Ukraine Phoenix Tech Fund launched in Lviv
On 27 September, the launch of the Ukraine Phoenix Tech Fund (UPTF), an early-stage €50 million venture capital fund, was announced in Lviv, Ukraine.
UPTF is the first institutionally supported venture capital fund focused exclusively on Ukrainian tech startups.
The Fund will invest in early-stage Ukrainian tech companies, providing capital, hands-on strategic support and access to international networks to accelerate innovation, attract follow-on global capital, and deepen Ukraine’s integration into the European and international markets.
The fund will be led by Managing Partners Dominique Piotet and Charles Whitehead.
“Even during the full-scale war, Ukrainian startups are creating innovative products and competing globally,” said Mykhailo Fedorov, First Deputy Prime Minister of Ukraine, Minister of Digital Transformation of Ukraine. “The launch of UPTF is a strong signal of Ukraine’s potential in the global market. The involvement of the European Investment Bank and private investors shows growing confidence in the country’s innovations.”
Three leading institutions are joining this initiative.
On 24 September 2025, the Board of the European Investment Bank approved a potential €15 million commitment to UPTF, which would establish EIB as one of the Fund’s anchor investors. This contribution is expected to be made under the EU for Ukraine Fund, EIB’s dedicated fund for Ukraine’s recovery.
In March 2024, Bpifrance, the French public investment bank, confirmed its willingness to commit €10 million to UPTF, marking the first positive investment decision for the Fund.
In December 2024, Proparco, the private sector arm of the Agence française de développement Group, also demonstrated its support as an early backer through a €5 million proposed commitment.
UPTF is also backed by Henri Seydoux, founder of Parrot, a pioneering drone company, who committed, through his investment vehicle Horizon SAS, €2.5 million to the fund.
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