Global IT community launches initiative to support Ukrainian startups
To help the Ukrainian IT sector, international venture funds and technology companies created the Ukrainian Tech Circle to help Ukrainian technology projects and startups affected by the consequences of the Russian invasion of Ukraine.
The Ukrainian Tech Circle will support Ukrainian companies in financing, finding new customers and accessing a global network of contacts, the Ukrainian Tech Circle said in a statement.
"Ukrainian startups are desperately fighting for their survival due to a lack of investment and financial support. According to a study from the Ukrainian Startup Fund, 99% of startups need financial support, and more than 41% do not have savings and financial opportunities for development," the report says.
The initiative has already been supported by the technology company Roosh and the venture fund Roosh Ventures, the venture capital companies BBQ Capital, Spacecadet, Samaipata, ff Venture Capital, Caixa Capital Risc, Neurons Lab, Alma, TheGuarantors, Libeo, Silicon Allee, Powder and Google for Startups.
The Ukrainian Tech Circle report highlights that due to Russian invasion, Ukrainian tech companies faced a number of challenges, such as having to relocate their businesses, insolvent customers, and ending business operations. As a result, the share of lost profits for technological projects reaches 30-100%.
"We attract the best entrepreneurs, venture investors, technology professionals to the Ukrainian Tech Circle network who are ready to support Ukrainian projects with additional investments, expertise and access to new contacts. We will constantly expand the Ukrainian Tech Circle, attracting more and more partners from global names that cannot stand aside and will help Ukrainian startups get a new breath," Nina Levchuk, one of the initiators of the Ukrainian Tech Circle, said.
The Ukrainian Tech Circle team will help Ukrainian projects in three main areas:
- Fundraising: raising funds for the development of Ukrainian technological projects;
- Contract Sourcing: search for new customers among Ukrainian Tech Circle member companies (mainly IT outsourcing/outstaffing services);
- Advising: advising and accessing an international network of experts/mentors from venture capital funds and through Google for Startups programs and initiatives.