Authors: Sofia Elagina, Anastasia Opryshchenko

Traditionally, companies analyze their results at the end of the year and make plans for the upcoming one. AIN has compiled insights about 2024 for those interested in the development of Ukrainian business and technology, including expansions, key figures from investment firms, and startups that launched or released their MVPs during the year.

Startup launches in 2024

The year 2024 highlighted a growing trend toward integrating artificial intelligence into all spheres of life. This is evident from the massive emergence of new AI startups and the widespread adoption of AI tools across companies’ workflows.

Young Ukrainian startups continued to participate in international conferences such as Luxembourg Venture Days 2024, VDS in Valencia, and Web Summit 2024 in Lisbon. At the latter, Ukrainian companies secured deals with angel investors, raising over $1 million in funding.

We’ll see the results of these efforts next year, but for now, let’s review the Ukrainian startups launched in 2024.

Portal.ai

Founders: Volodymyr Panchenko, Mohammad Naanaa.

Portal.ai was founded in September 2023 in California, USA, but its launch was announced only in June 2024. The startup provides AI-driven solutions to optimize the operations of small and medium-sized businesses. It integrates sales data from advertising, optimizes marketing strategies, and enhances company efficiency.

The startup has raised $5 million in pre-seed investment, including $0.5 million from various angel investors under SAFE deals valued at $50 million. Early investors include Western VCs such as StratMinds VC, AGI House Ventures, Rocky Yu, BBQ Capital, Nemke Kostic, The Patel family office, Amanda Schloss family office, and Broocknell Ventures.

Images throughout the article are sourced from the companies’ social media.

Ability AI

Founders: Eugene Vyborov, Alex Osypenko.

Ability AI is a MarTech startup that helps businesses create a marketing strategy using artificial intelligence on the basis of collected company data. The startup was founded in 2023, but the product remained in closed beta testing for a long time. It is expected to launch a paid version with service packages for clients.

As AIN previously reported, the company released Strategy Agent, a tool for developing marketing strategies. Once beta testing is complete, Ability AI plans to introduce paid packages with advanced features. According to Forbes, the full version of the platform was expected to launch by the end of 2024.

Ability AI informed us that the platform is already in use but currently only within the team for marketing purposes. “We want to perfect the platform before making it publicly available,” the company stated.

In June 2024, the startup raised $1.1 million in funding, with SMRK VC leading the pre-seed round and SID Venture Partners participating. At that time, Ability AI was valued at $10 million.

Three months later, in September 2024, the startup, along with 23 other In September 2024, the startup, together with 23 other companies,  received $100,000 from the Google for Startups Ukraine Support Fund and ongoing mentoring support from Google.

HyperNormal

Founder: Valentin Paniuta

Valentin Paniuta, a longtime brand strategist at Fedoriv Agency, announced the launch of his creative agency in April 2024. “Our team is no longer part of Fedoriv Agency but remains within the Fedoriv Group ecosystem,” he  shared on Facebook.

In an interview for AIN, Paniuta revealed that two years prior to founding the startup, Andriy Fedoriv suggested the team operate autonomously, as it had been working independently of Fedoriv Group’s owner for some time.

The agency creates brands for digital products in industries like FinTech, eCom, GovTech, and media. HyperNormal’s clients include UNITED24 Media, the Unmanned Systems Forces, the Diia and Mriia platforms developed by the Ministry of Digital Transformation, the Defense Tech support cluster for Brave1 projects, MacPaw, and the robota.ua platform.

The agency also worked with the Ministry of Education and Science, developing a vocational education communication campaign. The Effie Awards Ukraine jury recognized their work with a gold medal in the Youth Marketing category.

Banani AI

Founders: Volodymyr Solomakha and Volodymyr Parkhomchuk.

This is an AI platform for creating user interfaces for digital products based on text descriptions. Banani AI's target audience consists of project managers, startup founders, and teams with limited design resources.

The company was founded in early 2024 and the product was launched in April. According to Solomakha, the project's co-founder, as of November 2024, more than 69,000 designs had been created as a result of the platform's work.

The startup placed in the top 100 out of 2,100 participants at the W24 Focal Demo Day, a fundraising hub for startups in the early stages of funding. In October 2024, Banani AI won the sixth Pitch Day at the seed stage within the grant program of the Ukrainian Startup Fund with the support of UMAEF.

Tayra.ai

Founders: Yuliia Tychynska and Bohdan Khaietskyi.

Tayra.ai is an AI-powered platform designed to streamline the process of filling out medical reports during patient visits. This Vinnytsia-based startup acts as a virtual assistant for doctors. Its audio system listens to the conversation between a doctor and a patient, summarizes the medical information, and automatically fills in sections of the report.

The team claims that Tayra.ai can reduce doctors’ emotional burnout by 50%, increase earnings by 30%, and improve productivity by 20%. The platform operates on a subscription model, and the team plans to launch an investment round in spring 2025.

Tayra.ai secured second place in the Battle of the Startups competition at Innovation Day, organized by the Vinnytsia IT Association, and won a UAH 1 million grant from the Ukrainian Startup Fund.

Neomi

Founder: Dmytro Lylyk

Neomi is an automated platform aimed at promoting healthy eating and facilitating the home delivery of relevant products. The demo version of its website was launched in August 2024. Users interact with Neomi by describing their preferences, needs, and allergies in a chat powered by AI, which then provides a customized diet plan that can be further adjusted.

