Ministry of Digital Transformation is working to shape a powerful startup ecosystem in Ukraine. During an official visit to the United States, the Ukrainian delegation led by President of Ukraine Volodymyr Zelenskyy met with leading American venture funds and investment companies.
Within the framework of the visit, Deputy Prime Minister/Minister of Digital Transformation Mykhailo Fedorov presented the idea of creating a Fund of Funds for Startups in Ukraine and attracting international investment funds.
"We are proud of Ukrainian unicorn startups that emblaze Ukraine all over the world. Support for startups is a necessary tool for the development of the economy of any modern country. Therefore, inspired by the successful international experience, in particular, Israel’s Yozma initiative, we are considering the possibility of establishing a Fund of Funds in Ukraine. The state will not only invest in startups but will also direct funds to the world's best venture funds for reinvestment in Ukrainian startups. In this way, Ukraine will have the best environment for the development of the startup ecosystem and the IT sector as a whole," Mykhailo Fedorov stressed.
The Ukrainian Startup Fund (USF) has been operating in Ukraine for over a year. More than 200 startups have already been funded.
"The creation of the USF is a successful case of interaction between the state and the IT market. Due to this, the state became the largest angel investor in Ukraine. The fund's acceleration program has been launched, which includes powerful Ukrainian and international accelerators. We want not only the number of startups to grow in Ukraine, but also large strategic investors. The launch of the Fund of Funds for Startups will be one of the key sources of capital for the successful launch of investment funds in Ukraine," Oleksandr Bornyakov stressed.
The emergence of global investors in Ukraine will be advanced by the launch of the Diia City project and the market for virtual assets, which were discussed at the meeting. After all, foreign investors will be able to count on practices common in other jurisdictions and recognized by global business as "investment attractive."