DealBook of Ukraine: 2024 edition

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

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 2022 DealBook Ukraine covering 2021
Other Reports on Ukrainian and CEE tech
CEE M&A Report 2021 CEE M&A Report 2022 SoftDev Report 2021
2024
AVentures Capital
2

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 andriic@aventurescapital.com. 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 andriic@aventurescapital.com
Distribution opportunities
To inquire about the distribution of this report, please email andriic@aventurescapital.com
Disclaimer
2024
AVentures Capital
3

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
ys@aventurescapital.com
Yuliya Sychikova
Director
yuliya@aventurescapital.com
Tetyana Torchylo
Associate
tetyana.torchylo@aventurescapital.com
Andrii Chemerysov
Analyst
andriic@aventurescapital.com
Who we are
2024
AVentures Capital
4
Volodymyr Lyashenko
Analyst
vl@aventurescapital.com

Track record: Investments & Advisory
Products Outsourcing
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 Capital boasts 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
2024
AVentures Capital
5
*
*
*
* Yevgen Sysoyev’s personal track record
partially exited

• 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
2024
AVentures Capital
6

2023 Overview: looming recovery
2024
AVentures Capital
$42m
$146m
$81m
$266m
$323m
$542m
$571m
$832m
$236m
$209m
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
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 2023 and
exceeded volume of 2022-23
7
recovery
59%
5-year CAGR
$68m
$283m
1H 2023 1H 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

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 observe the growth
of the 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)
2024
AVentures Capital
8

2023 Investments by industry
9
2024
AVentures 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
~$29m
blockchain-based auctions, car
financing apps, accounting, etc. …
+ 5 companies
10% Retail
~$21m
robotics, AI-powered pricing, food-
ordering platforms
14% Other
~$29m
military, real estate, healthcare,
marketing & sales, management &
operations, developer tools, etc.
7% Entertainment
~$16m
voice cloning, AI-powered 3D assets
& music, VR
…
+ 4 companies
…
+ 4 companies
…
+ 53 companies

Biggest capital raisers
10
2024
AVentures 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

18 22 32
11 30 18
39
77
38 52
22 9 3 59 19 26
119
158
53 27
40
31 35
70
49 44
158
235
91 79
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Early-stage: Seed and Series A
11
2024
AVentures 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

Startup to look at in 2024
12
2024
AVentures 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
in Azerbaijan
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
Leobank becomes
profitable
Company raises $7.4m
in Series A led 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 digital bank player in emerging markets
1. Forbes estimate
Sources: Fintech Farm, AIN, sifted, TechCrunch, Forbes

Growing grant opportunities
13
2024
AVentures 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

Military tech: a new surging vertical
14
2024
AVentures 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 more being launched
• 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 grants
6.2x
miltech job postings on DOU
increased YoY, as of June 20241
UAV Cyber & Analytics
Frontline Equipment
Radio & Sensors Demining
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

$532M in announced commitments
15
2024
AVentures 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
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 VCs
50+
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
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 screened
1,000
GP relationships
50+
Sectors
48
Funds invested
103
GPs/Partners
1,359
Portfolio companies
156
Outliers
23
Unicorns
1
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/

Unicorns co-founded by Ukrainians
2021
2018 2022
2019
Publicly disclosed valuation of >$1.0b …
2024
AVentures 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
Raised $200m in a round
led by Baillie Gifford and
BlackRock
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
2024
Raised $200m in a round
led by Sapphire Ventures,
Volition Capital and
Horizon Capital
Total valuation: $1.2b

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
19
2024
AVentures Capital
Source: public sources
As of June 26, 2024, Creatio raised
$200m at $1.2b valuation

…and Unicorns likely to be
2024
AVentures 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

Landscape of funds in 20231
Ukrainian
Foreign
Seed, Series A Series B, Series C, Growth
2024
AVentures Capital
21
1. 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

