Four startups founded by Ukrainians have been included in the Sifted 250, a list of Europe’s 250 fastest-growing startups. The companies are ATLANT 3D, Carmoola, HOLYWATER, and Spendbase. Here’s a quick look at each of them.

ATLANT 3D – 29th place

• Headquarters: Copenhagen, Denmark
• Investments: €30 million
• Revenue: €7.6 million
• CAGR: 370.11%
• Employees: 50

ATLANT 3D was founded in 2018 by Ukrainians Maksym Plakhotnyuk and Ivan Kundrata, together with Professor Julien Bachmann. It is a deep-tech company developing atomic 3D printing technology for micro- and nano-device manufacturing. The technology combines atomic layer deposition, MEMS, and 3D printing.

In 2022, the startup raised $15 million in a Series A round led by West Hill Capital and other investors — one of the largest Series A rounds in Denmark outside the biotech sector. Among ATLANT 3D’s clients are NASA and Sony.

Carmoola – 58th place

• Headquarters: London, United Kingdom
• Investments: €654.2 million
• Revenue: €9.1 million
• CAGR: 277.46%
• Employees: 37

Carmoola is a British-Ukrainian fintech startup founded in 2021 by Aidan Rushby, Amy McKechnie, Roman Sumnikov, and Ihor Hordiichuk. The company offers a fast, hassle-free platform for car financing, enabling users to get car loans within minutes.

Carmoola has raised £146 million in total investments, including credit lines from NatWest and support from QED Investors, u.ventures, and others. In 2024, the startup signed a £100 million deal with NatWest to expand its car loans program. In June 2025, Carmoola secured £300 million (around $405 million) in debt financing via asset-backed securities (ABS) from NatWest and Chenavari Investment Managers.

Spendbase – 81st place

• Headquarters: Kyiv, Ukraine
• Investments: €0.2 million
• Revenue: €1.6 million
• CAGR: 232.05%
• Employees: 85

Spendbase is an expense management platform that helps companies optimize spending on SaaS and cloud services by offering large software discounts, cloud credits, and virtual cards. The company was founded in early 2023 by Andrii Aleksieienko, co-founder of the KOLO charitable foundation. Today, Spendbase reports around 800 customers worldwide.

In August, it was announced that Spendbase had attracted investment from the California-based venture firm Dnipro VC. While the amount and terms of the deal were not disclosed, the fund’s average check typically ranges from $250,000 to $1 million. Earlier, in June 2024, Spendbase received up to $100,000 in non-equity funding from Google, and in August 2024, it obtained up to €50,000 in grant funding from Seeds of Bravery.

HOLYWATER – 164th place

• Headquarters: Nicosia, Cyprus
• Investments: €3.7 million
• Revenue: –
• CAGR: 142.6%
• Employees: 150

HOLYWATER specializes in creating vertical video series powered by AI and is part of the Genesis ecosystem. On October 9, the company announced a strategic investment from FOX Entertainment, a division of FOX that focuses on shows, series, and entertainment.

The financial details of the deal were not disclosed. However, sources at Scroll.media report that FOX Entertainment’s investment could reach up to $25 million, valuing HOLYWATER between $200 million and $250 million. (This deal is not included in the Sifted ranking.)

HOLYWATER chose not to publish its revenue figures, as permitted by the ranking’s participation rules. In an April 2025 interview with Scroll.media, co-founders Bohdan Nesvit and Anatolii Kasianov revealed that the company’s 2024 ARR was $100 million. According to Scroll.media sources, projected 2025 revenue is around $150 million.

About the Ranking

The Sifted 250 ranks Europe’s 250 startups with the fastest revenue growth over the past three financial years, calculated using a two-year compound annual growth rate (CAGR).

To qualify, startups had to meet the following criteria:

• Headquarters in Europe (excluding Azerbaijan, Belarus, Israel, Russia, and Turkey)
• Founded in 2010 or later
• Fewer than 999 full-time employees
• Privately owned and independent
• Majority of revenue is derived from proprietary technology
• At least three years of revenue data
• Minimum annual revenue of €50,000 in the base year (2021, 2022, or 2023) and at least €500,000 in the latest financial year (2023, 2024, or 2025)

Companies were also required to submit signed documents confirming their financial data if it was not publicly available. Some chose not to disclose their most recent income figures.