Ukraine Tech Sector Thriving – Russian Report

Posted: December 29, 2014 in Econ 101, Technology and Energy


SEE ALSO:  Ukraine National Debt Hits Record High As World Bank Gives Them Loan For Energy

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Think Ukraine couldn’t possibly have a thriving tech sector? Think again

Ukraine has had its fair share of troubles this year, with political turmoil in the east of the country making headlines around the world. However, that doesn’t seem to have harmed the country’s tech sector.

A new report [PDF link] from Ukraine Digital News and AVentures paints a picture of an ecosystem with an exploding venture capital market (going from almost nothing five years ago to at least $80 million in 2013), a growing angel scene and a new generation of entrepreneurs for them to invest in.

As Ukraine Digital News’ Adrien Henni notes in the report, “In the minds of many Ukrainians, technology shines as a promise for highly-skilled and well-paid jobs for the new and next generations; of the country’s stronger integration into the global economy; of improved life conditions in virtually everything from online services, to e-government, to smart homes and cities.”

In other words, just like in other parts of the world, tech equals hope and a better tomorrow in Ukraine.

It’s worth noting that the report is backed by AVentures, a venture capital firm that invests in Ukrainian companies and with an interest in making the country look attractive. Still, the report stands up as worthwhile read, backed by data and interviews with VCs and entrepreneurs. It depicts a tech sector growing with strength despite challenging circumstances.

The Dealbook of Ukraine: Venture Investment in the Ukrainian IT Industry [PDF]


AVentures – About Us

Run by serial entrepreneurs and experienced financial professionals, AVentures Capital is a leading early stage venture firm focused on growing businesses in Ukraine and Russia.
Via its in-house Corporate fund, AVentures has since 2000 successfully co-founded and financed more than ten companies with total revenues exceeding US$1B. The firm’s investment experience ranges across a variety of sectors, including retail, information technology, telecom, high tech, clean tech, real estate and others.
In 2012, AVentures launched a venture capital fund, to invest in web-related businesses in Ukraine and Russia.
The fund will focus on early stage companies in the following targeted technology categories: consumer internet, incl e-commerce, cloud services, mobile technology, payment systems, online gaming and social media.


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