Ukraine is unveiling a new initiative - the Ukraine Phoenix Tech Fund (UPTF), a venture fund with a capital of €50 million. This fund aims to bolster the resilience of the Ukrainian technology sector amid ongoing challenges.
According to the press release, UPTF will be the first institutionally backed venture fund focusing exclusively on investing in Ukrainian tech startups, from pre-seed/seed stages to Series A. The managing partners of the fund are Dominique Piote and Charles Whitehead, who bring a wealth of international experience and strong connections to Ukraine.
The official launch of UPTF took place on September 27, 2025, in Lviv, Ukraine, featuring prominent figures such as Mikhail Fedorov, the First Deputy Prime Minister of Ukraine, and Kristina Mikulova, head of the European Investment Bank’s regional center.
“Even during the full-scale war, Ukrainian startups are developing innovative products that compete globally. The launch of UPTF sends a strong signal about Ukraine's potential in the world market,” said Mikhail Fedorov.
On September 24, 2025, the Board of the European Investment Bank approved a potential commitment of €15 million to UPTF. This investment is expected to be made through the EU Fund for Ukraine. Earlier, in March 2024, the French public investment bank Bpifrance confirmed a readiness to allocate €10 million, while in December 2024, the private sector arm of the French Development Agency, Proparco, proposed €5 million.
UPTF also enjoys the support of Henri Seydoux, founder of Parrot, a pioneering drone manufacturer, who invested €2.5 million through his investment firm, Horizon sas.
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.
“This is a decisive vote of confidence in Ukrainian founders,” said Dominique Piote, managing partner. “With world-class institutional partners at our side, we will help Ukrainian startups scale globally while keeping their roots and talents in Ukraine.”