Notable exits
Target Acquirer Sector Description
clickdealer
Digital Media
Solutions
Marketing-Sales Global platform to fulfill marketing goals
Digitally Inspired Intellias IT Service Full-cycle software development company
7DEVS Euvic Group IT Service Development of web and mobile solutions
exoft Euvic Group IT Service Custom software development company
Artkai Euvic Group IT Service Customer-centric digital engineering
skillsetter Undisclosed Education Get 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 amount of $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+
2024
AVentures Capital
22
Source: Digital Media Solutions, AIN

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
2024
AVentures Capital
23

Funding deals of 2023
Logo Target $m Disclosed Investors Funding Deal Description
Preply 70.0 Horizon Capital, Reach Capital, Hoxton Ventures, Owl Ventures VC Series C Global platform for tutors and learners
Fintech Farm 22.0 Redseed, Nordstar VC Series B Neobanks in developing countries
DRESSX 15.0
Warner Music Group, The Artemis Fund, Slow Ventures, Red DAO,
Greenfield
VC Series B* Digital fashion retailer
VISEVEN Undisclosed Horizon Capital VC Growth* Digital transformation for pharma and life sciences
GO IT Undisclosed Horizon Capital VC Growth* Engineering education - digital professions
carmoola 10.5 VentureFriends, TrueSight Ventures, QED Investors, InMotion Ventures VC Series A Direct-to-consumer car finance
trinetix 10.0 hypra.fund VC Series A* Trusted global digital product partner
newhomesmate 5.5
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, Angel Seed
Online marketplace to find, compare and buy new
construction homes
miratech 5.0 Horizon Capital, International Finance Corporation VC Growth* Global IT services and consulting
Releaf Paper 4.3 European Innovation Council VC Series A Sustainable paper from fallen leaves
2024
AVentures Capital
24
* Estimate

HAIQU 4.0
u.ventures, Toyota Ventures, Soma Capital, SID Venture Partners, Roosh
Ventures, Paul Holland, MaC Venture Capital, Gordy Holterman, Alexi
Kirilenko
VC, Angel Pre-Seed Solutions for quantum computers
STROOM 3.5
Greenfield, Lemniscap, No Limit Holdings, Cogitent Ventures, Mission
Street, Ankr
VC, Angel Seed Liquidity for Bitcoin Lightning Network
INSTOCK 3.2
u.ventures, One Way Ventures, Lux Capital, Cybernetix Ventures,
Commerce Ventures, Amazon Industrial Innovation Fund
VC Seed Warehouse robotics and automation solutions
competera 3.0
STRATMINDS, Flyer One Ventures, Verras Capital, SMRK Fund, Transform
Partners Fund
VC Seed AI-powered retail pricing
AiSDR 2.9
Y Combinator, Terrence Rohan, SID Venture Partners, SCM Advisors, Rebel
Fund, Rahul Mehta, Pioneer Fund, Nick Bilogorskiy, Matt MacInnis, Flyer
One Ventures
VC, Angel Seed AI-powered email marketing and sales
Helsi 2.5* Undisclosed Strategic Series A* Find doctors, clinics and drugs online
MY NFT WARS 2.0
WannaBiz, Vinor Zukhubaia, Social Discovery Group, Nika Tech Family,
iLogos Game Studios, Fedor Drozdovski, Blockchain Cuties Universe,
Blackshield Capital Management, Alex Potapenko
VC, Angel Series A Play-Create-Own-based massively MMORPG
kolibrio 2.0
Jump Crypto, Everstake Capital, Delta Blockchain Fund, undisclosed angel
investors
VC, Angel Seed Building automated blockchain-based auctions
GAMETREE 1.7
Sam Yagan, President Victor Yushchenko of Ukraine, Phil Schwarz, Nicolas
Stehle, Goodwater Capital, Fullstack Ventures, Felix LaHaye, EXPERT DOJO,
Corazon Capital, Coddy Johnson
VC, Angel Seed Discover video games, teammates, friends
DEUS ROBOTICS 1.5 SMRK VC Fund VC Seed Warehouse robotics engineering and software
Masthead Data 1.3
SMOK Ventures, Monochrome Capital, focal, DEPO Ventures, Alchemist
Accelerator, undisclosed angel investors
VC, Angel Pre-Seed
Data observability that catches data anomalies in
real time
2024
AVentures Capital
25
* Estimate

