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Ukraine Phoenix Tech Fund Announces the Approval of Major Commitments from Bpifrance, Proparco, EIB, Henri Seydoux, Paving the Way for Launch in Q4 2025

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Launch ceremony of the “Ukraine Phoenix Tech Fund” (UPTF)
Launching ceremony of the “Ukraine Phoenix Tech Fund” (UPTF) - DR

Ukraine’s tech sector continues to build, scale, and attract global attention even in the face of war. The launch of Ukraine Phoenix Tech Fund (UPTF), an early-stage €50 million venture capital fund, was announced today as a major effort to back this resilience and help Ukrainian startups compete on the global stage.
UPTF is the first institutionally supported venture capital fund focused exclusively on Ukrainian tech startups, investing from pre-seed/seed through Series A.

Led by Managing Partners Dominique Piotet and Charles Whitehead, who bring decades of international experience and deep ties to Ukraine and its innovation ecosystem, the Fund combines rigorous international investment standards with the ingenuity, creativity, and determination that define Ukrainian founders.

Even during the full-scale war, Ukrainian startups are creating innovative products and competing globally. 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

Mykhailo Fedorov

  • First Deputy Prime Minister of Ukraine - Minister of Digital Transformation of Ukraine

Anchor Commitments from Leading Institutions and Visionary Investors

Three leading institutions are joining this initiative: 
 

  • On September 24, 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. The investment signals strong institutional confidence in Ukraine’s innovation ecosystem and paves the way for the Fund’s official launch in Q4 2025.  

The European Investment Bank is proud to stand with Ukraine’s entrepreneurs at this critical moment. By supporting innovation today, we are helping to secure Ukraine’s economic recovery and its integration into the European and global economy.

Teresa Czerwińska

  • Vice-President of the European Investment Bank
  • 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.

Bpifrance is committed to supporting Ukraine’s innovation ecosystem. Our investment in UPTF reflects our belief in the global potential of Ukrainian startups and the importance of European cooperation.

Nicolas Dufourcq

  • CEO of Bpifrance
  • 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.

Proparco is proud to contribute to this initiative, which directly supports Ukraine’s private sector resilience. By empowering early-stage companies, we are investing in both Ukraine’s recovery and its long-term growth.

Françoise Lombard

  • CEO of Proparco

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.

Ukrainian entrepreneurs are showing extraordinary courage and creativity. I am honored to support their journey and confident they will build technologies that matter far beyond Ukraine.

Henri Seydoux

  • Founder of Parrot

The official launch of the Ukraine Phoenix Tech Fund is taking place on September 27, 2025, in Lviv, Ukraine, in the presence of Mykhailo Fedorov, First Vice Prime Minister, Minister of Digital Transformation of Ukraine, as well as Kristina Mikulova, Head of Regional Hub for Eastern Europe at European Investment Bank, Pierre Heilbronn, France’s Special Envoy for Ukraine’s relief and reconstruction, Nicolas Dufourcq, CEO of Bpifrance, and Dominique Piotet, Managing Partner of UPTF.

With public and private French actors investing in Phoenix Fund, France strongly demonstrates in action its confidence in the future of Ukraine and its growth potential.

Pierre Heilbronn

  • France's Special Envoy for Ukraine’s relief and reconstruction

First Institutional VC Fund Focused Exclusively on Ukrainian Tech Startups

The Fund will:
 

  • Invest in early-stage Ukrainian tech companies, providing capital plus hands-on strategic support and access to international networks.
  • Accelerate innovation, attract follow-on global capital, and deepen Ukraine’s integration into the European and international markets.

This is a decisive vote of confidence in Ukraine’s founders. With world-class institutional partners at our side, we will help Ukrainian startups scale globally while keeping their roots—and their talent—thriving in Ukraine.

Dominique Piotet

  • Managing Partner

UPTF is more than a capital investor. It’s an engine to build a durable economy, an emerging capital market, and a bridge from Ukraine’s extraordinary engineering talent to global customers, partners, and markets—and doing so with transparent, international standards.

Charles Whitehead

  • Managing Partner

Building Ukraine’s Innovation Future

UPTF supports and is supported by eō Business Incubators, Ukraine’s leading tech incubator and accelerator. eō has helped launch more than 135 startups across 15 cycles, working nationwide with global mentors and investors to build the foundation of Ukraine’s innovation economy. UPTF will operate from UNIT. City in Kyiv—Ukraine’s flagship innovation park and the central hub for the nation’s startups and tech ecosystem.
Together, UPTF and eō represent resilience in the face of war, and a concrete step toward Ukraine’s long-term technological and economic recovery.