On September 27 in Lviv, the first institutionally-backed venture fund focused exclusively on Ukrainian tech startups was launched. The Ukraine Phoenix Tech Fund (UPTF) complements broader government efforts to attract and mobilize foreign capital, including the Ukraine Reconstruction Fund and the EU Fund for Ukraine. Together, these initiatives create the financial infrastructure necessary to convert international trust into productive investment opportunities that generate jobs within Ukraine.
UPTF is a €50 million venture fund for startups and represents an important step in building a foundation for long-term economic growth and deeper integration of Ukraine into global markets.
The fund has anchor commitments from leading institutions and visionary investors: the European Investment Bank (EIB), Bpifrance (the French state investment bank), and Proparco, the private sector arm of the Agence Française de Développement Group.
The EIB’s Board of Directors has approved a potential €15 million commitment to UPTF, making the EIB one of the fund’s anchor investors. This contribution is expected to be made through the EU Fund for Ukraine, a special EIB instrument for Ukraine’s reconstruction. The investment signals strong institutional confidence in Ukraine’s innovation ecosystem and paves the way for the fund’s official launch in Q4 2025.
“UPTF is more than financial support for startups — it is an investment in the future of Ukraine’s economy. The Ministry supports the activities of the Phoenix Fund and eō Business Incubators, helping to build an innovative portfolio that will stimulate our economic recovery. We are grateful for the support of Ukrainian entrepreneurs and the new innovation economy from our partners: the European Investment Bank, Bpifrance, Proparco, and others. The fund is an important first step in creating a capital market that will keep Ukrainian innovations at home while opening them to local and global investors. By combining foreign investment with domestic opportunities, Ukraine is pursuing not just rapid but sustainable recovery,” emphasized Ukraine’s Minister of Economy, Environment, and Agriculture, Oleksiy Sobolev.
A Stronger Capital Market for a Stronger Economy
By investing in early-stage companies and promoting transparency, UPTF helps lay the foundations of a capital market that attracts both domestic and foreign investors. Such a market is key to preventing capital flight and ensuring that the success of Ukrainian entrepreneurs directly contributes to national prosperity.
The fund is led by managing partners Dominique Piotet and Charles Whitehead, who have extensive international experience and close ties to Ukraine and its innovation ecosystem. They combine rigorous international investment standards with the ingenuity, creativity, and determination that define Ukrainian founders.
“The launch of UPTF is a turning point for Ukraine’s innovation economy,” said Charles Whitehead, managing partner of UPTF. “It signals that Ukraine is not only open for investment but actively building institutions to support it. Our work will help Ukrainian entrepreneurs, the capital market, and global investors grow together in a transparent, rules-based environment.”
“Ukrainian founders demonstrate resilience and ingenuity even in wartime,” emphasized Dominique Piotet, managing partner of UPTF. “This fund will allow them to scale globally while remaining rooted in Ukraine. Combining global standards with strong national institutions will help UPTF transform innovation into sustainable economic growth.”
About Ukraine Phoenix Tech Fund
The Ukraine Phoenix Tech Fund (UPTF) is the first institutionally-backed venture fund focused exclusively on Ukrainian tech startups, investing from pre-seed/seed through Series A rounds. UPTF’s mission goes beyond simply providing capital. The fund works with founders through responsible investing that aligns growth with social, economic, and environmental priorities. The management team, combining global expertise with deep local knowledge, helps promising startups scale faster, attract international investors, and compete on the global stage, fostering the development of Ukraine’s new technology economy.
