Ministry of Economy, Environment and Agriculture highlights the strategic role of the Ukraine Phoenix Tech Fund in driving economic growth and capital market development
On September 27, the first institutionally backed venture fund focused exclusively on Ukrainian tech startups, the Ukraine Phoenix Tech Fund (UPTF), was launched in Lviv. The UPTF complements broader government-led efforts to attract and mobilize foreign capital, including the Ukraine Reconstruction Fund and the EU for Ukraine Fund. Together, these initiatives create the financial infrastructure necessary to transform international confidence into productive investment opportunities that generate jobs within Ukraine.
The UPTF is a EUR 50 million venture fund for startups, marking a significant step in establishing 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, in particular, the European Investment Bank (EIB), Bpifrance (the French public investment bank), and Proparco, the private sector arm of the Agence Française de Développement Group.
The EIB’s Board of Directors approved a potential EUR 15 million commitment to the UPTF, positioning the EIB as one of the fund’s anchor investors. This contribution is expected to be made through the EU for Ukraine Fund, a dedicated 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 the fourth quarter of 2025.
“The UPTF is more than just financial support for startups—it is an investment in the future of Ukraine’s economy. The Ministry has been proud to support the efforts of the Phoenix Fund and eō Business Incubators, helping to build the innovation portfolio that will drive our economic recovery. We are grateful for the support of the European Investment Bank, Bpifrance, and Proparco, among others. The Fund is also a step toward creating a capital market that will keep Ukrainian innovation anchored at home while opening it up to Ukrainian and global investors. By blending foreign investment with domestic opportunities, Ukraine is ensuring that its recovery is not only rapid but also long-term,” emphasized Oleksii Sobolev, Minister of Economy, Environment, and Agriculture of Ukraine.
A Stronger Capital Market for a Stronger Economy
By investing in early-stage companies and fostering transparency, UPTF is helping to establish the foundations of a capital market that can attract both domestic and foreign investors. Such a market is essential to preventing capital flight and ensuring that the success of Ukraine’s entrepreneurs directly contributes to national prosperity.
“The launch of UPTF is an inflection point for Ukraine’s innovation economy,” said Charles Whitehead, Managing Partner of UPTF. “It signals that Ukraine is not only open for investment but is actively creating the institutions to sustain it. Our work will help Ukraine’s entrepreneurs, capital market, and global investors grow together in a transparent, rules-based environment.”
“Ukraine’s founders are demonstrating resilience and ingenuity in the face of war,” said Dominique Piotet, Managing Partner of UPTF. “This fund allows them to scale globally while remaining anchored in Ukraine. By pairing world-class international standards with strong domestic institutions, UPTF will help turn innovation into sustainable economic growth.”
About Ukraine Phoenix Tech Fund
The Ukraine Phoenix Tech Fund (UPTF) is the first institutionally supported venture capital fund focused exclusively on Ukrainian tech startups, investing from pre-seed/seed through Series A. UPTF’s mission goes beyond investing capital. The Fund partners with founders through responsible, high-impact investments that align growth with social, economic, and environmental priorities. UPTF helps promising startups scale faster, attract international investors, and compete globally, powering the rise of Ukraine’s new tech economy.