DealBook of Ukraine: 2024 edition

The DealBook is our annual overview of the Ukrainian tech investment industry. This edition comprehensively covers the full year 2023 and the first deals of 2024.

1. DEALBOOK OF UKRAINE
July 2024
Covering tech investment deals in Ukraine since 2014
2024 edition

2. About
The DealBook is our annual overview of the Ukrainian tech
investment ecosystem. This edition covers the full year of
2023 and 1H of 2024
2.5 years of Ukraine's fight for freedom have opened a new
chapter for its tech industry. With a growing volume of
seed investments, a new booming military tech sector, and
record-high fund commitments, Ukraine’s tech ecosystem
is poised for recovery
We express our gratitude to all the market participants
who contributed their data and insights to the report and
the international community for continuing to
#StandWithUkraine
Previous Editions of the DealBook of Ukraine
DealBook Ukraine covering 2022DealBook Ukraine covering 2021
Other Reports on Ukrainian and CEE tech
CEE M&A Report 2021CEE M&A Report 2022SoftDev Report 2021
2024AVentures Capital 2

3. Inaccuracies and updates
We have done our best to provide accurate and complete information, but we recognize the limits of industry reporting. We will be pleased to receive any
corrections, suggestions or information on deals we may have missed. New and updated data will be included in the next publication, improving the level of
detail and the quality of the report. Please direct all such inquiries to [email protected]. Our thanks in advance for your assistance, which will
make the next DealBook a better resource for the investment community
Copyright policy
The content of this report and its summaries are protected by copyright law. Individuals and organizations can, without prior authorization and free of
charge, copy and publish without limitation short extracts in the form of quotes. This report must be clearly indicated as the source with a link to the
SlideShare or Google Drive hosting webpage of the report. To publish large extracts or the full report or for other editorial cooperation opportunities, please
contact Andrii Chemerysov at [email protected]
Distribution opportunities
To inquire about the distribution of this report, please email [email protected]
Disclaimer
2024AVentures Capital 3

4. Founded in 2012, we are a leading tech investment firm with
an investment fund and M&A advisory arm focused on global
companies that leverage R&D in Ukraine and CEE
With over a dozen companies in our portfolio, AVentures
Capital backs talented entrepreneurs from Ukraine and CEE to
fuel their global expansion in the US and EU markets
Authors of the Report
Yevgen Sysoyev
Managing Partner
[email protected]
Yuliya Sychikova
Director
[email protected]
Tetyana Torchylo
Associate
[email protected]
Andrii Chemerysov
Analyst
[email protected]
Who we are
2024AVentures Capital 4
Volodymyr Lyashenko
Analyst
[email protected]

5. Track record: Investments & Advisory
ProductsOutsourcing
Advisory
Investments
NASDAQ: QCOM
exited
From pre-seed to M&A
From pre-seed
to Series B
From pre-seed
to 1.1b valuation
From pre-seed
to Series B
X X
exited
X
exited
partially exited
From Seed to Series B
*
X
Advisory, M&A
NASDAQ: CMPR
Advisory,
Series B $68m
X
Buy-side PE deal
X
Sell-side M&A
NASDAQ: GDYN
AVentures Capitalboasts an outstanding
track record in Ukraine’s tech ecosystem
A dozen years of a stellar track record in helping
build and scale businesses from “zero” to over
$50-100m in revenue, eventually leading to exits
to US/EU strategics
3 M&A deals with NASDAQ publicly listed
companies and a number of double-digit cash-
on-cash investments
2024AVentures Capital 5
*
*
*
* Yevgen Sysoyev’s personal track record
partially exited

6. •Investment Banking
•M&A strategy development & implementation
•Buy-side advisory
•Sell-side advisory
Professional, client-tailored investment banking
services for tech industry:
IB & M&A Advisory for tech
companies in Central Eastern
Europe
Investment banking arm
2024AVentures Capital 6

7. 2023 Overview: looming recovery
2024AVentures Capital
$42m
$146m
$81m
$266m
$323m
$542m$571m
$832m
$236m$209m
2014201520162017201820192020202120222023
3.6x
1st war year
decline
In 2023, investment volume decline
significantly slowed to just 11% YoY,
showing the industry's resilience
amid the war
Despite the decline, 1H 2024
reveals the signs of recovery, as the
deal volume increased 4.1x times
compared to 1H 2023and
exceeded volume of 2022-23
7
recovery
59%
5-year CAGR
$68m
$283m
1H 20231H 2024
4.1x
1. Amount for 2022 Series B is adjusted compared to last year’s report; for more details, please see Appendix A, Deals of 2022

8. 2023 Overview: good news
1. In this report, a Ukrainian company is defined as having a Ukrainian co-founder and >30% of the workforce being Ukrainian.
2. This segment represents a funding stage with high deal volume yet not a distinctive series C/D funding.
25%
13%
10%
33%
16%
3%$209m
est. total investments in
Ukrainian1 Tech
Seed
~$52m
Grants
~$7m
Growth &
Secondary²
~$33m
Series A
~$27m
Series B
~$20m
Series C
~$70m
Key Findings
Although the investment volume this year has
somewhat declined, it is still a remarkable resilience
given the war. Promisingly, we observethe growth
ofthe investments 1H 2024 vs. 1H 2023
Similar to 2022, early-stage investments account for a
38% share of the total investment volume (vs. 39%
in 2022), indicating unwavering trust in the future of
Ukraine’s tech sector
2023 also marked the revival of late-stage
investments. Growth and Secondary volume increased
3.2x (vs. $10.5m in 2022), and Series C volume
increased 1.4x (vs. $50m in 2022)
2024AVentures Capital 8

