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The Ukraine Phoenix Tech Fund (UPTF) is a venture capital fund established to support early-stage startups from and in Ukraine. Launched on September 27, 2025, in Lviv, the fund has a total size of €50 million, backed by major European development finance institutions and private investors. UPTF aims to bolster the Ukrainian tech ecosystem, particularly in light of the ongoing challenges faced by the country due to geopolitical tensions. The fund is strategically endorsed by the Ukrainian Ministry of Economy, highlighting its importance for economic recovery and capital market development.
UPTF is positioned as a key player in the recovery and growth of Ukraine's economy, with a target to invest in 40 to 50 companies and create approximately 1,100 jobs, with a focus on gender inclusivity. The fund operates from multiple locations, including offices in Silicon Valley, New York, and Europe, which enhances its ability to support startups in their international growth efforts.
The Ukraine Phoenix Tech Fund primarily invests in early-stage tech startups, specifically those with at least one Ukrainian founder and a significant team presence in Ukraine. The fund targets companies in the pre-seed and MVP stages, as well as those generating between €250,000 to €1 million in revenue. UPTF is open to various technology sectors, including both software and hardware, and emphasizes research and development initiatives. This focus on inclusivity and innovation is central to the fund's mission of supporting the Ukrainian tech ecosystem amidst ongoing challenges.
Investment checks can reach up to €2 million per company, with follow-on reserves allocated for top-performing startups. The fund collaborates with the eo Business Incubator to prepare startups for investment, providing access to a network of over 75 mentors. This support network is designed to help portfolio companies grow internationally, leveraging the fund's presence in the US and Europe.
The Ukraine Phoenix Tech Fund has a diverse portfolio of 50 companies, all of which are early-stage tech startups with a significant Ukrainian presence. The fund collaborates with the eo Business Incubator to prepare these startups for investment, ensuring they are well-equipped for growth. The portfolio includes companies across various sectors, focusing on both software and hardware technologies.
Some notable aspects of the portfolio include the emphasis on companies that are generating revenue between €250,000 and €1 million, which aligns with the fund's investment strategy. The fund's commitment to supporting innovative companies is evident in its collaboration with university labs and researchers, fostering a strong research and development environment.
Chuck Whitehead - Managing Partner. Chuck has a background in Silicon Valley and brings extensive experience in venture capital and entrepreneurship.
Dominique Piotet - Managing Partner. Dominique has international experience and deep ties to Ukraine, contributing to the fund's strategic vision.
Kirill Bondar - Partner. Kirill is involved in sourcing and evaluating investment opportunities within the tech sector.
Rudy Amoresano - Partner. Rudy focuses on supporting portfolio companies and enhancing their growth potential.
Rick Rasmussen - Partner. Rick brings expertise in technology investments and helps guide startups through their growth phases.
Mitchell Kleinhanlder - Advisor. Mitchell provides strategic insights and mentorship to portfolio companies.
Dmytr Shymkiv - Advisor. Dmytr offers guidance on navigating the Ukrainian market and connecting with local resources.
Eduard A. Simson - Advisor. Eduard supports startups with his extensive network and industry knowledge.
Startups interested in pitching to the Ukraine Phoenix Tech Fund should visit their website at uptf.vc for detailed information on the application process. The fund prefers pitches that clearly outline the startup's business model, market opportunity, and growth strategy. Founders should include relevant financial projections and demonstrate how their team meets the fund's criteria of having at least one Ukrainian founder.
Response times may vary, but founders can expect to receive feedback on their pitches within a reasonable timeframe. Warm introductions are encouraged, as they can enhance the likelihood of a successful pitch.
On September 27, 2025, the Ukraine Phoenix Tech Fund officially launched in Lviv, marking a significant milestone for the Ukrainian tech ecosystem. The fund has secured €50 million in commitments from major European development finance institutions and private investors, positioning it as the first institutionally supported VC fund focused exclusively on Ukrainian tech startups.
As of October 2025, UPTF has begun its investment activities, targeting early-stage tech startups with a significant Ukrainian presence. The fund aims to create approximately 1,100 jobs, with a focus on gender inclusivity, as part of its mission to support the recovery and growth of Ukraine's economy.
What are the investment criteria for the Ukraine Phoenix Tech Fund?
The fund primarily invests in early-stage tech startups that have at least one Ukrainian founder and a significant team presence in Ukraine. It targets companies in the pre-seed and MVP stages, as well as those generating between €250,000 and €1 million in revenue.
How can startups apply or pitch to the fund?
Startups interested in applying or pitching to the Ukraine Phoenix Tech Fund can visit their website at uptf.vc for more information on the application process.
What makes the Ukraine Phoenix Tech Fund different from other venture capital firms?
UPTF focuses exclusively on early-stage tech startups in Ukraine, emphasizing inclusivity and support for research and development initiatives. The fund also provides access to a network of over 75 mentors and collaborates with the eo Business Incubator to prepare startups for investment.
What is the geographic scope of the fund's investments?
The fund primarily invests in startups based in Ukraine, but it also supports international growth through its offices in Silicon Valley, New York, and Europe.
What is the typical check size for investments?
The Ukraine Phoenix Tech Fund can invest up to €2 million per company, depending on the startup's needs and growth potential.
What kind of post-investment involvement does the fund have?
UPTF provides ongoing support to its portfolio companies through mentorship, access to resources, and assistance with international growth, leveraging its extensive network of advisors and partners.
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