finmap 1.1 SMOK Ventures, Presto Ventures, Petr Baron, Capital Genetics VC, Angel Seed* Cash flow management tool for SMEs
All Right 1.0 Capital Times Investment Advisory, Dmitry Sergeev, Peter Chernyshov Angel Seed* Online English school for children and adults
respeecher 1.0
BADideas.fund, Gary Vaynerchuk, ffVC Poland, SID Venture Partners,
Investment Capital Ukraine
VC, Angel Seed* Voice cloning for creators, movies, games
zeely 1.0
ZAS Ventures, Vesna Capital, Imaguru Ventures, Jooble Venture Lab, Angel
One, Adrian J Slywotzky, Murat Abdrakhmanov
VC, Angel Seed Mobile-first web store & ad builder with AI
osavul 1.0 SMRK VC Fund VC Seed AI-powered security against information threats
workee 0.9 SMOK Ventures, Slava Ventures, undisclosed angel investors VC, Angel Seed* Freelancer no-code online business management
awesomic 0.8
Pioneer Fund, Flyer One Ventures, Red Rooster Ventures, Michael Seibel,
Jared Friedman
VC, Angel Seed* Platform that helps companies find designers
gin e-bikes 0.6 Toloka VC VC Seed Premium e-bikes at affordable prices
FARM FLEET 0.6 Undisclosed Undisclosed Seed* Robotics for the agricultural sector
ASPICHI 0.5 SMRK VC Fund VC Seed* Developer of virtual reality solutions
ComeBack
Mobility
0.5 ZAS Ventures, Techstars VC Seed* Smart crutch tips
Harmix 0.5 Undisclosed Undisclosed Seed* AI-powered music selection for your video
2024
AVentures Capital
26
* Estimate

prengi 0.5 SMRK VC Fund VC Seed All-in-one facility management platform
ZIBRA AI 0.5 Speedrun Accelerator of Andreessen Horowitz Accelerator Seed AI-generated 3D assets
eTOLLs EU 0.5 Imperia Holding Strategic Seed* Pay tolls and avoid cash lanes on toll roads
getpin 0.4 Presto Ventures VC Seed
Tool for managing the customer experience on
third-party online platforms
PLUSPOINT 0.4 Pragmatech Ventures VC Seed* Online reputation management startup
INPUT SOFT 0.3
SID Venture Partners, Sigma Software Labs, Torino Cities - Future Techstars
Accelerator
VC Seed* Web-based software solutions for aviation
S.Lab 0.2 ZAS Ventures, Vesna Capital, IT Arena, Sasha Reminnyi VC, Angel Seed* Biodegradable packaging of hemp and mycelium
Forbytes 0.2* InSoft.Partners Strategic Pre-Seed* Global software, product development vendor
noltic 0.2* InSoft.Partners Strategic Pre-Seed* Salesforce consulting and development
Vakoms 0.2* InSoft.Partners Strategic Pre-Seed* Consulting, development for IoT, Embedded
MARK 0.2 Maksym Demianiuk Angel Seed Virtual personal medical assistant
GO TO-U 0.2 Angel One Fund Angel Pre-Seed* Platform for EV charging management
2024
AVentures Capital
27
* Estimate

Rozmova 0.2 Angel One Fund VC Pre-Seed Platform for therapists and clients
RevMyWork 0.1 Marty Krátký-Katz, Pavla Bobosikova Angel Pre-Seed Paid IT work review
justwork 0.1 Promodo Strategic Pre-Seed* Marketplace for marketers
FALCONS <0.1* Undisclosed angel investor Angel Pre-Seed* Develop, test, scale solutions for the military
GRISELDA <0.1* Undisclosed angel investor Angel Pre-Seed* High-speed processing of large data streams
ZVOOK <0.1* Undisclosed angel investor Angel Pre-Seed* Acoustic detection of low-med altitude projectiles
Mantis Analytics <0.1* Angel One Fund, undisclosed angel investor Angel Pre-Seed* Analytics for government and military
BANK of
memories
<0.1* Seier Capital VC Pre-Seed* Save and transmit digital assets to the future
DJOOKYX <0.1* Seier Capital VC Pre-Seed* Marketplace of music royalty rights
2024
AVentures Capital
28
* Estimate