9. 2023 Investments by industry
92024AVentures Capital
41%
14%
EdTech
IT Services
~$85m
~$30m
tutor marketplaces, lecture platforms, language learning apps, and learning management software
software outsourcing& solutions
$209m
14%Finance~$29mblockchain-based auctions, car financing apps, accounting, etc.…
+ 5 companies
10%Retail~$21mrobotics, AI-powered pricing, food-ordering platforms
14%Other~$29m
military, real estate, healthcare, marketing & sales, management & operations, developer tools, etc.
7%Entertainment~$16mvoice cloning, AI-powered 3D assets & music, VR
…+ 4 companies
…+ 4 companies
…
+ 53 companies

10. Biggest capital raisers
102024AVentures Capital
$209m
est. total investments in
Ukrainian Tech
$70m
Preply is a global platform for
tutors and learners. In 2023, it
raised $70m from Horizon
Capital, Reach Capital, Hoxton
Ventures, Owl Ventures, and
others as part of Series C
$22m
Fintech Farm creates neobanks in developing
countries in partnership with traditional
banks. In 2023, it raised $22m from Nordstar
and others as part of Series D
$15m
DRESSX is one of the largest retailers of
digital fashion. Its investors are Greenfield
Capital, Warner Music Group, The Artemis
Fund, Slow Ventures, and Red DAO
Undisclosed
GO IT provides engineering education for
the digital professions. Its investor is
Horizon Capital as part of Growth stage
Undisclosed
Viseven creates digital transformation for pharma and
life sciences. Its investor is Horizon Capital as part of
Growth stage
Other
Over 100 companies
included in the report

11. 182232113018397738522293591926
119
158
5327403135
70
4944
158
235
9179
2014201520162017201820192020202120222023
Early-stage: Seed and Series A
112024AVentures Capital
Series A
Seed
*in $m
Despite the decrease in Series A funding, Seed rounds grew by 37% YoY.
Thus, the volume of Seed investments became the second highest in
history, laying the way for the future recovery
by investor origin
by investor type
1%31% 32% 36%
1%2%3%29%4% 61%
~$1m, Undisclosed
~$24m, Foreign + Ukrainian1
~$26m, Foreign
~$28m, Ukrainian2
~$0.5m, Accelerator~$23m, VC + Angel
~$1m, Strategic
~$2m, Angel
~$3m, Undisclosed
~$49m, VC
1. Rounds in which both foreign and Ukrainian investors participated
2. Rounds in which only Ukrainian investors participated

12. Startup to look at in 2024
122024AVentures Capital
Launch
2020
Founded by Dmytro Dubilet,
Oleksandr Vitiaz, & Nick
Bezkrovnyy
Azerbaijan
2021
Leobank opening
Issues the first 100k cards
Series A
2022
Vietnam, Series B
2023
Hits 200k active users in
Vietnam and 1m in Azerbaijan.
The #1 digital bank
inAzerbaijan
Raises $22m in Series B round,
led by Nordstar, European VCs,
angels
India
2024
Series B extension from Bank
of Georgia, bringing the raised
amount to $32m
Aims to reach 1m active
users in Vietnam
Leobankbecomes
profitable
Company raises $7.4m
in Series Aled by F1V,
AVentures, TA Ventures,
angels
Fintech Farm is a UK-based company that specializes in
creating neobanks in emerging markets by partnering with
established local banks
HQ:
R&D:
Operations:
Team:
Total Raised:
Featured By:
London, UK
Ukraine
4 countries & growing
150+ employees
$45m1
Fintech Farm aspires to launch in a dozen emerging markets
countries and build the #1 digitalbank player in emerging markets
1. Forbes estimate
Sources: Fintech Farm, AIN, sifted, TechCrunch, Forbes

13. Growing grant opportunities
132024AVentures Capital
$6.9m
est. grants provided for Ukrainian entrepreneurs in 20231
Others (Undisclosed)2
Launched in 2018, the Ukrainian Startup Fund has distributed a total of
$16m in grants ($10k-$50k avg. check). Last year, the fund issued 11
grants via the Dual Use Program, and in 2024, already distributed 27 more
(with Seeds of Bravery, WNISEF as partners)
1. Grants calculation is based on public information, as well as on data supplied by the Ukrainian Startup Fund and Brave1
2. Many grantors and funded companies, especially in military tech, prefer to remain undisclosed, only announcing the fact of the deals
Brave1 focuses on military tech. It was launched in 2022 by the Ukrainian
government. Since then, the cluster has distributed 211 grants for a total
of $3.8m, with an average check of $5k-$25k
The European Innovation Council Accelerator offers up to €2.5m in grants
for R&D and up to €15m in equity investments for market deployment

14. Military tech: a new surging vertical
142024AVentures Capital
•Brave1 issued the largest amount of grants for
miltech in 2023, amounting to $2.3m
•D3 is the first Ukrainian miltech focused VC in 2023,
with morebeinglaunched
•We estimate that Osavul (AI-powered information
security) raised the most funding ($1.0m) among
miltech companies in 2023$6.7m
est. investments in miltech in
2023, both equity and grants6.2x
miltech job postings on DOU
increased YoY, as of June 20241
UAV Cyber & Analytics
Frontline Equipment
Radio & SensorsDemining
Frontline
Robotics [Functional
Textile Labs]2[Biodegradable
Homeostatic Agent]2
[Bees Against
Mines]2
1. Data from the web archive of jobs.dou.ua for June 19, 2024, vs. June 10, 2023. An exact day-to-day comparison is not feasible due to the archive’s limitations.
2. These projects were financed by the Ukrainian Startup Fund (USF) grant programs, yet still do not have website/social media links/logos

