On September 27 in Lviv, the launch of the Ukraine Phoenix Tech Fund (UPTF) was announced — an early-stage venture fund with €50 million in capital. The Scroll.media editor attended the presentation.

• UPTF is the first institutionally backed VC fund dedicated exclusively to Ukrainian technology startups.
• The fund will focus on pre-seed, seed, and Series A rounds, with investments of up to €2 million per company.
• The fund is led by managing partners Dominique Piote and Charles Whitehead. Piote previously served as CEO of UNIT.City, one of Ukraine’s flagship tech hubs.

Three major institutions have already committed to the fund:

• European Investment Bank (EIB): On September 24, 2025, the EIB Board approved a potential €15 million investment in UPTF, positioning the bank as one of its cornerstone backers. The commitment would come through the EU Fund for Ukraine, an instrument supporting the country’s recovery. The move signals strong institutional confidence in Ukraine’s innovation sector and clears the way for UPTF’s official launch in Q4 2025.
• Bpifrance: In March 2024, France’s state-owned investment bank confirmed its readiness to allocate €10 million, becoming the first institution to signal early support.
• Proparco: In December 2024, Proparco, the private-sector arm of France’s development agency (Agence française de développement), followed suit, pledging €5 million as one of UPTF’s first investors.

Beyond institutional support, the fund has also attracted prominent private backers. Henri Seydoux, founder of drone pioneer Parrot, has invested €2.5 million through his firm Horizon sas.

UPTF works closely with eō Business Incubators, a Ukrainian accelerator based in UNIT.City, ensuring a strong pipeline of local startups and reciprocal suppor