
home.kpmg/ua/en/home/
insights/2020/02/ma-radar-ukraine.html
KPMG report on the Ukrainian M&A market
2 4i Capital Partners 4i-cap.com
3 AVentures aventurescapital.com Venture capital fund
4 Capital Times capital-times.com Investment advisory
5 Concord Capital concorde.ua Investment company
6 Diligent Capital Partners diligent.capital
7 Dragon Capital dragon-capital.com Investment company
8 Horizon Capital horizoncapital.com.ua Investment company
9 ICU icu.ua
10 Rada Capital radacap.com/uk
11 Soul Partners soulpartners.com.ua Investment banking group
12 AIN.ua ain.uа Ukrainian online media about IT, startups, technology and entrepreneurship
13 Forbes forbes.ua Online media
14 InVenture inventure.com.ua Online media about private equity and venture capital market
15 McToday mc.today Online media
16 Crunchbase www.crunchbase.com
news, and industry trends
17 Dealroom.co dealroom.co
Global data platform for intelligence on startups, innovation, high-growth companies,
ecosystems and investment strategies
18 TechUkraine techukraine.org Online information platform about Ukraine’s tech sector
19 Ukraine.Dealroom ukraine.dealroom.co
A platform for intelligence on Ukrainian startups, innovation, high-growth companies,
ecosystems and investment strategies
23. Methodology
Private equity
This report determines «private equity» as investment class consisting of capital that is not listed on a public exchange. Private equity includes funds and investors that
directly invest in private companies or engage in buyouts of public companies, resulting in the delisting of public equity. PE investment was considered Ukrainian if it
were directed to a Ukrainian company. The company was considered Ukrainian if it is registered and located in Ukraine.
The following cases are not considered private equity investments:
• Buying and selling of shares between current shareholders of the company; and
• The strategic acquisition of the company (i. a., through privatization) without clear intent of exiting from the investment and profiting from its sale.
Venture capital
This report summarizes the investing and fundraising activities of Ukrainian startups in 2021. We considered the startup Ukrainian if it met the following criteria:
• The company has a significant presence in Ukraine (at least 30% of the staff located in Ukraine); and
• At least one of the company’s founders is Ukrainian.
Due to the special considerations, we also added to the report the investments into the following startups:
• Settle — the founder is not Ukrainian, but almost all staff is located in Ukraine; and
• People.ai — the founder is Ukrainian, but only 15% of the company’s team is located in Ukraine).
This report reviews capital raised by Ukrainian startups from Ukrainian and foreign venture capital funds as well as other investors, such as investment companies,
corporate investors, incubators, and angels.
Interpretation of venture investment stages
Deal stage Description
23
Grant
Pre-seed The state of a just-incorporated company, when its founders develop their product or service
Seed
investments. Formerly, the state of a just-incorporated company, when its founders develop their product or service.
Series A
Series B
Growth and secondary
when investors purchase securities or assets from other investors rather than from an issuing company.
24. Startup’s valuation
We employed the following approach to assessing the startups’ valuation:
1. We compiled a list of Ukrainian startups that have attracted investments at least once since 2010.
2. We identified and excluded startups that are no longer operating or have been exited from by their founders and investors (e. g., through an IPO).
3. We identified the most recent valuation of each startup in open sources, announced by their owners/investors or market experts.
Methodology
Deal stage Description
24
Exits
The “exits” are transactions undertaken by a venture capitalist or business owner to get out of private equity or venture investment. We do not consider these
transactions “investments” and show them separately from investment statistics.
Typology of the exit deals
Trade sale
The exit transaction in which the private equity investor sells its stake to another corporation or entrepreneur which was not previously a shareholder of the
company. The most popular exit model both worldwide and in Ukraine. Usually takes the form of an M&A deal.
Buyback
The exit transaction in which the private equity investor sells its stake to the company, its other current shareholder, or a buyer chosen by the existing
shareholder.
IPO The initial sale of a private company's shares to the public through the stock exchange.