15. $532M in announced commitments
152024AVentures Capital
$350m
$300m1
$42m$39m
$23m$20m$19m
$10m$10m$10m
$5m$3m$1m
The local funds continue to attract new commitments, many of which are
to be invested in Ukrainian companies
•In early 2024, Horizon Capital’s Growth Fund VI closed at $350m,
exceeding the target by 40%. Investors include IFC, EBRD (EU), DFC
(US), JICA (Japan), and others
•A significant number of new commitments also came from grant
programs and early-stage investors
•In March 2024, UVCA presented the Ukrainian Fund of Funds, which
intends to raise $300m, which would make it the second-largest fund
ever raised.
1. The fund is to be raised yet ; the number on the chart indicates the initial expected fund size
Sources: Horizon Capital, UVCA, European Innovation Council, Brave1, Geek Ventures, D3, 1991 ventures, SMG Capital, Google Support Fund, Roosh, Green Flag,
Ukrainian Startup Fund (USF), Angel one.

16. 16
18
Ukrainian VCs are
currently raising funds
$300m
Initial expected Fund of Funds’ size
The Ukrainian Fund of Funds is an
investment vehicle that enables
investors to deploy capital into funds
focused on Ukrainian entrepreneurs
through an intermediary, receiving
commercial benefits
Gateway for the world's largest
institutional and private investors
to invest in Ukraine
Rigorous due diligence &
comprehensive overview of the
highest-performing local funds
Transparent management
structure & expert team
First institutional fund-of-fund
investor in VC funds
Anchor >30% LP commitments to
support fundraising of 25+ GPs
Continuous program to strengthen
PE, CV and tech ecosystem in
Ukraine
Ukrainian Fund of Funds
~$1b
Projected demand for
capital from Ukrainian VCs50+
Foreign funds interested in CEE
region
Sources: UVCA, Multiple Capital
Note: The UVCA also invites investors and others to commit 1% or more of their available investment capital towards investments that
promote the recovery and reconstruction of Ukraine. More about Ukraine 1% Investment Pledge: https://fof.uvca.eu/

17. 17
Ertan Can
Founder and Managing Partner of
Multiple Capital
20+ years of industry experience, 10
years of VC/LP experience, Top
Decile track record
Ertan’s track record in managing the Funds of Funds:
Andriy Kolodyuk
Managing Partner of AVentures
Capital, Chairman of UVCA
30+ years of entrepreneurial
experience, 20+ years of VC/LP
experience
2,100
Funds screened1,000
GP relationships50+
Sectors
48
Funds invested103
GPs/Partners1,359
Portfolio companies
156
Outliers23
Unicorns1
Decacorn
Proven management track record
Sources: UVCA, Multiple Capital
Note: The UVCA also invites investors and others to commit 1% or more of their available investment capital towards investments that
promote the recovery and reconstruction of Ukraine. More about Ukraine 1% Investment Pledge: https://fof.uvca.eu/

18. Unicorns co-founded by Ukrainians
20212018 20222019
Publicly disclosed valuation of >$1.0b …
2024AVentures Capital 18
Raised$100m in Series D
round from Iconiq Capital
and others
Total valuation: >$1.1b
BitFury’s unicorn status
was confirmed during
$80m financing from
Korelya Capital
Total valuation: >$2.0b
Raised $200m in a round
led by Baillie Gifford and
BlackRock
Total valuation: >$13.0b
Raised $107m in Series D
funding from Akkadian
Ventures, Mubadala
Ventures and others
Total valuation: $1.1b
Raised $51.5m in Series B
round from G Squared and
others
Total valuation: >$1.25b
2024
Raised $200m in a round
led by Sapphire Ventures,
Volition Capital and
Horizon Capital
Total valuation: $1.2b

19. Year after year, Creatio delivers 50% revenue growth,
fueling further expansion in the no-code market
Robust growth
Creatio is a leading vendor of a no-code platform to
automate CRM and enterprise workflows
Leading no-code platform
A global team has its representatives in 25 countries and
thousands of customers in over 100 countries
Global presence
New unicorn is born in 2024
192024AVentures CapitalSource: public sources
As of June 26, 2024, Creatio raised
$200m at $1.2b valuation

20. …and Unicorns likely to be
2024AVentures Capital 20
Manufacturer of
security systems
for homes
Global platform
for tutors and
learners
Health & Fitness
mobile apps
developer
Health& Fitness
apps developer
Multi-streaming
solution for live
video content
Developer of
mobile Ed-tech
products
Mobile and web
developer of IT
products
Software development
Co-founds global
tech businesses with
CEE entrepreneurs
Product Companies

21. Landscape of funds in 20231
Ukrainian
Foreign
Seed, Series ASeries B, Series C, Growth
2024AVentures Capital 211. Due to the decrease in late-stage investments over recent years, the “Series B, Series C, Growth” section includes the funds that made investments in Ukrainian
companies in recent years, not just 2023, for illustrative purposes. “Seed, Series A” section highlights the funds that made investments in 2023

