1) Since 2020, the combined valuation of Ukrainian startups has tripled!

The valuation of Ukrainian startups surged notably during the COVID-19 era. In 2017, their valuation was estimated at €2.9 billion; by 2021, it had skyrocketed to €27.1 billion. However, Russia’s full-scale invasion of Ukraine impacted this trajectory, bringing the valuation down to €23.3 billion. This figure could have been significantly worse, as the war has paralyzed and complicated many areas of life and the economy. However, Ukrainian IT has demonstrated remarkable grit.

The most attractive investment opportunities are concentrated in E-commerce, FinTech, EdTech, AgriTech, HealthTech, and DefTech sectors. Notably, investments in Ukrainian startups have demonstrated a better cost-to-value ratio compared to U.S. startups. Ukrainian startups generate five times more revenue per invested U.S. dollar compared to their American counterparts, whose valuations are six times higher than those of Ukrainian startups.

2) Ukrainian startups attracted $310.5M in 2024

Between 2020 and 2022, the value of Ukrainian venture and private deals nearly doubled, driven by the increasing activity of both local and international players. In the first year of the war, Ukraine ranked 6th in Central and Eastern Europe (CEE) for venture funding value. This is especially impressive, considering Ukraine has almost 7.5 times fewer venture funds than Poland.

The positive trend continued through 2023–2024, with Ukrainian startups closing 44 major deals ranging from $200K to $200M. Over the past year, the total volume of investments in Ukrainian product companies reached $310.5M. This figure is comparable to the markets of Estonia and Lithuania in 2024, where preliminary estimates place investments in local ecosystems at €347 million and €427 million, respectively.

Among the standout players are teams like Creatio ($200M), Carmoola ($19.6M), and Viseven ($10–30M, with an estimated range), which account for 80% of the total investment volume secured by Ukrainian teams. These successes underline the resilience and potential of Ukrainian startups, even amid challenging circumstances.

3) Ukraine has a robust ecosystem that is recognized internationally.

Building a full-fledged startup ecosystem is a task that Ukrainian governmental and non-governmental organizations are actively pursuing — despite the backdrop of enemy missile attacks, the ongoing work of air defense systems, and frequent power outages. It’s hard to imagine how innovation can exist and evolve under such conditions.

Indeed, in 2022, 12% of startups ceased operations, and nearly half described the working environment as highly challenging. However, despite the significant negative impact of the war, Ukraine’s startup ecosystem is recovering and advancing rapidly, ranking 46th among the world’s top ecosystems. By 2023, over half of startup founders viewed the situation positively, and 41% of teams began expanding their workforce.

This recovery was possible mainly due to substantial international support, which stimulated business development and bolstered the economy. Additionally, the extraordinary motivation of Ukrainian developers has been a critical driver of progress. Overall, 90% of Ukrainian startups now see potential for growth within Ukraine.

4) Ukraine has become a leading global hub for DefTech solutions

Russia’s war in Ukraine has triggered a surge in the development of DefTech solutions within the country. This sector is actively funded by the government through the launched BRAVE1 cluster and by non-governmental organizations from Ukraine and other countries. Specifically, between 2023 and 2024, a total of $42 million was allocated in the form of investments or grants.

A significant advantage of Ukrainian DefTech startups lies in their access to real-world testing. Most of these solutions undergo rigorous trials under harsh military conditions in the East and South of Ukraine, which undoubtedly helps to improve the products and enhance their competitiveness significantly. This practical experience and constant refinement give Ukrainian DefTech solutions a unique edge on the global market.

5) Growing number of skilled IT Professionals from Ukraine

Over the past five years, the number of IT professionals in Ukraine has increased by 78%, reaching 346,000 specialists. Most of these are technical experts with over three years of experience. Their expertise spans across MarTech & Media, FinTech & InsurTech, HealthTech & Wellness, and more.