French investors have launched the Ukraine Phoenix Tech Fund (UPTF), a venture capital fund focapplyd on Ukrainian technology startups, with a total agreed investment of EUR 50 million.
Dominique Piote (ex-CEO of UNIT.City), managing partner of UPTF, declared that the fund will invest in early-stage projects.
According to him, this component was missing in the Ukrainian startup ecosystem.
It is planned that the fund can support from 40 to 52 Ukrainian projects. The maximum amount for one startup is 2 million euros.
Dominic emphasized that any project can apply for investment. All you necessary to do is fill out a form on the UPTF website.
Who invested?
One of the fund’s investors was the French state investment bank BPI France. Its share is €10 million.
The EIB has also approved a potential contribution of €15 million to the UPTF (under the EU for Ukraine Fund). Proparco (AFD group) is investing €5 million. Private company Henri Seydoux is investing €2.5 million in Ukrainian companies.
Minister of Digital Transformation Mykhailo Fedorov, who was also present at the fund’s announcement, emphasized that the launch of the French initiative is a signal for American and European funds that it is time to return to Ukraine and invest in startups.
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