Peony LogoPeony

Top 5 Active Investors in Ukraine (2025): Complete Guide to Ukraine's Highest-Reputation VC & Growth Funds

Deqian Jia
Deqian Jia
Connect with me on LinkedIn! I want to help you :)
Ukraine InvestorsUkrainian VCFundraisingVenture CapitalStartups

Ukraine's startup ecosystem is still operating under extreme conditions — yet capital keeps moving, and credible local investors have become even more important as signal, syndicate glue, and operational support. In H1 2025, Ukrainian-founded / Ukraine-linked startups still raised notable rounds across the region. (TheRecursive.com)

When preparing your pitch to Ukraine investors, having a professional data room is essential. Peony helps Ukraine startups organize investor materials with AI-powered document organization, track investor engagement with page-level analytics, and securely share sensitive financial and operational data. With transparent pricing at $40/user/month, Peony delivers enterprise-grade secure data rooms without the $5,000-20,000 per-deal costs of legacy platforms.

This guide focuses on Ukraine-based (or Ukraine-native) investors with strong reputations among founders/co-investors and clear evidence of ongoing activity and fund capacity.

1) How to pick the right Ukraine investor (so you don't burn your best shots)

1) Start with the "round you're actually raising"

In Ukraine/CEE, misalignment kills more rounds than product risk.

  • Pre-seed / Seed: you need speed, founder belief, and help forming the round.
  • Series A: you need repeatable GTM, retention, and investors who can lead/price.
  • Growth / PE-style capital: you need operational maturity, governance readiness, and scale economics.

A quick cheat: if your deck is mostly "vision + product," you're early. If it's "cohorts, retention, CAC payback, expansion," you're A-ready.

2) Decide what "Ukraine" means in your company

Ukraine investors often back one of these:

  • Ukraine-first: local market + local ops (rare for venture-scale outcomes, but possible)
  • Ukraine-powered global: global sales, Ukraine R&D as a superpower (very common)
  • Ukraine-founded, global execution: founders from Ukraine building in US/EU with cross-border footprint

AVentures explicitly calls out leveraging Ukraine-based R&D teams in global competition, which is basically the canonical "Ukraine-powered global" story. (aventurescapital.com)

3) Pick based on your biggest constraint in the next 12 months

In 2025, the best Ukraine investors differentiate by how they help:

  • Round leadership + follow-on firepower
  • International fundraising credibility
  • Hiring + execution support
  • Enterprise intros / strategic partners
  • Operational scaling (growth/PE style)

4) Optimize for partner fit and decision velocity

In smaller ecosystems, "who you pick" becomes your narrative. The right partner can accelerate the round; the wrong partner can slow it down for months.

5) Don't ignore "fund freshness"

A fund that just raised (or has institutional backing) can be dramatically more reliable on check size and follow-ons. Flyer One Ventures' Fund V (€50M) announcement (backed by IFC & EBRD) is a good example of fresh capacity. (Flyer One Ventures)

2) The Top 5 Active Investors in Ukraine (2025)

1) TA Ventures (Kyiv-rooted, globally active)

Why they're top-tier: TA Ventures is one of the best-known Ukraine-native firms with a long operating history and consistent early-stage activity.

Stage + check size:

  • Focus: Pre-seed / Seed
  • They publicly state an average ticket size of $500K–$5M at pre-seed/seed. (taventures.vc)

What they invest in:

  • "Ambitious early-stage technology startups" across sectors like HealthTech, FinTech, B2B software. (taventures.vc)

Credibility signals (founder / market perception):

  • A recent profile notes TA Ventures was founded by Viktoriya Tigipko, has a distributed team, and has backed a large number of companies over time. (vestbee.com)

Best fit if you are…:

  • Building global software (B2B, fintech, healthtech) and want an investor who's comfortable syndicating across markets.

How to pitch them (Ukraine-specific):

  • Be crisp on your wedge + why now.
  • Show a real plan for global GTM (even if early): ICP, distribution thesis, and first repeatable channel.

2) AVentures Capital (Kyiv + San Francisco; "Ukraine R&D leverage" thesis)

Why they're top-tier: AVentures has a strong reputation in the Ukrainian ecosystem and is explicitly built for companies using Ukraine's technical advantage to win globally.

Stage:

  • AVentures states they invest in early-stage startups and also advise IT businesses across stages. (aventurescapital.com)

Thesis / angle:

  • They invest in companies disrupting global markets while using Ukraine-based R&D teams as leverage. (aventurescapital.com)

Best fit if you are…:

  • A global company with product/engineering centered in Ukraine (or significant Ukraine talent density), especially if you want a fund that understands cross-border building.

What to emphasize:

  • Why your Ukraine execution advantage is structural (speed, cost-quality, talent density), not just "we have engineers here."
  • Clear ownership of a niche: category, ICP, differentiated distribution.

3) Flyer One Ventures (Kyiv-based; early-stage + fresh Fund V in 2025)

Why they're top-tier in 2025: They raised a new €50M fund (Fund V) specifically to back early-stage startups from Ukraine and across CEE — real "fresh dry powder" for founders. (Flyer One Ventures)

Fund / capacity signals:

  • Flyer One Ventures announced €50M Fund V, backed by the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD). (Flyer One Ventures)

Stage + focus:

  • Fund V will focus on early-stage technology-driven companies in Ukraine and selected CEE/Southeastern Europe/Caucasus regions. (EBRD)

What founders get beyond capital:

  • Coverage highlights practical support in marketing, hiring, PR, business development, and fundraising. (vestbee.com)

Best fit if you are…:

  • Early-stage (seed-ish) and want an investor who can help with execution polish + international scaling.