22. Notable exits
TargetAcquirerSectorDescription
clickdealerDigital Media
SolutionsMarketing-SalesGlobal platform to fulfill marketing goals
Digitally InspiredIntelliasIT ServiceFull-cycle software development company
7DEVSEuvic GroupIT ServiceDevelopment of web and mobile solutions
exoftEuvic GroupIT ServiceCustom software development company
ArtkaiEuvic GroupIT ServiceCustomer-centric digital engineering
skillsetterUndisclosedEducationGet skills to be effective in IT-companies
Ukrainian companies continue to draw attention from strategic investors in the US and Europe, though M&A activity has been limited
•Co-founded by Max Polyakov, ClickDealer was the largest exit of 2023. The company was acquired by Digital Media Solutions—a
publicly traded provider of digital advertisement solutions—for an estimated amountof $45m. The acquisition will help DMS to
expand its advertising niche for homeowner services brands in the US market
•Since 2022, Polish Euvic Group has become an active local player, acquiring small Ukrainian IT service companies (<100 employees).
So far, the group has acquired 4 targets for a total of $5m+
2024AVentures Capital 22Source: Digital Media Solutions, AIN

23. Appendix A – Deal tables
Methodology Notes
If the deal was conducted in a currency different than the United States dollar, the following exchange rates were used:
EUR to USD: 1.07; GBP to USD: 1.24
Loans, corporate bonds, and all other types of debt funding are excluded from funding amounts when the distribution of debt to
equity funding is known. Convertible debt is included. A separate category is dedicated to non-equity grant funding
Publicly undisclosed deals and undisclosed deal amounts pose a challenge to calculating aggregate amounts and deal classification.
Therefore, to make the amounts and classification as accurate as possible, we use estimates to arrive at aggregate amounts and
classification categories. Where appropriate, our estimates are stated in the Deal Tables. If known, privileged data is also used when
calculating aggregate amounts
2024AVentures Capital 23

24. Funding deals of 2023
LogoTarget$m Disclosed InvestorsFundingDealDescription
Preply70.0Horizon Capital, Reach Capital, Hoxton Ventures, Owl VenturesVCSeries CGlobal platform for tutors and learners
Fintech Farm22.0 Redseed, NordstarVCSeries BNeobanks in developing countries
DRESSX15.0Warner Music Group, The Artemis Fund, Slow Ventures, Red DAO,
GreenfieldVCSeries B*Digital fashion retailer
VISEVENUndisclosedHorizon CapitalVCGrowth*Digital transformation for pharma and life sciences
GO ITUndisclosedHorizon CapitalVCGrowth*Engineering education - digital professions
carmoola10.5VentureFriends, TrueSight Ventures, QED Investors, InMotion VenturesVCSeries ADirect-to-consumer car finance
trinetix10.0 hypra.fundVCSeries A*Trusted global digital product partner
newhomesmate5.5
u.ventures, Unpopular Ventures, SID Venture Partners, Pragmatech
Ventures, Pareto Holdings, Geek Ventures, Gaingels, Flyer One Ventures,
Asymmetry Ventures, Andrew Izyumov, Vishal Rao, Roman Smolevskiy, Jon
Oringer, Jonathan Wasserstrum, Francis Santora, Edward Lando, David J.
Morrison
VC, AngelSeedOnline marketplace to find, compare and buy new
construction homes
miratech5.0Horizon Capital, International Finance CorporationVCGrowth*Global IT services and consulting
Releaf Paper4.3 European Innovation CouncilVCSeries ASustainable paper from fallen leaves
2024AVentures Capital 24* Estimate

25. Funding deals of 2023
LogoTarget$m Disclosed InvestorsFundingDealDescription
HAIQU4.0
u.ventures, Toyota Ventures, Soma Capital, SID Venture Partners, Roosh
Ventures, Paul Holland, MaC Venture Capital, Gordy Holterman, Alexi
Kirilenko
VC, AngelPre-SeedSolutions for quantum computers
STROOM3.5Greenfield, Lemniscap, No Limit Holdings, Cogitent Ventures, Mission
Street, AnkrVC, AngelSeedLiquidity for Bitcoin Lightning Network
INSTOCK3.2u.ventures, One Way Ventures, Lux Capital, Cybernetix Ventures,
Commerce Ventures, Amazon Industrial Innovation FundVCSeedWarehouse robotics and automation solutions
competera3.0STRATMINDS, Flyer One Ventures, Verras Capital, SMRK Fund, Transform
Partners FundVCSeedAI-powered retail pricing
AiSDR2.9
Y Combinator, Terrence Rohan, SID Venture Partners, SCM Advisors, Rebel
Fund, Rahul Mehta, Pioneer Fund, Nick Bilogorskiy, Matt MacInnis, Flyer
One Ventures
VC, AngelSeedAI-powered email marketing and sales
Helsi2.5* UndisclosedStrategicSeries A*Find doctors, clinics and drugs online
MY NFT WARS2.0
WannaBiz, Vinor Zukhubaia, Social Discovery Group, Nika Tech Family,
iLogos Game Studios, Fedor Drozdovski, Blockchain Cuties Universe,
Blackshield Capital Management, Alex Potapenko
VC, AngelSeries APlay-Create-Own-based massively MMORPG
kolibrio2.0Jump Crypto, Everstake Capital, Delta Blockchain Fund, undisclosed angel
investorsVC, AngelSeedBuilding automated blockchain-based auctions
GAMETREE1.7
Sam Yagan, President Victor Yushchenko of Ukraine, Phil Schwarz, Nicolas
Stehle, Goodwater Capital, Fullstack Ventures, Felix LaHaye, EXPERT DOJO,
Corazon Capital, Coddy Johnson
VC, AngelSeedDiscover video games, teammates, friends
DEUS ROBOTICS1.5 SMRK VC FundVCSeedWarehouse robotics engineering and software
Masthead Data1.3SMOK Ventures, Monochrome Capital, focal, DEPO Ventures, Alchemist
Accelerator, undisclosed angel investorsVC, AngelPre-SeedData observability that catches data anomalies in
real time
2024AVentures Capital 25* Estimate