Neomi also offers a list of suggested products that users can either purchase independently or have delivered directly through the platform. The company stated that the first version of Neomi is a widget for grocery chains such as Silpo, ATB, and Novus, with plans to launch a mobile application soon.

The platform operates on a transactional monetization model, charging stores for order processing while keeping services free for users. Neomi won the sixth Pitch Day at the pre-seed stage under the Ukrainian Startup Fund’s Grant Program with support from UMAEF.

NORDA Dynamics  

Founders: Dmytro Vovchuk, Nazar Bigun, Oleksandr Liannoy, Anton Kharkhalis, Roman Delimarskyi, Yurii Zaitsev.  

NORDA Dynamics develops software for piloting UAVs in environments without connectivity. Although the startup was founded less than a year ago, it won a bronze medal in the defense track at the Lviv IT Arena startup competition in September 2024, receiving $5,000.

As a member of the Brave1 defense cluster and a resident of Diia.City, NORDA Dynamics has achieved notable success. According to co-founder Dmytro Vovchuk, more than 10,000 licenses were sold as of September 2024, with an additional 3,000 pre-ordered.

Salesdep.ai

Founders: Arsen Goian, Olena Kleiner.

Salesdep.ai is a platform that integrates AI into CRM systems and customer correspondence workflows. The team offers AI-driven chat and video meetings with AI avatars and is working on developing a voice assistant.

The service is priced at up to $840 per month, with an option for a one-time payment of $1,800 for unlimited use of Salesdep.ai.

In 2024, the project team participated in numerous international technology events as part of the Ukrainian delegation, including Luxembourg Venture Days 2024, VDS in Valencia, and Seeds of Bravery Demo Day in Denmark. In September 2024, Salesdep.ai was recognized as Startup of the Month by Vestbee, a platform for startups, VCs, and accelerators.

Verba

Founders: Victoria Kravchenko and two anonymous co-founders.

Verba is an iOS app that uses AI to generate automatic subtitles in over 50 languages, with an integrated video editing option. Users can access the app for free or subscribe to premium memberships priced at $1.99 weekly, $3.99 monthly, or $29.99 annually.

In June 2024, Verba received a €25,000 grant from Seeds of Bravery, a project supporting Ukrainian startups under the Innovative Enterprise program.

In September 2024, the startup also secured a $100,000 grant from the Google for Startups Ukraine Support Fund.

Forecastio

Co-founders: Alex Zlotko, Dmitro Chervonyi, Dima Nabok.

Forecastio is an AI-powered platform that automates planning and analysis of business sales performance. Launched in February 2024, the platform offers a basic subscription priced at $149 per month. This includes the analysis of 1,000 deals, sales planning services (unlimited), and access to the HubSpot customer service platform.

The subscription covers two users, with additional users charged $29 each. For $29, users can also analyze another 1,000 deals. An annual subscription provides a 20% discount. Larger companies can negotiate custom pricing.

VyshyvAI

Co-founders: Oleksandr Maslovskyi, Zakhar Staryk, Dmytro Kolisnyk.

VyshyvAI is a platform that generates personalized folk patterns, often used in embroidered shirts. Users input their personal stories and values into a text field on the website to receive a custom pattern.

The company also proposes creating corporate clothing with VyshyvAI. According to Oleksandr Maslovskyi, the team is currently pivoting, although specific details have not been disclosed.

Since its inception, VyshyvAI has been a finalist in the IdeasLab student program by UCU CfE Accelerator and the first cohort of the StartUp Ecosystem, implemented by KSE MBA in partnership with the Martin Trust Center.

Investments in Ukrainian companies

The year 2024 marked a pivotal period for the development of startups that successfully closed funding rounds and secured investments from private investors and venture capital firms. Deals involving Ukrainian companies were highlighted in AIN’s final report.

Investments up to $100,000

The defense tech startup Frontline (developer of the UAVs Linza, Zoom, and combat robotic systems Burya) secured $100,000 in investment from the Estonian investment company Startup Wise Guys and raised $150,000 from Angel One Fund. The money was planned to be used to scale up drone production in Ukraine.

Additionally, the startup received a UAH 2 million grant from the Brave1 defense cluster to create new copter-bombers, Linza, and deliver these drones to brigades that had previously ordered them.

Mantis Analytics, a developer of AI platforms for real-time management of physical and information risks, received $50,000 from ZAS Ventures. This marked the second investment from ZAS Ventures, as the firm had already provided $50,000 in late 2023.

The startup also became one of the few Ukrainian companies to join the Alchemist accelerator since its founding in 2012, raising $30,000 in funding through the program.

Mantis Analytics received another $240,000 from the Nezlamni investment company as part of a SAFE round at the pre-seed stage.

The defense tech startup Rcam raised $25,000 to develop an AI surveillance camera. The funds were meant to enable the team to complete the research phase and transition to mass production in the fall of 2024.

InputSoft, a startup developing a web-based platform for airport operations, raised $50,000 from ZAS Ventures. These funds were allocated to support commercial activities, marketing, and further scaling.

The mental health startup Rozmova (internationally known as Clearly), valued at $8 million, has received $100,000 in funding from Google for Startups Ukraine Support Fund. The company planned to expand its presence in foreign markets (Poland, Spain, and Latin America) and enhance its services using AI.

CloudAvocado, a startup optimizing costs for cloud infrastructure, raised $50,000 from ZAS Ventures. The team utilized these funds to strengthen its business development and marketing efforts.