Cloudprinter Undisclosed u.ventures, Brabant Development Company VC Seed* Global print-on-demand solutions
SpeedSize Undisclosed u.ventures VC Seed* AI compression of media content
drugcard Undisclosed New Nordic Ventures, Peter Chernyshov VC, Angel Seed Pharmaco-Vigilance with AI Data Intelligence
GeekPay Undisclosed Sigma Software Labs Strategic Seed Digital currencies payment tracking platform
GigRadar.io Undisclosed Belkins Strategic Pre-Seed* B2B lead generation tool for Upwork agencies
SETAFF Undisclosed NetSolid VC Pre-Seed* Affiliate company with SEO Traffic in iGaming
Adsee Undisclosed Jooble Strategic Pre-Seed Run recruiting campaigns on social media
Saldo Apps Undisclosed hi5 Ventures Strategic Pre-Seed* Sales, accounting automation for SMEs
2024
AVentures Capital
29
* Estimate

M&A deals of 2023
Logo Target $m Disclosed Acquirer Funding Deal Description
clickdealer 45.0 Digital Media Solutions Strategic M&A Global platform to fulfill marketing goals
Newoldstamp 3.1 Blackpearl Group Strategic M&A Email signatures marketing platform
7DEVS Undisclosed Euvic Group Strategic M&A Development of web and mobile solutions
exoft Undisclosed Euvic Group Strategic M&A Custom software development company
ARTKAI Undisclosed Euvic Group Strategic M&A Customer-centric digital engineering
Undisclosed Undisclosed Euvic Group Strategic M&A Undisclosed
Agena Tech Undisclosed beleven Strategic M&A Sweden-based technology development
Logaster Undisclosed ZenBusiness Strategic M&A Online logo maker
Plai Undisclosed Peoplelogic Strategic M&A People performance management tool
skillsetter Undisclosed Undisclosed Strategic M&A IT-focused EdTech
teraz work Undisclosed Jooble Strategic M&A Marketplace for freelance recruiters
2024
AVentures Capital
30
* Estimate

Grants of 2023
Releaf paper 2.7 European Innovation Council Grant Grant Sustainable paper from fallen leaves
135 different projects 2.3 Brave1 Grant Grant Military tech
Handy.ai <0.1 Ukrainian Startup Fund, Dual Use Program Grant Grant Team coordination, customer service, operations
CRAFTRUDER
(ConcreteFlow)
<0.1 Ukrainian Startup Fund, Dual Use Program Grant Grant 3D printed construction blocks
UKROPTER <0.1 Ukrainian Startup Fund, Dual Use Program Grant Grant Quadcopter and VTOL UAVs
MODULE <0.1 Ukrainian Startup Fund, Dual Use Program Grant Grant No-tech application development
Biodegradable Hemostatic Agent <0.1 Ukrainian Startup Fund, Dual Use Program Grant Grant Collagen matrix for effective bleeding stoppage
Bees Against Mines <0.1 Ukrainian Startup Fund, Dual Use Program Grant Grant Search for explosives in metal-contaminated areas
Ukraine Global
Faculty
<0.1 Ukrainian Startup Fund, Dual Use Program Grant Grant Free online lectures from leading professors
ClinCaseQuest <0.1 Ukrainian Startup Fund, Dual Use Program Grant Grant Medical simulation learning platform
Simple ZNO <0.1 Ukrainian Startup Fund, Dual Use Program Grant Grant Preparation for Ukrainian high school exit exams
Cardio AI <0.1 Ukrainian Startup Fund, Dual Use Program Grant Grant AI powered ECG analysis platform
2024
AVentures Capital
31
* Estimate