26. Funding deals of 2023
LogoTarget$m Disclosed InvestorsFundingDealDescription
finmap1.1SMOK Ventures, Presto Ventures, Petr Baron, Capital GeneticsVC, AngelSeed*Cash flow management tool for SMEs
All Right1.0Capital Times Investment Advisory, Dmitry Sergeev, Peter ChernyshovAngelSeed*Online English school for children and adults
respeecher1.0BADideas.fund, Gary Vaynerchuk, ffVC Poland, SID Venture Partners,
Investment Capital UkraineVC, AngelSeed*Voice cloning for creators, movies, games
zeely1.0ZAS Ventures, Vesna Capital, Imaguru Ventures, Jooble Venture Lab, Angel
One, Adrian J Slywotzky, Murat AbdrakhmanovVC, AngelSeedMobile-first web store & ad builder with AI
osavul1.0 SMRK VC FundVCSeedAI-powered security against information threats
workee0.9SMOK Ventures, Slava Ventures, undisclosed angel investorsVC, AngelSeed*Freelancer no-code online business management
awesomic0.8Pioneer Fund, Flyer One Ventures, Red Rooster Ventures, Michael Seibel,
Jared FriedmanVC, AngelSeed*Platform that helps companies find designers
gin e-bikes0.6 Toloka VCVCSeedPremium e-bikes at affordable prices
FARM FLEET0.6 UndisclosedUndisclosedSeed*Robotics for the agricultural sector
ASPICHI0.5 SMRK VC FundVCSeed*Developer of virtual reality solutions
ComeBack
Mobility0.5 ZAS Ventures, TechstarsVCSeed*Smart crutch tips
Harmix0.5 UndisclosedUndisclosedSeed*AI-powered music selection for your video
2024AVentures Capital 26* Estimate

27. Funding deals of 2023
LogoTarget$m Disclosed InvestorsFundingDealDescription
prengi0.5 SMRK VC FundVCSeedAll-in-one facility management platform
ZIBRA AI0.5Speedrun Accelerator of Andreessen HorowitzAcceleratorSeedAI-generated 3D assets
eTOLLs EU0.5 Imperia HoldingStrategicSeed*Pay tolls and avoid cash lanes on toll roads
getpin0.4 Presto VenturesVCSeedTool for managing the customer experience on
third-party online platforms
PLUSPOINT0.4 Pragmatech VenturesVCSeed*Online reputation management startup
INPUT SOFT0.3SID Venture Partners, Sigma Software Labs, Torino Cities - Future Techstars
AcceleratorVCSeed*Web-based software solutions for aviation
S.Lab0.2ZAS Ventures, Vesna Capital, IT Arena, Sasha ReminnyiVC, AngelSeed*Biodegradable packaging of hemp and mycelium
Forbytes0.2* InSoft.PartnersStrategicPre-Seed*Global software, product development vendor
noltic0.2* InSoft.PartnersStrategicPre-Seed*Salesforce consulting and development
Vakoms0.2* InSoft.PartnersStrategicPre-Seed*Consulting, development for IoT, Embedded
MARK0.2 Maksym DemianiukAngelSeedVirtual personal medical assistant
GO TO-U0.2 Angel One FundAngelPre-Seed*Platform for EV charging management
2024AVentures Capital 27* Estimate

28. Funding deals of 2023
LogoTarget$m Disclosed InvestorsFundingDealDescription
Rozmova0.2 Angel One FundVCPre-SeedPlatform for therapists and clients
RevMyWork0.1 Marty Krátký-Katz, Pavla BobosikovaAngelPre-SeedPaid IT work review
justwork0.1 Promodo StrategicPre-Seed*Marketplace for marketers
FALCONS<0.1*Undisclosed angel investorAngelPre-Seed*Develop, test, scale solutions for the military
GRISELDA<0.1*Undisclosed angel investorAngelPre-Seed*High-speed processing of large data streams
ZVOOK<0.1*Undisclosed angel investorAngelPre-Seed*Acoustic detection of low-med altitude projectiles
Mantis Analytics<0.1*Angel One Fund, undisclosed angel investorAngelPre-Seed*Analytics for government and military
BANK of
memories<0.1* Seier CapitalVCPre-Seed*Save and transmit digital assets to the future
DJOOKYX<0.1* Seier CapitalVCPre-Seed*Marketplace of music royalty rights
2024AVentures Capital 28* Estimate

