Launch of the Ukraine Phoenix Tech Fund
A new venture initiative is being launched in Ukraine — the Ukraine Phoenix Tech Fund (UPTF), which will provide €50 million in capital, marking a significant step in supporting the resilience of the Ukrainian tech sector. UPTF will collaborate with UNIT.City in Kyiv, the premier innovation hub of the country.
According to the press release, UPTF is the first institutionally backed venture fund focused solely on Ukrainian tech startups, investing from pre-seed to Series A stages. The managing partners are Dominique Piot and Charles Whitehead, who bring a decade of international experience and strong ties to Ukraine.
The official launch of UPTF took place on September 27, 2025, in Lviv, Ukraine, with the participation of Mykhailo Fedorov, the First Deputy Prime Minister of Ukraine, and representatives from the European Investment Bank and other key figures.
"Even during the full-scale war, Ukrainian startups are creating innovative products and competing globally. The launch of UPTF sends a powerful signal about Ukraine's potential in the world market," stated Mykhailo Fedorov.
On September 24, 2025, the Board of the European Investment Bank approved a potential commitment of €15 million to UPTF. This contribution is expected to be made within the EU Fund for Ukraine. Earlier, in March 2024, the French public investment bank Bpifrance confirmed its willingness to allocate €10 million, and in December 2024, Proparco, a private sector arm of the French Development Agency, proposed €5 million.
UPTF also received support from Henri Seydoux, founder of Parrot, who invested €2.5 million through his investment firm.
The fund will invest in early-stage Ukrainian tech companies, providing capital, practical strategic support, and access to international networks. It will also help accelerate innovation, attract further global capital, and deepen Ukraine's integration into European and international markets.