Grants of 2023
smart ion <0.1 Ukrainian Startup Fund, Dual Use Program Grant Grant Smart home modules for lighting and appliances
Revisor <0.1 Ukrainian Startup Fund, Glovo Ukraine Startup Lab Grant Grant Customer feedback and NPS management
DEEP LOYALTY <0.1 Ukrainian Startup Fund, Glovo Ukraine Startup Lab Grant Grant Mobile app for retail loyalty programs
NUMO ADHD <0.1 Ukrainian Startup Fund, IT Arena Grant Grant Support and productivity for people with ADHD
spendbase <0.1 Ukrainian Startup Fund, Glovo Ukraine Startup Lab Grant Grant Tracking, optimizing, and reducing software costs
jetbeep <0.1 Ukrainian Startup Fund, IT Arena Grant Grant Autonomous postal points
GAMETREE Undisclosed Overwolf Grant Grant Discover video games, teammates, friends
2024
AVentures Capital
32
* Estimate

Funding deals of 2024 so far
Creatio 200.0 Sapphire Ventures, StepStone Group, Volition Capital, Horizon Capital VC Series C No-code CRM and workflow automation platform
carmoola 19.2 QED Investors, VentureFriends, InMotion Ventures, AlleyCorp, u.ventures VC Series B Direct-to-consumer car finance
Fintech Farm 10* Bank of Georgia Strategic Series B Neobanks in developing countries
OneNotary 5.0
Jackson Square Ventures, u.ventures, DocuSign Ventures, GoodPaper
Ventures, Digital Future, The LegalTech Fund, Tom Gonser
VC, Angel Series A Online notary service
Portal AI 5.0
StratMinds VC, AGI House Ventures, BBQ Capital, The Patel, Amanda
Schloss, Broocknell Ventures
VC Series A Unified operations and management AI for SMEs
Esper Bionics 5.0
YZR Capital, u.ventures, European Bank for Reconstruction and
Development (EBRD)
VC Series A* Bionic prosthetics using AI and cloud data storage
KURS ORBITAL 4.0 OTB Ventures, Credo Ventures, Galaxia, In-Q-Tel, Inovo VC Seed* Docking with non-cooperative objects in space
Choice QR 2.5 J&T Ventures, Reflex Capital, Presto Ventures VC Seed All-in-one SaaS solution for restaurants
ARKIS 2.3 gumi Cryptos Capital, Roosh Ventures, G1 Ventures, Psalion VC VC Seed Raise funds for cryptocurrency operations
OpenDelta 2.2 6th Man Ventures, Boosty Venture Studio VC Pre-Seed* Use bitcoin to create USDO, a synthetic dollar
Mindly 2.0 OpenOcean VC, Patrik Backman VC, Angel Seed Marketplace for mental health specialists
peopleforce 2.0 Pracuj Ventures VC Seed All-in-one HR platform
2024
AVentures Capital
33
* Estimate

lilo 1.0 Samuel Akobian, Vasyl' Zadvornyy, Dmytro Shymkiv Angel Pre-Seed B2C insurance in Ukraine
Buntar Aerospace 1.0 Undisclosed VC, Angel Seed* Developer of advanced UAVs
Beholder 1.0 InnoEnergy, Rockstart, STRT Ventures VC Seed AI for sustainable mineral exploration
Bluedot 0.6
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
Angel Pre-Seed Browser extension for Google Meet AI features
HIMERA 0.5
Ivan Dmytrasevich, Oleksandr Reminny, Andriy Sambir, Natalia Sambir,
Yevhen Gusarov, Oleksiy Fomichev, Andriy Skoropad, Arnaud Dassier,
United Angels Network
Angel Pre-Seed* Universal secure communication system
HOMErs 0.5 Undisclosed angel investors Angel Pre-Seed* Modular homes
Dataisland 0.5 Milleyson Holdings Ltd, Apercon Consulting Group Strategic Pre-Seed* AI assistant for CRM systems
Job Cannon 0.5 White Hill Capital VC Pre-Seed* Data-driven recruitment platform
Bynesoft 0.3 Undisclosed Strategic Pre-Seed* One API to power all your LLM applications
competera 0.3 u.ventures VC Seed* AI-powered retail pricing
EUROTRIPS 0.3* Day8 VC Pre-Seed* European group adventures for young people
2024
AVentures Capital
34
* Estimate