Fintellect, a developer of a financial app for businesses valued at $2.6 million, raised $50,000 from ZAS Ventures. The funds were allocated to strengthen the team and support infrastructure, including integration with banks and payment systems, automation of foreign currency accounts, and data import from time trackers and project management tools. AIN also featured Fintellect in our Startup of the Day column.

Investments up to $500,000

Paintit.ai, an AI design platform enabling users to visualize interiors and purchase furniture and decor, raised $500,000 from The Startup Qatar Investment Program. The Ukrainian startup was one of 11 winners out of 2,000 applicants. The program aims to help companies enter or expand into the Qatari market.

The defense startup Vidar Systems (manufacturer of acoustic systems for detecting artillery and mortar firing positions) raised $450,000 from the Czech VC company Presto Ventures and angel investors. The funds were used to expand the team and enhance the product for improved usability in combat.

GetOrder, a startup integrating food delivery platforms with automated POS systems, raised $250,000, closing its seed round. Digital Future investment firm led the round, with support from the United Angels Network. The funding was intended to expand the product line for the restaurant industry and enter new markets.

InCharge One, a manufacturer of chargers for electronic devices (known for its product “Socket to Pocket”), raised $450,000 in its pre-seed round from ZAS Ventures, 500 Global, and an unnamed angel investor from the US ZAS Ventures contributed $50,000 to the round.

The defense startup Ailand Systems, which develops autonomous drones for remote mine detection, raised $200,000. The investor was the Nezlamni investment firm. The funds were allocated to improve technology and set up production of the ST1 unmanned mine detector, the startup’s flagship product.

Dynamiq, an AI startup building an operating platform for enterprise Gen AI applications, raised pre-seed funding from four VCs: Geek Ventures, u.ventures, Diaspora Ventures, and TA Ventures.

While the exact amount has not been disclosed, u.ventures’ typical pre-seed investments range from $100,000 to $200,000, while Geek Ventures contributes $100,000–$250,000 at this stage.

The defense tech startup Buntar Aerospace, which develops reconnaissance UAVs and mission planning software, received $200,000 from Nezlamni during its seed round. Founded in the summer of 2023, the company previously closed a $1 million round with anonymous investors.

According to the Buntar Aerospace team, the total amount of funds raised in 2024 reached $2.7 million. The investors include the Uklon co-founders’ fund and the D3 fund. The money was spent on developing the flagship product Buntar-3 and strengthening the team that created the software for mission planning and drone swarm management.

According to Bohdan Sas, co-founder of the startup, they plan to raise a larger round of investment next year than in 2024.

Eurotrips, a startup developing tourist routes, raised €260,000 from the British holding company Day8. The funds were used to enter new markets, bolster marketing, and expand the team.

HOMErs, a modular home construction startup, raised €500,000 from unnamed business angels. Before securing this funding, the company opened a factory in Slovakia with plans to ramp up production and build 1,000 houses annually within five years.

Dataisland, a developer of an AI assistant for CRM systems, raised $500,000 in a pre-seed round. The Cyprus-based Milleyson Holdings Ltd provided $300,000, while Apercon Consulting Group contributed $200,000. These funds were allocated for scaling the business, entering foreign markets, and developing a public version of the product. AIN featured Dataisland in our Startup of the Day column.

JobCannon, a Ukrainian-British developer of an AI recruiting platform, raised $500,000 from Whitehill Capital, a Kazakhstani venture capital firm. The funds were raised in the initial round of investment for product development and implementation of technological solutions, which was supported by the World Bank. The investor was to help the company enter the global corporate recruitment market. AIN featured JobCannon in our Startup of the Day column.

Investments up to and including $1 million

In March 2024, Himera, a manufacturer of EW-resistant radios, raised  $525,000 to increase production and accelerate the release of new, better versions of its products supplied to the Armed Forces of Ukraine.

The round closed within a month and included investments from Ivan Dmytrasevych (United Angels Network), Oleksandr Reminnyi (CEO and co-founder of UAi Labs), Andriy Sambir (CEO and founder of Linkup Studio), Nataliia Sambi, Yevhen Gusarov (Network VC, founder of Gusarov Startup Studio), Oleksii Fomichev, Andriy Skoropad, French entrepreneur Arnaud Dassier, United Angels Network.

In general, 2024 was quite productive for Himera. In September, it also secured seed investments from Green Flag Ventures and Nezlamni as part of the seed round. The first installment was planned to be invested in R&D and production capacity, and the second one was planned to scale up the production of the flagship product HIMERA G1 Pro, expand the product line, and enter new markets. The exact amount has not been disclosed, but it is known that the investment from Nezlamni corresponds to a typical check from $100,000 to $400,000.

Bluedot, a company developing a Chrome extension that summarizes Google Meet meetings using AI, received $600,000 in a pre-seed round valued at $5 million. The funds were raised from angel investors from Ukraine, the UK, Germany, France, and the US.

The round was also joined by the accelerator OnDeck Ventures, Google for Startups, and Daniel Gross, an ex-partner of Y Combinator. The Ukrainian investor was the United Angels Network angel club, which invested $80,000 in the startup. The funds were allocated for marketing and team expansion.

Farsight Vision, a Ukrainian-Estonian defense startup developing an intelligence and situational awareness platform, secured €600,000 in investment from the Darkstar coalition. This coalition unites over 20 entrepreneurs, hackers, and investors from Estonia, Ukraine, Germany, France, and the UK.