The exiting in which the private equity investor cancels the investment value in its portfolio, usually due to the company's failure or bankruptcy.
25. About us
25
20 years
Experience in the market
of accounting
and consulting services
150+ Professional staff
200+ Loyal clients
2000+
Portfolio of successfully
completed projects
kreston.ua kreston.ukraine
Sergey Atamas
Managing partner
atamas@kreston.ua
Taras Dumenko
Director of innovation
dumenko@kreston.ua
Kreston Ukraine is one of the largest accountancy and consulting companies in the
country, representing the Kreston Global network, which employs more than 23,000
specialists in 120 countries.
Our commitment to the investment market of Ukraine:
1. To support foreign private capital in the recovery and growth programs of Ukraine.
Kreston Ukraine wants to be a reliable partner as a one-stop support partner
for international strategic and financial investors.
Our range of investor support services includes:
• Pre-investment analysis (feasibility study);
• Government relations;
• Transaction support (legal, financial, operational, HR);
• Business valuation;
• Executive search;
• Occupational fraud risk management;
• Strategic and operational support.
2. To support venture capitalists and startups in Ukraine
The Ukrainian technology and startup ecosystem contains a vast potential
for successful investments. We can ensure the right acquisition strategy
and efficient approach as your buy- or sell-side advisor.
Our venture-related services include:
• Venture due diligence;
• Targets scouting and screening;
• Business planning and financial modeling;
• Transaction structuring and legal support;
• Technical and industry consultancy.
26. About us
26
8 years
50+
150+
uvca.eu
Dmytro Kuzmenko
Executive Director
ceo@uvca.eu
Ukrainian Venture Capital and Private Equity Association (UVCA) spreads the word about
Ukraine’s achievements and opportunities and to support investors in every aspect, from
providing reliable information to establishing international connections at the industry
and government levels.
By building a bridge between Ukrainian and global ecosystems, UVCA facilitates the motion
of knowledge and capital in both directions. UVCA is a member of Invest Europe.
In December 2021, we held the first PE&VC Summit that gathered over 200 investment funds'
representatives, private investors, and investment offices from all over the world.
UVCA and partners have provided an opportunity to take part in CES in Las Vegas for 5
Ukrainian startups in January 2022, as well as was bringing startups to CES since 2015.
UVCA has established the Investors Club that unites all the biggest Ukrainian investment
funds and angel investors.
Our annual market overview has thousands of downloads and is considered one of the main
source for information on Ukrainian investment market in the country.
Our more than 50 members are investors and companies from all over the world, including
the Silicon Valley investors.
1.5
bln USD
Experience
in the Venture Capital
and Private Equity
markets
Members
Invested over the past
8 years
International partners
uvca.eu
27. A leading Ukrainian startup accelerator and
VC firm bringing startups to the next level.
Our focus is a startup-corporation partnership
and preparing startups for the subsequent
funding round. We focus on Seed, Early stage,
Growth investment stages. ISE runs several
programs for startups and corporations:
“Start-up Accelerator,” “Corporate
Innovation,” “Venture Capital Deals,” and
“Digital Innovation Hub.”
5+ years
Experience in the
venture capital market
4
34
Programs for startups
and corporate innovations
ise-group.org ISEGroupUA
Elena Malitskaya
CEO and founder
e.malitskaya@ise-group.org
aventurescapital.com aventurescapital
Andrey Kolodyuk
Founder & Managing Partner
linkedin.com/in/andkol/
Leading Ukrainian tech investment firm with an
investment fund and M&A advisory arm focused on
global companies that leverage R&D in Ukraine and
CEE. The fund’s investment focus spans software tech,
including machine learning, big data, AR, VR, SaaS,
cloud, storage, enterprise, web, mobile, IoT, and others.
30 mln USD
Capital under
management
22 Projects in portfolio
0.2–2.5
mln USD
Average investment
About us
Startups in portfolio
50+
Partnerships between
startups and corporations
27