Buntar Aerospace 0.2 Uklon founders Angel Seed* Developer of advanced UAVs
CloudAvocado 0.1 ZAS Ventures VC Pre-Seed* Cloud infrastructure cost optimisation
Fintellect 0.1 ZAS Ventures VC Pre-Seed* Finance / accounting platform for firms
Mantis Analytics <0.1 Alchemist Accelerator, ZAS Ventures VC Pre-Seed* Analytics for government and military
memoryOS Undisclosed Vesna Capital VC Pre-Seed Learning and Memory Management tools
Dynamiq Undisclosed TA Ventures, Geek Ventures, u.ventures, Diaspora Ventures VC Pre-Seed
Developer of an operational platform for corporate
gen AI applications.
legalnodes Undisclosed Vesna Capital VC Pre-Seed
Legal platform that enables businesses to set up
and operate internationally
2024
AVentures Capital
35
* Estimate

M&A deals of 2024 so far
Logo Target $m Disclosed Acquirer Funding Deal Description
OVO 0.5* Fozzy Group Strategic M&A Fruit and vegetable delivery service
Scalamandra 0.5* Digis Strategic M&A Team of Scala & Rust engineers
allset Undisclosed SoundHound AI Strategic M&A Food ordering platform to bypass delivery app fees
Adsme Undisclosed JobCannon Strategic M&A Prediction for targeting advertising
2024
AVentures Capital
36
* Estimate

Grants of 2024 so far
CARBOMINER 1.6 European Innovation Council Grant Grant CO₂ modular direct air capture
76 different projects 1.5 Brave1 Grant Grant Military tech
Nanit ROBOT <0.1 Ukrainian Startup Fund, Western NIS Enterprise Fund Grant Grant Nanit microcontroller education
INPUT SOFT <0.1 Ukrainian Startup Fund, Western NIS Enterprise Fund Grant Grant Web apps for managing airports and airlines
knopka <0.1 Ukrainian Startup Fund, Western NIS Enterprise Fund Grant Grant Digitalizing operations in hospitals
Uspacy <0.1 Ukrainian Startup Fund, Western NIS Enterprise Fund Grant Grant Unified solution for SMBs: CRM, comms, collab
Great Catalog <0.1 Ukrainian Startup Fund, Western NIS Enterprise Fund Grant Grant AI marketplace for 3D and BIM models
Melt Water Club <0.1 Ukrainian Startup Fund, Western NIS Enterprise Fund Grant Grant Eco-friendly water purification tech
formsniper <0.1 Ukrainian Startup Fund, Western NIS Enterprise Fund Grant Grant
SaaS for automates filling of tax forms and other
documents
HUMANCREED <0.1 Ukrainian Startup Fund, Western NIS Enterprise Fund Grant Grant Scholarship platform for talented, vulnerable kids
Genery <0.1 Ukrainian Startup Fund, Western NIS Enterprise Fund Grant Grant Ecosystem for finding references for filmmakers
Interview.top <0.1 Ukrainian Startup Fund, Western NIS Enterprise Fund Grant Grant IT interview platform for faster hiring
2024
AVentures Capital
37
* Estimate