Pleso, an online psychological assistance platform, secured investment from the United Angels Network, though the exact amount remains undisclosed. This funding is only part of the company’s total seed round.

The total amount raised during the seed round, for which agreements were signed, is approximately $1 million. The Pleso team plans to use these funds to expand operations in Poland and Romania.

Beholder, a platform using neural networks to search for minerals, raised €600,000 at the Latitude59 pitching competition for tech startups and enterprises in Tallinn, Estonia.

Additionally, the Beholder team won the competition itself, receiving nearly €1.5 million in prize money. The startup also received several awards: €15,000 for legal services from Fondia Legal, €5,000 in Google Cloud Credits, and €500 for PR support from the content marketing platform PRnews.io.

Investments up to and including $5 million

The creative content collaboration service Pibox raised $1.2 million from the Czech-based Presto Ventures, the Canadian investment firm Globalive Capital, and the European accelerator Startup Wise Guys. The team plans to use the funds to enter the US market and attract more users from the music, TV, and advertising industries.

In addition to this funding, Pibox received $100,000 from Google for the Startups Ukraine Support Fund.

Tur.ai, a Ukrainian-Dutch AI startup developing a business process automation platform, raised $1.45 million in a seed funding round. The primary investor, Presto Tech Horizons, contributed $1.2 million. Tur.ai plans to use the funds to develop its products, improve customer support, and establish a partner distribution model in preparation for global expansion.

AIN had the opportunity to interview Ievgen Miasushkin, CEO of Tur.ai.

RedTrack, an AI startup with a media analytics platform for scaling e-commerce campaigns, raised $3.2 million in a Series A round led by Lead Ventures. Angel investor Balazs Gandera and VC companies InstaVC and Iron Wolf Capital also participated in the round. The funds will be used to strengthen the product development team, accelerate AI development, and expand into the US market.

AIN featured RedTrack in our Startup of the Day column.

Swarmer, a developer of drone swarm management solutions, closed a $2.7 million seed round led by R-G.AI, a US-based defense technology company, with active participation from Radius Capital. Green Flag Ventures and D3, which have supported Swarmer since its founding in 2023, also participated.

R-G.AI’s investment is part of a broader strategic agreement aimed at creating a new category of integrated software and hardware system solutions. Just a month before the round closed, Swarmer also announced a UAH 2 million grant from the Brave1 defense cluster.

Osavul, an AI-powered media analytics platform, raised $3 million in a late seed round from three European VCs: Ukraine’s u.ventures, SMRK, and the German venture capital company 42CAP. The funds will help expand the company’s operations in the US and the EU, enabling companies to mitigate reputational risks. Additionally, the team plans to develop new B2B solutions and enhance AI algorithms.

MaPanda, a startup focused on gamified learning and therapy for children, secured $1.3 million from the founder of Bini Games through multiple rounds of venture funding. These funds were instrumental in developing and testing the company’s MVP.

Esper Bionics, a developer of bionic prostheses, raised $5 million in a funding round led by YZR Capital, with co-funding from the EBRD and u.ventures. The company aims to use the funds to scale production of its flagship product, the Esper Hand self-learning prosthesis with integrated AI. Additionally, the company plans to expand its ecosystem with new devices, including prosthetic wearable controllers and a cloud-based platform powered by machine learning.

The martech startup Ability AI, an AI-powered marketing management platform, raised $1.1 million in a pre-seed round. The round was led by SMRK VC with participation from prominent tech entrepreneurs and investors, including Anthony Venus, Catherine Dahl, Nick Bilogorskiy, Andrew Axelrod, Dominic Schiavone, Vitaly Laptenok, Deborah McGargle, Joseph Lemay, and Kendall Hope Tucker.

Ukrainian SID Venture Partners also joined the financing, bringing the company’s valuation to $10 million. The investment will help the startup expand its team, advance product development, and launch platforms for US and European customers.

The AI startup Portal.ai, which offers tools to manage operations, marketing, finance, and logistics for small and medium-sized businesses, raised $5 million in its pre-seed round. The funding consisted of $0.5 million angel checks through SAFE agreements, valuing the company at $50 million.

The early investors included Western VCs such as StratMinds VC, AGI House Ventures and Rocky Yu, BBQ Capital and Nemke Kostic, The Patel family office, Amanda Schloss family office, Broocknell Ventures, etc.

OneNotary, a startup offering online notarization services, closed a $5 million Series A round and announced a partnership with DocuSign, the leading developer of electronic document management software.

The round was led by Jackson Square Ventures with participation from DocuSign founder Tom Gonser, u.ventures, DocuSign Ventures, GoodPaper Ventures, Digital Future, and The LegalTech Fund.

OneNotary plans to use the funding to accelerate marketing and sales, strengthen partnerships, and enhance its product to meet the growing demand for online verification services.

Kurs Orbital, a satellite service startup, raised $4 million in a round led by the European firm OTB Ventures, with additional support from Credo Ventures, Galaxia, In-Q-Tel, and Inovo.

The funding will enable Kurs Orbital to expand its team and advance its proprietary satellite servicing technology. The launch of its flagship product, the ARCap module, is scheduled for 2025.

The crypto startup Arkis, a digital asset brokerage platform, raised $2.25 million in a pre-seed round led by the American venture capital firm gumi Cryptos Capital. The round also saw participation from Ukraine’s Roosh Ventures, G1 Ventures, and Psalion VC.