29. Funding deals of 2023
LogoTarget$m Disclosed InvestorsFundingDealDescription
CloudprinterUndisclosedu.ventures, Brabant Development CompanyVCSeed*Global print-on-demand solutions
SpeedSizeUndisclosedu.venturesVCSeed*AI compression of media content
drugcardUndisclosedNew Nordic Ventures, Peter ChernyshovVC, AngelSeedPharmaco-Vigilance with AI Data Intelligence
GeekPayUndisclosedSigma Software LabsStrategicSeedDigital currencies payment tracking platform
GigRadar.ioUndisclosedBelkinsStrategicPre-Seed*B2B lead generation tool for Upwork agencies
SETAFFUndisclosedNetSolidVCPre-Seed*Affiliate company with SEO Traffic in iGaming
AdseeUndisclosedJooble StrategicPre-SeedRun recruiting campaigns on social media
Saldo AppsUndisclosedhi5 VenturesStrategicPre-Seed*Sales, accounting automation for SMEs
2024AVentures Capital 29* Estimate

30. M&A deals of 2023
LogoTarget$m Disclosed AcquirerFundingDealDescription
clickdealer45.0 Digital Media SolutionsStrategicM&AGlobal platform to fulfill marketing goals
Newoldstamp3.1 Blackpearl Group StrategicM&AEmail signatures marketing platform
7DEVSUndisclosedEuvic Group StrategicM&ADevelopment of web and mobile solutions
exoftUndisclosedEuvic Group StrategicM&ACustom software development company
ARTKAIUndisclosedEuvic Group StrategicM&ACustomer-centric digital engineering
UndisclosedUndisclosedEuvic Group StrategicM&A Undisclosed
Agena TechUndisclosedbelevenStrategicM&ASweden-based technology development
LogasterUndisclosedZenBusinessStrategicM&AOnline logo maker
PlaiUndisclosedPeoplelogicStrategicM&APeople performance management tool
skillsetterUndisclosedUndisclosedStrategicM&AIT-focused EdTech
teraz workUndisclosedJooble StrategicM&AMarketplace for freelance recruiters
2024AVentures Capital 30* Estimate

31. Grants of 2023
LogoTarget$m Disclosed InvestorsFundingDealDescription
Releaf paper2.7 European Innovation CouncilGrantGrantSustainable paper from fallen leaves
135 different projects2.3 Brave1 GrantGrantMilitary tech
Handy.ai<0.1Ukrainian Startup Fund, Dual Use ProgramGrantGrantTeam coordination, customer service, operations
CRAFTRUDER
(ConcreteFlow)<0.1Ukrainian Startup Fund, Dual Use ProgramGrantGrant3D printed construction blocks
UKROPTER<0.1Ukrainian Startup Fund, Dual Use ProgramGrantGrantQuadcopter and VTOL UAVs
MODULE<0.1Ukrainian Startup Fund, Dual Use ProgramGrantGrantNo-tech application development
Biodegradable Hemostatic Agent<0.1Ukrainian Startup Fund, Dual Use ProgramGrantGrantCollagen matrix for effective bleeding stoppage
Bees Against Mines<0.1Ukrainian Startup Fund, Dual Use ProgramGrantGrantSearch for explosives in metal-contaminated areas
Ukraine Global
Faculty<0.1Ukrainian Startup Fund, Dual Use ProgramGrantGrantFree online lectures from leading professors
ClinCaseQuest<0.1Ukrainian Startup Fund, Dual Use ProgramGrantGrantMedical simulation learning platform
Simple ZNO<0.1Ukrainian Startup Fund, Dual Use ProgramGrantGrantPreparation for Ukrainian high school exit exams
Cardio AI<0.1Ukrainian Startup Fund, Dual Use ProgramGrantGrantAI powered ECG analysis platform
2024AVentures Capital 31* Estimate

32. Grants of 2023
LogoTarget$m Disclosed InvestorsFundingDealDescription
smart ion<0.1Ukrainian Startup Fund, Dual Use ProgramGrantGrantSmart home modules for lighting and appliances
Revisor<0.1Ukrainian Startup Fund, Glovo Ukraine Startup LabGrantGrantCustomer feedback and NPS management
DEEP LOYALTY<0.1Ukrainian Startup Fund, Glovo Ukraine Startup LabGrantGrantMobile app for retail loyalty programs
NUMO ADHD<0.1Ukrainian Startup Fund, IT ArenaGrantGrantSupport and productivity for people with ADHD
spendbase<0.1Ukrainian Startup Fund, Glovo Ukraine Startup LabGrantGrantTracking, optimizing, and reducing software costs
jetbeep<0.1Ukrainian Startup Fund, IT ArenaGrantGrantAutonomous postal points
GAMETREEUndisclosedOverwolfGrantGrantDiscover video games, teammates, friends
2024AVentures Capital 32* Estimate

33. Funding deals of 2024 so far
LogoTarget$m Disclosed InvestorsFundingDealDescription
Creatio200.0Sapphire Ventures, StepStone Group, Volition Capital, Horizon CapitalVCSeries CNo-code CRM and workflow automation platform
carmoola19.2QED Investors, VentureFriends, InMotion Ventures, AlleyCorp, u.venturesVCSeries BDirect-to-consumer car finance
Fintech Farm10* Bank of GeorgiaStrategicSeries BNeobanks in developing countries
OneNotary5.0Jackson Square Ventures, u.ventures, DocuSign Ventures, GoodPaper
Ventures, Digital Future, The LegalTech Fund, Tom GonserVC, AngelSeries AOnline notary service
Portal AI5.0StratMinds VC, AGI House Ventures, BBQ Capital, The Patel, Amanda
Schloss, Broocknell VenturesVCSeries AUnified operations and management AI for SMEs
Esper Bionics5.0YZR Capital, u.ventures, European Bank for Reconstruction and
Development (EBRD)VCSeries A*Bionic prosthetics using AI and cloud data storage
KURS ORBITAL4.0OTB Ventures, Credo Ventures, Galaxia, In-Q-Tel, InovoVCSeed*Docking with non-cooperative objects in space
Choice QR2.5J&T Ventures, Reflex Capital, Presto VenturesVCSeedAll-in-one SaaS solution for restaurants
ARKIS2.3gumi Cryptos Capital, Roosh Ventures, G1 Ventures, Psalion VCVCSeedRaise funds for cryptocurrency operations
OpenDelta2.26th Man Ventures, Boosty Venture StudioVCPre-Seed*Use bitcoin to create USDO, a synthetic dollar
Mindly2.0 OpenOcean VC, Patrik BackmanVC, AngelSeedMarketplace for mental health specialists
peopleforce2.0 Pracuj VenturesVCSeedAll-in-one HR platform
2024AVentures Capital 33* Estimate