How to pitch:

  • Bring a clear go-to-market plan and show you can move fast.
  • Have a clean "use of funds → milestones" map (what changes after this round).

4) u.ventures (Kyiv-based; early-stage Ukraine + Moldova; active through the war period)

Why they're top-tier: u.ventures is explicitly mission-driven around backing early-stage founders from Ukraine (and Moldova) and has publicly documented continued investment activity since 2022.

Stage + geography:

  • u.ventures states they invest in early-stage startups from Ukraine and Moldova with global expansion potential. (u.ventures)

Institutional roots:

  • u.ventures was established in 2017 by Western NIS Enterprise Fund (now Ukraine-Moldova American Enterprise Fund). (u.ventures)

Activity signal:

  • u.ventures reported investing $4M in eight Ukrainian and one Moldovan startup since Feb 2022 (as of late 2023), demonstrating continued deployment. (u.ventures)

Best fit if you are…:

  • Early-stage, Ukraine-rooted, building something with global ambition — and you value ecosystem-building + founder support.

How to pitch:

  • Keep it grounded: problem, wedge, traction, and why your team can win globally.
  • If relevant, highlight resilience and execution under constraints (without turning the pitch into a hardship story).

5) Horizon Capital (Ukraine-focused private equity/growth platform)

Why they're top-tier: If your company is beyond early stage, Horizon is one of the most credible Ukraine-native capital platforms.

What they are:

  • Horizon Capital is a leading private equity firm in Emerging Europe with 30+ years in the region, backed by 40+ institutional investors. (Horizon Capital)

Scale:

Best fit if you are…:

  • More mature: meaningful revenue, governance readiness, and a scaling play where growth capital + operational discipline matters.

How to pitch:

  • Bring "growth-grade" fundamentals: unit economics, predictable revenue motion, strong controls, and a clear expansion plan.

Two "watchlist" Ukraine investors (honorable mentions)

If you're raising pre-seed/seed and want more options:

  • SID Venture Partners (very active early-stage posture, "founders investing in founders," with recent deal announcements). (SID Venture Partners)
  • SMRK (Ukrainian VC focused on seed and Round A per their own site). (smrk.vc)

3) 5 quick tips to pitch Ukraine investors (and close faster)

  1. Make your "global plan" explicit. Even if you're Ukraine-based, show how you win internationally: ICP, channel, expansion path.

  2. Lead with traction and learning velocity. In 2025, good investors reward founders who ship fast and show clean iteration loops.

  3. Be crisp on "why Ukraine is an advantage." AVentures-style investors respond to a credible case for Ukraine talent leverage — not just cost savings. (aventurescapital.com)

  4. Run a clean, high-trust process. Data room hygiene, fast follow-ups, and clear milestone budgeting signals execution maturity. Use a professional data room like Peony to organize materials with AI-powered organization and track investor engagement with page-level analytics.

  5. Ask for the right kind of help. The best pitches include: "Here are the 3 specific things we want this investor for" (follow-on capacity, enterprise intros, hiring, cross-border fundraising, etc.).

Why professional data rooms matter for Ukraine fundraising

Ukraine startups need to present complex documentation—financial projections, product demos, team bios, and validation data—professionally to build investor confidence.

Peony helps Ukraine startups create investor-ready data rooms with AI-powered organization that sets up in minutes instead of weeks.

Key benefits: page-level analytics show which documents investors review most, enterprise security protects sensitive information, and transparent pricing at $40/user/month—93-99% cheaper than legacy platforms charging $5,000-20,000 per deal.

Conclusion

Raising capital in Ukraine in 2025 requires matching your stage, sector, and Ukraine strategy to the right investors. The investors on this list are actively deploying, but they're selective. Bring global plans, traction, and a clean process—not just vision.

Having a professional data room is table stakes for serious fundraising. Peony helps Ukraine startups organize investor materials, track engagement, and securely share sensitive data at a fraction of legacy platform costs.

Ready to pitch Ukraine investors? Set up your investor data room with Peony in minutes, not weeks.

Q&A Section

What's the best way to organize investor materials for Ukraine fundraising?

Peony offers AI-powered document organization that automatically structures financials, product demos, team bios, and validation data into a professional data room in minutes. Page-level analytics show which documents investors review most, helping you anticipate questions.

How can I track which investors are most engaged with my Ukraine startup pitch?

Peony provides page-level analytics showing which documents investors review and how much time they spend on each section. This helps identify serious investors and tailor follow-up conversations with actionable insights.

What's the most cost-effective data room solution for Ukraine startups raising capital?

Peony offers transparent pricing at $40/user/month—93-99% cheaper than legacy platforms charging $5,000-20,000 per deal. For a 5-person team, Peony costs $200/month vs $3,000-5,000+ for legacy platforms, delivering enterprise features at startup-friendly pricing.

How do I securely share sensitive financial and operational information with Ukraine investors?

Peony provides enterprise-grade security with identity-bound access, dynamic watermarking, and screenshot protection. With link expiry and instant access revocation, you maintain complete control over sensitive documentation.

What data room features are essential for Ukraine startups pitching to investors?

Ukraine startups need data rooms that handle complex documentation: financials, product demos, team bios, and validation data. Peony offers AI-powered organization, page-level analytics, custom branding, and comprehensive security. With 10-minute setup vs weeks for legacy platforms, Peony helps Ukraine startups look professional without breaking the budget.

Related Resources