Choice, a B2B platform for restaurants that streamlines business processes such as websites, apps, online menus with QR payments, table reservations, and CRM systems, raised $2.5 million in a late seed round. The round was led by J&T Ventures, a Prague-based venture capital firm, with participation from previous investors Reflex Capital and Presto Ventures.

With total investment reaching $4.1 million, Choice plans to scale its services to four new markets in Central and Eastern Europe: Kazakhstan, Georgia, Hungary, and Romania. The funds will also support continued growth in existing markets, including Poland, the Czech Republic, Slovakia, Estonia, Latvia, and Ukraine.

PeopleForce, an HRM platform for automating HR and recruitment processes, raised $2 million from the Polish fund Pracuj Ventures. The funds will strengthen product development and support the company’s international expansion to Poland and Latin America markets.

Competera, an intelligent price optimization platform for retailers, raised $3 million in an investment round that included STRATMINDS (a San Francisco-based AI venture capital firm), Flyer One Ventures, Verras Capital, SMRK Fund, and Transform Partners Fund, along with angel investors.

The startup plans to use the funds to enhance its AI capabilities, broaden its service offerings, and scale its operations, particularly in the US market.

Kara Dag, a developer of AI-driven drone detection systems, secured investment from the US-based Green Flag Venture. Although the amount was not disclosed, the funding aims to meet rising international demand.

According to Kara Dag’s founder and CEO, Erik Kadyrov, the partnership with Green Flag Venture will address current demand and support scaling, technology improvement, and expansion in both military and civilian sectors globally.

Investments of over $5 million

The year 2024 marked the emergence of new unicorn in the Ukrainian startup ecosystem — the sixth, following GitLab, People.ai, Grammarly, Unstoppable Domains, and airSlate. The latest addition is Creatio, a developer of a no-code platform for business process automation and CRM, which raised $200 million at a valuation of $1.2 billion.

The round included both primary capital and secondary sales. At the time, Horizon Capital and Volition Capital were Creatio’s existing investors. The minority funding round was led by Sapphire Ventures, with participation from StepStone Group.

Creatio planned to use the funds to drive its global expansion. The company stated that the investment would support increased focus on no-code technology, artificial intelligence, partner network expansion, and team growth.

Also in 2024, NJJ, the investment company of French telecom entrepreneur Xavier Niel, officially acquired Datagroup-Volia and mobile operator Lifecell. Following this, the European Bank for Reconstruction and Development and the International Finance Corporation provided $435 million to support the development of the newly formed entity.

According to Datagroup-Volia CEO Mykhailo Shelemba, who will head the new platform, the acquisition is expected to bring $1.5 billion in investments to Ukraine.

In December 2024, NewHomesMate, a startup that helps buyers in the US market access comprehensive information about new residential properties, announced a $9.8 million Series A investment. This round brought the total funding to $16.5 million and coincided with the company’s rebranding to Jome.

The round was led by Geek Ventures, with participation from U.Ventures, Toloka VC, Vesna Capital, Roosh Ventures, Network VC, SID Venture Partners, Flyer One Ventures, Forefront VP, and others. The funds will enable Jome to expand its market presence and enhance its technology.

Investment companies: key figures for 2024

AIN surveyed investment and venture capital firms to evaluate their performance in 2024. Many firms prioritized Ukrainian startups, with defense technology leading the way.

SMRK

Founded by Andrii Dovzhenko and Oleksandr Kosovan, SMRK made two investments this year, totaling $1 million, both in Ukrainian projects. Additionally, SMRK completed one exit. Publicly available information indicates that the firm invested in the IT company Osavul and the martech startup Ability AI.

D3

This early-stage venture capital firm completed 12 investments in 2024, with six targeting Ukrainian companies for a total of $1.4 million. The firm’s overall investment for the year amounted to $3.1 million, with an average check size of $210,000.

The current size of the D3 fund is $21 million. In 2024, the firm participated in financing Ukrainian defense startups, including Swarmer, Buntar Aerospace, Zvook, and Frontline. D3 also co-organized the Jammer Hackathon with the Brave1 defense cluster to discover advanced solutions for countering enemy drones.

SID Venture Partners

Of the eight investments made by SID Venture Partners in 2024, five went to startups with Ukrainian founders, amounting to $1 million. The average check size was $200,000.

The current fund totals $10 million, with over $5.5 million already invested. Notable investments include NewHomesMate (now Jome) and Ability AI.

The firm also made two exits in 2024, one of which was the acquisition of the Ukrainian AI startup Elai.io by the American company Panopto.

Angel One Fund

This angel venture capital firm exclusively invested in Ukrainian companies in 2024, totaling $550,000. The average check size was approximately $100,000.

Angel One Fund focused on defense tech and dual-use technology startups. Its most recent deal, valued at $150,000, was with Frontline.

According to managing partner Ivan Petrenko, the firm cannot directly invest in defense tech startups due to internal policies. Instead, it acts as an intermediary, connecting private investors with Ukrainian defense tech companies.

The fund currently has $3 million in total capital.

Nezlamni

The investment company of Uklon’s co-founders made four investments in Ukrainian startups in 2024. The average check ranged from $100,000 to $400,000. The current fund size is $2 million. Companies that have received funding from Nezlamni include the communication systems manufacturer HIMERA, the AI startup Mantis Analytics, Buntar Aerospace, and demining drone developer Ailand Systems.

