A new venture fund named Ukraine Phoenix Tech Fund (UPTF) is being launched in Ukraine with a capital of €50 million, aimed at strengthening the resilience of the Ukrainian tech sector. The fund will collaborate with UNIT.City in Kyiv, the flagship innovation park of Ukraine.
According to the press release, UPTF is the first institutionally supported venture fund focusing solely on Ukrainian tech startups, investing from pre-seed/seed stages to Series A. The managing partners of the fund are Dominique Piot and Charles Whitehead, who possess extensive international experience and strong connections to Ukraine.
The official launch of the UPTF took place on September 27, 2025, in Lviv, Ukraine, with the participation of Mykhailo Fedorov, the First Deputy Prime Minister and Minister of Digital Transformation of Ukraine, along with other key figures, including Kristina Mikulova from the European Investment Bank.
“Even during the full-scale war, Ukrainian startups are creating innovative products and competing globally. The launch of UPTF is a powerful signal of Ukraine's potential in the global market,” said Mykhailo Fedorov.
On September 24, 2025, the Board of the European Investment Bank approved a potential commitment of €15 million to UPTF, expected to be part of the EU Fund for Ukraine. Earlier, in March 2024, the French public investment bank Bpifrance confirmed a readiness to allocate €10 million, and in December 2024, Proparco, a private sector arm of the French Development Agency, proposed €5 million.
UPTF is also supported by Henri Seydoux, founder of Parrot, who invested €2.5 million through his investment firm Horizon sas.
The fund aims to invest in Ukrainian tech companies at early stages, providing capital, practical strategic support, and access to international networks, which will help accelerate innovation and deepen Ukraine's integration into European and global markets.
“This is a crucial vote of confidence in Ukrainian founders,” said Dominique Piot, managing partner. “With world-class institutional partners by our side, we will help Ukrainian startups scale globally while preserving their roots and talents in Ukraine.”