34. Funding deals of 2024 so far
LogoTarget$m Disclosed InvestorsFundingDealDescription
lilo1.0Samuel Akobian, Vasyl' Zadvornyy, Dmytro ShymkivAngelPre-SeedB2C insurance in Ukraine
Buntar Aerospace1.0 UndisclosedVC, AngelSeed*Developer of advanced UAVs
Beholder1.0 InnoEnergy, Rockstart, STRT VenturesVCSeedAI for sustainable mineral exploration
Bluedot0.6
United Angels Network, Greg Jackacky, Louis-Christophe Laurent, Alex
Orap, Bridget Harris, Daniel ShuHi, Thomas James, Andriy Skoropad, Ivan
Kohut, Zbigniew Lukasiak, OnDeck Ventures accelerator, Google for
Startups, Daniel Gross
AngelPre-SeedBrowser extension for Google Meet AI features
HIMERA0.5
Ivan Dmytrasevich, Oleksandr Reminny, Andriy Sambir, Natalia Sambir,
Yevhen Gusarov, Oleksiy Fomichev, Andriy Skoropad, Arnaud Dassier,
United Angels Network
AngelPre-Seed*Universal secure communication system
HOMErs0.5 Undisclosed angel investorsAngelPre-Seed*Modular homes
Dataisland0.5Milleyson Holdings Ltd, Apercon Consulting GroupStrategicPre-Seed*AI assistant for CRM systems
Job Cannon0.5 White Hill CapitalVCPre-Seed*Data-driven recruitment platform
Bynesoft0.3 UndisclosedStrategicPre-Seed*One API to power all your LLM applications
competera0.3 u.venturesVCSeed*AI-powered retail pricing
EUROTRIPS0.3* Day8 VCPre-Seed*European group adventures for young people
2024AVentures Capital 34* Estimate

35. Funding deals of 2024 so far
LogoTarget$m Disclosed InvestorsFundingDealDescription
Buntar Aerospace0.2 Uklon foundersAngelSeed*Developer of advanced UAVs
CloudAvocado0.1 ZAS VenturesVCPre-Seed*Cloud infrastructure cost optimisation
Fintellect0.1 ZAS VenturesVCPre-Seed*Finance / accounting platform for firms
Mantis Analytics<0.1Alchemist Accelerator, ZAS VenturesVCPre-Seed*Analytics for government and military
memoryOSUndisclosedVesna CapitalVCPre-SeedLearning and Memory Management tools
DynamiqUndisclosedTA Ventures, Geek Ventures, u.ventures, Diaspora VenturesVCPre-SeedDeveloper of an operational platform for corporate
gen AI applications.
legalnodesUndisclosedVesna CapitalVCPre-SeedLegal platform that enables businesses to set up
and operate internationally
2024AVentures Capital 35* Estimate

36. M&A deals of 2024 so far
LogoTarget$m Disclosed AcquirerFundingDealDescription
OVO0.5* Fozzy GroupStrategicM&AFruit and vegetable delivery service
Scalamandra0.5* Digis StrategicM&ATeam of Scala & Rust engineers
allsetUndisclosedSoundHound AI StrategicM&AFood ordering platform to bypass delivery app fees
AdsmeUndisclosedJobCannonStrategicM&APrediction for targeting advertising
2024AVentures Capital 36* Estimate

37. Grants of 2024 so far
LogoTarget$m Disclosed InvestorsFundingDealDescription
CARBOMINER1.6 European Innovation CouncilGrantGrantCO₂ modular direct air capture
76 different projects1.5 Brave1 GrantGrantMilitary tech
Nanit ROBOT<0.1Ukrainian Startup Fund, Western NIS Enterprise FundGrantGrantNanit microcontroller education
INPUT SOFT<0.1Ukrainian Startup Fund, Western NIS Enterprise FundGrantGrantWeb apps for managing airports and airlines
knopka<0.1Ukrainian Startup Fund, Western NIS Enterprise FundGrantGrantDigitalizing operations in hospitals
Uspacy<0.1Ukrainian Startup Fund, Western NIS Enterprise FundGrantGrantUnified solution for SMBs: CRM, comms, collab
Great Catalog<0.1Ukrainian Startup Fund, Western NIS Enterprise FundGrantGrantAI marketplace for 3D and BIM models
Melt Water Club<0.1Ukrainian Startup Fund, Western NIS Enterprise FundGrantGrantEco-friendly water purification tech
formsniper<0.1Ukrainian Startup Fund, Western NIS Enterprise FundGrantGrantSaaS for automates filling of tax forms and other
documents
HUMANCREED<0.1Ukrainian Startup Fund, Western NIS Enterprise FundGrantGrantScholarship platform for talented, vulnerable kids
Genery<0.1Ukrainian Startup Fund, Western NIS Enterprise FundGrantGrantEcosystem for finding references for filmmakers
Interview.top<0.1Ukrainian Startup Fund, Western NIS Enterprise FundGrantGrantIT interview platform for faster hiring
2024AVentures Capital 37* Estimate