United Angels Network

In 2024, United Angels Network invested $950,000 across nine companies, with an average check of $30,000. Among the funded startups are Pleso, an online psychotherapy platform; Bluedot, an AI Chrome extension; HIMERA, a developer of communication tools; and GetOrder, an integrator of automated POS systems with food delivery platforms.

u.Ventures

u.ventures operates as part of the Ukraine-Moldova American Enterprise Fund (UMAEF), which allocates an annual investment budget. Representatives note that the fund has “sufficient capital for many years.”

In 2024, u.ventures funded 15 startups, including 13 Ukrainian companies, such as Competera, an intelligent price optimization platform, and Dynamiq, an AI-based startup. The average check was $420,000. The firm also made one exit during the year.

1991 Ventures

In March 2024, Viktor Gurskyi, co-founder of 1991 Accelerator, launched a venture capital firm in the UK with a £15 million budget. The firm funded five Ukrainian startups in 2024, with an average check of £300,000.

Horizon Capital

The Horizon Capital Growth Fund IV manages $350 million, with $100 million already invested. The company typically invests between $20 million and $30 million per transaction.

In 2024, Horizon Capital made two significant investments in Ukrainian companies: the merger of Datagroup-Volia and lifecell, supported by the NJJ Capital consortium led by French billionaire Xavier Niel, and an investment in Creatio, a no-code platform for business process automation, in a round led by Sapphire Ventures.

BRNR Fund

Launched in 2022, BRNR Fund has a total capital of $35 million, of which $7 million has been invested. In 2024, the fund supported five Ukrainian-founded companies with an average check size of $1 million.

Green Flag Ventures

Focusing on early-stage technology startups specializing in dual-use products, AI, and cyber innovation, Green Flag Ventures manages a $20 million fund. In 2024, the firm invested $1.2 million across three Ukrainian projects, with an average check of $350,000. The company has not disclosed the total amount spent from its fund.

Vesna Capital

With a $10 million fund, Vesna Capital has already invested $4.6 million. In 2024, the firm made eight initial investments in new startups, four of which were Ukrainian, totaling $720,000. The company also provided a follow-on investment of up to $150,000 to a portfolio company with Ukrainian roots. The average check for 2024 was $170,000.

Ukrainian Startup Fund

The Ukrainian Startup Fund shared that it is currently running a grant program in collaboration with UMAEF, which allocates $2.5 million to support projects through 2025.

“In 2024, 29 projects received funding with a total budget of UAH 39 million. Additionally, under the international cooperation program EU4Business: SME Competitiveness and Internationalization, 30 agreements worth UAH 31 million were concluded to support small businesses,” the fund stated.

In 2024, the average funding check for startups was $25,000 at the Pre-seed stage and $50,000 at the Seed stage.

TA Ventures

According to Viktoriya Tigipko, founder and managing partner of TA Ventures, companies in the TA Ventures portfolio raised $3.24 billion in investments during the year. Among the firm’s 2024 exits, one standout was its sale of shares in diaper manufacturer Coterie, which ranked among the company’s top five deals by multiplier.

The angel venture capital syndicate ICLUB, founded by TA Ventures, reached a significant milestone in 2024, surpassing 2,000 members. Of these, 30% have made at least one investment, while 10% have built portfolios with five or more investments. Additionally, the club reduced its minimum investment threshold in a single company by five times, bringing it down to $5,000. This change aims to minimize investor risk and facilitate greater portfolio diversification. The ICLUB team also embraced a modern approach by launching its own mobile-only platform, complete with a dedicated mobile app.

“We anticipate the venture winter to end soon,” said Tigipko. “We are actively exploring promising new markets and eagerly await the rise of the 23 ‘soonicorns’ in our portfolio that are on track to achieve unicorn status. Moreover, we expect at least six IPOs by 2027.”

Expansions in 2024

This section highlights the most notable expansions of Ukrainian companies abroad. According to the EBA Small Business Sentiment Index survey, nearly 80% of SMEs planned to expand their business and secure funding for development at the start of 2024.

The survey also revealed that the number of entrepreneurs aiming to raise funds for their businesses increased to 80%, compared to approximately 67% in the previous year.

As in past years, most businesses relied primarily on personal funds rather than external sources such as grants, loans, or investments. In 2024, some companies strengthened their positions abroad, while others began their first steps toward international expansion.

Amid the ongoing war, Ukrainian businesses continued to seek new opportunities for growth and enhanced competitiveness. This is the last part of our comprehensive review of the key investments, startup launches, and expansions of 2024.

Nova Post

In just over two years of international expansion, Nova Poshta (known as Nova Post in foreign markets) has entered 16 countries and has no plans to slow down. Since the beginning of 2024, the postal operator has opened 37 international branches and aims to establish at least three more by year’s end.

  • This year also marked the first commercial flights of the company’s airline, Supernova Airlines. On September 18, 2024, a Boeing 737-800SF aircraft flew under the Ukrainian flag during a certification flight — one of the final steps toward approval by the State Aviation Administration of Ukraine.
  • In May, Nova Poshta introduced a new international service: delivery between its European branches, expanding beyond its previous offering of shipments solely between Ukraine and Europe. Over the past year, Nova Post delivered 1.3 million parcels in Europe, operating 104 branches and collaborating with over 68,700 partner service points across the region.
  • During the second quarter of 2024, the Nova Postal and Logistics Group turned a profit in Poland, Moldova, and the Czech Republic, with plans to further invest in Moldova. However, the company has not achieved profitability in other countries where branches were opened. One challenge has been a restriction imposed by the National Bank of Ukraine, which prevents Nova Post from withdrawing funds earned abroad back to Ukraine. As a result, the company relies on earnings within Europe to replenish its European currency reserves.

