U.K.-based restricted partners Venrex and Samos Investments are today backing the launch of a brand-new VC mostly targeted at buying start-ups led by Ukrainians inside and outside the war-torn nation. The LPs are much better understood for being early institutional financiers in the effective early phase start-up funds Seedcamp and Entrepreneur.
1991 Ventures is the creation of Ukrainian bros Denis and Viktor Gursky, who are much better understood for running incubation and accelerator programs inside Ukraine.
The U.K.-based VC is releasing with a ₤ 15 million ($18.8 million) fund to purchase both Ukrainian and Central Eastern European (CEE) start-up skill.
Some may state investing in Ukrainian start-ups is insane when the nation is in the fight of its life versus a ruthless intrusion by Russia, as we covered just recently, 2 years after the intrusion, Ukrainian-born start-ups are still faring well.
The Gursky siblings formerly backed more than 200 start-ups in between 2016 and 2024, through their incubator Social Boost and their 1991 Accelerator.
A lot of those ran out their home town of Mariupol, made well-known after its brave fight versus Russia and from where its group handled to transfer to security. Start-ups backed to date consist of legal tech start-up AXDRAFT, European toll payment app eTolls and cybersecurity business Osavul.
Over an interview Denis Gursky, establishing partner of 1991 Ventures, informed me: “There is a wealth of untapped skill in Ukraine and Central and Eastern Europe … My sibling, Viktor, and I wish to develop a pipeline of premium dealflow to that.”
He stated the LP backers of the fund, “are really interested to use Eastern European and Ukrainian particularly.”
Gursky likewise stated: “It’s extremely tough for Ukrainian creators to use London. We would like to supply them with pre-seed or seed financing so that they can … gain access to bigger rounds in the future and comprehend how the U.K. can be a springboard to international financing.”
1991 Venture will not be the only Ukrainian-born fund competing for the attention of their brethren creators.
There is likewise Ukrainian VC fund Roosh Ventures, which has actually formerly backed Reface AI, a face swap app with 250 million-plus downloads, and Deel, a payroll option that allows business to pay individuals in 150+ nations.
In Addition, SID Venture Partners was released by the co-founders of contracting out business Sigma Software and IdeaSoft and the Datrics item.
SMRK– released in 2013 by Oleksandr Kosovan, creator of MacPaw, and Andrii Dovzhenko– has actually purchased Osavul, Deus Robotics, Aspichi and Prengi.
There is Flyer One Ventures, which has actually backed Vochi, Allset and PromoRepublic, amongst others.
TA Ventures is maybe the finest understood and most active Ukrainian VC globally, headed up by the almost-ubiquitous Viktoriya Tigipko.
It has actually bought more than 200 start-ups, consisting of 15 Ukrainian ones, and made 42 exits, according to Crunchbase.
A lot of the tech business Ukraine will produce in the upcoming years are most likely to be either “dual-use” or associated to defense.