CHECK EYE <0.1 Ukrainian Startup Fund, Western NIS Enterprise Fund Grant Grant AI screening for chronic disease detection
Functional Textile Lab <0.1 Ukrainian Startup Fund, Western NIS Enterprise Fund Grant Grant Chemical lab creating fireproof clothing fibers
Playmanity <0.1 Ukrainian Startup Fund, Western NIS Enterprise Fund Grant Grant Platform offering free gaming via ads
BANK of
Memories
<0.1 Ukrainian Startup Fund, Seeds of Bravery Grant Grant Save and transmit digital assets to the future
Bees Against Mines <0.1 Ukrainian Startup Fund, Seeds of Bravery Grant Grant Search for explosives in metal-contaminated areas
better time stories <0.1 Ukrainian Startup Fund, Seeds of Bravery Grant Grant Interactive books with comforting family stories
Briller.House <0.1 Ukrainian Startup Fund, Seeds of Bravery Grant Grant Network of hubs for carbon-neutral buildings
CARETECH
HUMAN
<0.1 Ukrainian Startup Fund, Seeds of Bravery Grant Grant Remote monitoring of patients at their homes
HAIQU <0.1 Ukrainian Startup Fund, Seeds of Bravery Grant Grant Solutions for quantum computers
gios <0.1 Ukrainian Startup Fund, Seeds of Bravery Grant Grant AI math platform and tutor marketplace for K-12
LEZO <0.1 Ukrainian Startup Fund, Seeds of Bravery Grant Grant AI-powered career platform
Mantis Analytics <0.1 Ukrainian Startup Fund, Seeds of Bravery Grant Grant Analytics for government and military
2024
AVentures Capital
38
* Estimate

Metaenga <0.1 Ukrainian Startup Fund, Seeds of Bravery Grant Grant XR learning platform for the energy sector
OPTYSUN <0.1 Ukrainian Startup Fund, Seeds of Bravery Grant Grant Portable solar-powered water purification system
PAXHELPER <0.1 Ukrainian Startup Fund, Seeds of Bravery Grant Grant Civil aviation operations platform
PROGALIT <0.1 Ukrainian Startup Fund, Seeds of Bravery Grant Grant Automating treatment, prevention of kidney stones
V-ART <0.1 Ukrainian Startup Fund, Seeds of Bravery Grant Grant Automating IP licensing for brands and AI tools
2024
AVentures Capital
39
* Estimate

Deals of 2022*
Logo Target $M Disclosed Investors Funding Deal Description
Rentberry 15.0 Crowdfunding on StartEngine, WeFunder, Republic Crowdfunding Series B Platform for long-term housing rental
Helsi 2.5* Undisclosed Strategic Series A* Find doctors, clinics and drugs online
2024
AVentures Capital
40
* Deals disclosed after the publication of last year’s report; the aggregate amounts for 2022 are adjusted in this report

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

2024
AVentures Capital
42
Sources: SMRK VC Fund, Sid Ventures Partners, Sigma Software Labs, Investment Capital Ukraine (ICU)
exited
exited
2023 2023
2024
2023
2023
2023
2023 2024
2024
exited
exited
exited
2023
2023 2023
2023
2023
2023
2023
exited

2024
AVentures Capital
43
Sources: TMT Investments, Slava VC, Digital Future, QP Digital, InSoft Partners, Almaz Capital, Angel One Fund, Adventures Lab
2023
2024 2023
2023
2023 2023
2023
2023 2023 2023
exited exited
exited 2023
exited
exited
exited

2024
AVentures Capital
44
Sources: Brise Capital, Hype Ventures, ZAS Ventures, Pragma Tech, hi5, Geek Ventures, Vesna Capital, Flashpoint
exited
2023
2024 2024
2023
2023
2023
2023
2023
2023 2024
exited
exited
2023 2024
2024
2023
2024

2024
AVentures Capital
45
Sources: Chernovetskyi Investment Group, hypra, iClub, Jooble Venture Lab, Roosh Ventures, NetSolid Investments, Toloka
2023
2024
2023
2023
2023
2023 2023
2023
2023
exited

Appendix B – Growth portfolios
2024
AVentures Capital
46
Sources: Horizon Capital, Dragon Capital, Concorde Capital

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

DealBook of Ukraine: 2024 edition

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DealBook of Ukraine: 2024 edition