Nova Post’s efforts have not gone unnoticed. At the annual World Post and Parcel Awards, the company was named Postal Operator of the Year for its Divided by Borders, United by Nova Post initiative.

Meest

Meest, founded by entrepreneur Rostyslav Kisil in 1989, operates in the B2B, B2C, and C2C postal services markets, handling approximately 30 million parcels annually across more than 70 countries. Traditionally focused on international deliveries, Meest has ceded much of the Ukrainian market to Ukrposhta and Nova Poshta. Until 2010, Meest prioritized international delivery, while Nova Poshta concentrated on modern express delivery within Ukraine.

In 2024, Meest strengthened its presence in Poland by opening a new logistics center.

“Poland is one of the company’s key markets, where we have been actively operating for over 20 years. Currently, there are more than 50,000 partner points for receiving and sending parcels in the country,” said Marta Yankiv, Marketing Director of Meest Group.

Additionally, the company opened a customs and logistics warehouse in the Czech Republic, which is set to become a central hub for the Meest Shopping project. Yankiv noted that this initiative aims to optimize supply chains between European countries, leveraging the Czech Republic’s advantageous location at the crossroads of major European highways.

Yankiv also shared the company’s growth metrics: in 2024, the number of Meest branches in Ukraine grew by 26%, from 4,033 to 5,100. In the United States, branch numbers increased by 20%, totaling approximately 300.

Globally, the number of branches is increasing at an average annual rate of 15%. Meanwhile, the number of partner points of distribution (PUDOs) in the US surpassed 88,000, and the global PUDO network expanded from 262,700 to 357,340 points.

Pravda Brewery

The Lviv-based Pravda Brewery launched a new location in Lisbon, Portugal, in the fall of 2024. Named Pravda Craft Mission, the venue is situated in an area known for its art centers and bars.

  • The pub features eight beer taps and offers over 20 varieties of bottled beer. According to the company, the Lisbon opening marks the start of building a small community and experimenting with additional projects, including boutique shops.
  • Pravda Brewery is part of the !FEST chain of conceptual author restaurants. Co-owner Yurko Zastavnyi told AIN that expanding to a new market presented no significant challenges, though there were differences between opening a restaurant in Ukraine and abroad.

In Zastavnyi’s view, administrative tasks like registering a company, opening bank accounts, and obtaining permits are secondary and relatively straightforward. What truly matters is identifying the value of the company’s product or format for the consumer without compromising its mission.

“For example, we are a craft bar of a specialized brewery, but sometimes we feature guest beers on tap. The principle is simple: Do we have something meaningful to say about this style? Would serving this beer in a small brewery’s bar be shameful? If not, we’re staying true to our values. But offering a poor-quality product solely for commercial reasons not only fails to provide customers with something special but also undermines the moral foundation of the business,” Zastavnyi explained.

“Understanding customer value is the most important thing,” he added. “All the legal, formal, and administrative aspects of entering a new jurisdiction are just routine for any entrepreneur.”

The company says it doesn’t expect the results of the expansion for at least another year, explaining that it is now a test of a different format for consuming craft beer. In other words, Pravda is not a traditional pub with up to two craft taps in addition to mass beer, but it is also not the newest craft pub with an expensive design, dozens of craft taps, and high prices.

“Pravda is a different format that focuses on the quality of beer, pouring, and customer service. It has a friendly and knowledgeable person behind the bar. There is no kitchen, no special design, and no glossy renovation. It is pet-friendly and bike-friendly, focused on neighbors and beer lovers.

This is what we do in Lviv, and we like it. To understand the result, you need to try several locations, gain the respect of neighbors, and live the life of a beer-loving community. And this process takes months,” the company says.

The company plans to open at least two more locations in Lisbon by 2025. According to Yurko Zastavnyi, creating clusters of 5-10 bars in one geographical area makes sense. “The search for premises is slower than we are used to, and often, the owner selects a tenant according to his vision. However, we hope to open half a dozen more locations in different districts of Lisbon by the end of 2025, possibly within 40-50 km of it,” he says.

Lviv Croissants

In 2022, Lviv Croissants opened two coffee shops in Poland: the first in Zgorzelec on September 19 and the second in Wroclaw on October 5. This was not the brand’s first attempt to enter the neighboring country’s market.

  • In 2024, Lviv Croissants expanded into the Slovak market, opening a restaurant in the center of Bratislava. The franchise was acquired by a Ukrainian entrepreneur who has lived in Slovakia for many years and has experience in the restaurant business.
  • Like its Ukrainian counterpart, the Slovak restaurant’s menu revolves around croissants with various fillings. Notably, the croissants sold in Slovakia are produced in Lviv.
  • That same year, Lviv Croissants debuted in the United States, opening its first restaurant in Atlanta, Georgia. The company chose Georgia due to its dynamic yet relatively untapped food market. While the US market posed unique challenges compared to Europe, the team successfully navigated the transition.