38. Grants of 2024 so far
LogoTarget$m Disclosed InvestorsFundingDealDescription
CHECK EYE<0.1Ukrainian Startup Fund, Western NIS Enterprise FundGrantGrantAI screening for chronic disease detection
Functional Textile Lab<0.1Ukrainian Startup Fund, Western NIS Enterprise FundGrantGrantChemical lab creating fireproof clothing fibers
Playmanity<0.1Ukrainian Startup Fund, Western NIS Enterprise FundGrantGrantPlatform offering free gaming via ads
BANK of
Memories<0.1Ukrainian Startup Fund, Seeds of BraveryGrantGrantSave and transmit digital assets to the future
Bees Against Mines<0.1Ukrainian Startup Fund, Seeds of BraveryGrantGrantSearch for explosives in metal-contaminated areas
better time stories<0.1Ukrainian Startup Fund, Seeds of BraveryGrantGrantInteractive books with comforting family stories
Briller.House<0.1Ukrainian Startup Fund, Seeds of BraveryGrantGrantNetwork of hubs for carbon-neutral buildings
CARETECH
HUMAN<0.1Ukrainian Startup Fund, Seeds of BraveryGrantGrantRemote monitoring of patients at their homes
HAIQU<0.1Ukrainian Startup Fund, Seeds of BraveryGrantGrantSolutions for quantum computers
gios<0.1Ukrainian Startup Fund, Seeds of BraveryGrantGrantAI math platform and tutor marketplace for K-12
LEZO<0.1Ukrainian Startup Fund, Seeds of BraveryGrantGrantAI-powered career platform
Mantis Analytics<0.1Ukrainian Startup Fund, Seeds of BraveryGrantGrantAnalytics for government and military
2024AVentures Capital 38* Estimate

39. Grants of 2024 so far
LogoTarget$m Disclosed InvestorsFundingDealDescription
Metaenga<0.1Ukrainian Startup Fund, Seeds of BraveryGrantGrantXR learning platform for the energy sector
OPTYSUN<0.1Ukrainian Startup Fund, Seeds of BraveryGrantGrantPortable solar-powered water purification system
PAXHELPER<0.1Ukrainian Startup Fund, Seeds of BraveryGrantGrantCivil aviation operations platform
PROGALIT<0.1Ukrainian Startup Fund, Seeds of BraveryGrantGrantAutomating treatment, prevention of kidney stones
V-ART<0.1Ukrainian Startup Fund, Seeds of BraveryGrantGrantAutomating IP licensing for brands and AI tools
2024AVentures Capital 39* Estimate

40. Deals of 2022*
LogoTarget$M Disclosed InvestorsFundingDealDescription
Rentberry15.0Crowdfunding on StartEngine, WeFunder, RepublicCrowdfundingSeries BPlatform for long-term housing rental
Helsi2.5* UndisclosedStrategicSeries A*Find doctors, clinics and drugs online
2024AVentures Capital 40* Deals disclosed after the publication of last year’s report; the aggregate amounts for 2022 are adjusted in this report

41. Appendix B – Early-stage portfolios
2024AVentures Capital 41Sources: AVentures Capital, u.ventures, Flyer One Ventures (F1V), TA Ventures (TAV)
exitedexitedexited
202420242024 20232023
2023
2023
exited2023
selected Ukrainian companies
2024
20232023
exitedexited
2023
2023
2024
2023
exited
* Yevgen Sysoyev’s personal track record
Unicorn*
*

42. Appendix B – Early-stage portfolios
2024AVentures Capital 42Sources: SMRK VC Fund, Sid Ventures Partners, Sigma Software Labs, Investment Capital Ukraine (ICU)
selected Ukrainian companies
exitedexited
20232023
2024
20232023
20232023 20242024
exitedexited
exited2023
2023 20232023
20232023
2023
exited

43. Appendix B – Early-stage portfolios
2024AVentures Capital 43Sources: TMT Investments, Slava VC, Digital Future, QP Digital, InSoft Partners, Almaz Capital, Angel One Fund, Adventures Lab
20232024 2023202320232023
selected Ukrainian companies
2023
202320232023
exitedexited
exited2023
exited
exitedexited

44. Appendix B – Early-stage portfolios
2024AVentures Capital 44Sources: Brise Capital, Hype Ventures, ZAS Ventures, Pragma Tech, hi5, Geek Ventures, Vesna Capital, Flashpoint
selected Ukrainian companies
exited
2023202420242023
2023
20232023
20232023 2024
exited
exited
20232024
20242023
2024

45. Appendix B – Early-stage portfolios
2024AVentures Capital 45Sources: Chernovetskyi Investment Group, hypra, iClub, Jooble Venture Lab, Roosh Ventures, NetSolid Investments, Toloka
selected Ukrainian companies
20232024
2023
2023
2023
20232023
20232023
exited

46. Appendix B – Growth portfolios
2024AVentures Capital 46Sources: Horizon Capital, Dragon Capital, Concorde Capital
selected Ukrainian companies

47. DealBook of Ukraine, 2024 ed.
July 2024
AVentures Capital
http://aventurescapital.com/