The first US location was launched under a franchise by Fast Food Franchising Group USA Inc. in partnership with Brett Larrabee, a Ukrainian immigrant. Unlike in Slovakia, a production facility was established in North America to support up to 20 restaurants in the future.

Bubibo

Bubibo is a PetTech app offering features like online veterinary appointments, video tutorials for pet training and development, and a QR address book.

The app’s concept is to unite pet owners and service providers in one platform. The co-founder, Samvel Hakobyan, also developed the medical portal Helsi for patients.

  • Launched in March 2024, Bubibo already operates in eight regions worldwide, including Ukraine, Europe, the UK, the US, Mexico, and Canada. The app is most feature-rich in Ukraine, where it has been live since March. By May, the company began its expansion into Western markets.
  • The app underwent testing worldwide during the summer of 2024. In some countries, Bubibo plans to offer a full ecosystem with all features, while in others, it will focus solely on dog training. The app is currently available in six languages.
  • Future plans include adding features like a vaccination calendar, selling pet products, and collaborating with local pet stores and veterinary clinics.

Investments in the project exceed UAH 40 million, supporting both its development and market expansion. The team aims to refine the product in the most promising markets and attract additional financing.

Getmancar

Getmancar, a Ukrainian car-sharing service, has been in operation since 2017, offering minute-based, hourly, and daily rentals across various car classes. The platform now boasts over 180,000 users.

  • In 2023, the service launched in Georgia, where it currently operates about 70 cars and serves approximately 10,000 customers.
  • In May 2024, Getmancar expanded into the Moldovan market, offering rentals in Chisinau. Customers can travel across the country, except for unrecognized Transnistria. The fleet initially consisted of 20 electric vehicles, which has since grown to 36.
  • While the Georgian fleet includes cars with internal combustion engines, Moldova’s fleet primarily comprises electric vehicles operated under a franchise. Private investors in Moldova can also rent out their cars through the platform. Currently available models include Renault Zoe, Honda MNV, Volkswagen ID.3, and BYD Dolphin. The company plans to introduce some internal combustion engine vehicles, replicating its Georgian model.

According to Taras Hetmanskyi, founder of Getmancar, entering the Moldovan market was seamless due to an experienced franchise partner. This facilitated quick adaptation to local laws and operations.

“Moldova requires data processing and storage to occur locally. Additionally, adapting to the local banking system was a significant effort. Although Moldova’s financial services are developed, they are less extensive than those in Ukraine, requiring us to rebuild the financial model multiple times,” Hetmanskyi explained.

Initially, the company aimed to reach 10,000 users in its first year. Eight months in, it achieved remarkable results:

  • Captured 80% of a competitor’s audience (10,500 users compared to 12,700 for a competitor operating for three years).

  • Reached 75% of the competitor’s revenue with only 36 cars, compared to the competitor’s 67 vehicles.

In February 2025, Getmancar plans to launch another franchise in an undisclosed location. The contract has been signed, and the launch timeline is set. Additionally, the company is preparing updates to its product and business model, driven by insights from operating in Georgia and Moldova.

Liki24

Liki24.com is a platform for finding medicines in pharmacies, comparing prices, and facilitating orders and delivery. The service has over 1.7 million customers across Ukraine, Poland, and Romania. In 2022, it expanded to Italy under the name liki24.it.

  • In 2023, the founders launched a new project, Nasnaga, which organizes personal health checks. The service is available in Ukrainian and English to users in Ukraine, the UK, Poland, and other EU countries.
  • This year, Liki24 expanded its service to six additional EU countries: Germany, Austria, France, Spain, Belgium, and the Netherlands.
  • In 2024, Liki24’s platforms, websites, and mobile apps attracted over 14 million users globally. Growth in Europe was particularly notable, with the number of users increasing from 2.8 million in 2023 to 4 million in 2024.

Looking ahead to 2025, the company aims to double its revenue in the EU market while continuing its expansion and development.

Himera

Himera is a Ukrainian defense tech startup founded in 2022 by aerospace entrepreneurs Misha Rudominski and Oleksii Oliinyk. The startup developed a universal secure communication system designed for use by police, rescuers, and the military. The system is resistant to electronic warfare and features robust eavesdropping protection. Currently, around 1,000 military personnel are using Himera’s technology.

In early 2024, Himera raised $525,000 to develop a new product. On April 17, 2024, the company signed a distribution agreement with an undisclosed US defense technology company.

Co-founder Misha Rudominski noted the challenges of entering the international market, particularly the long wait times for permits.

“When you encounter this for the first time, it’s an unpleasant surprise. But this is part of the process. The negotiation and decision-making periods can be lengthy, which poses financial risks. During this time, the company is spending significant amounts of money while awaiting results. This needs to be planned for and budgeted carefully because even a finalized deal may only yield revenue after a considerable delay,” explains Rudominski.

Despite these challenges, the company has already made strides in the US market. A batch of Himera radios was tested by the 112th Special Operations Signal Battalion at Fort Liberty, North Carolina. Additionally, the company made its first sales to the US Air Force.

When launching in the US, the Himera team had to navigate export regulations, intellectual property issues, and certification requirements independently.

“The defense industry is highly secretive,” says Rudominski. “You can’t find answers on Stack Overflow or Wikipedia. It’s a process where you’re constantly making mistakes, learning, and moving forward.”

By 2025, Himera aims to establish itself as a leader in communication solutions for the Ukrainian Defense Forces and expand its presence to 10 different markets globally.