International venture funds and technology companies join forces to help the Ukrainian IT sector. One of the project's initiators, the founder of the technology company Roosh Sergey Tokarev told what the Ukrainian Tech Circle is and how startups from Ukraine can get aid.
What is Ukrainian Tech Circle, and how can it help tech projects?
Ukrainian Tech Circle is a global network of angel investors, venture capitalists, entrepreneurs, and tech professionals who are meant to help Ukrainian tech projects and startups affected by the Russian invasion of Ukraine. The project will support techies in attracting additional investment and new customers. Moreover, participants of the project will get consultations with tech experts.
This project was initiated by Sergey Tokarev, Den Dmitrenko, a managing partner in the tech company Roosh, and Nina Levchuk, a head of Startup and VC at Google in Central Europe.
The idea of the initiative has come up in response to the full-scale Russian invasion of Ukraine, which has affected hundreds of Ukrainian tech projects.
According to Tokarev, many such projects have lost their financial resources and up to 100% of their revenue. Some projects have adapted to the new reality, including Diia, Reface, and Ajax Systems, but around 99% of projects are in dire need of funding now.
"The Ukrainian tech landscape has a lot of potentials; we have talented IT engineers and some brilliant ideas being developed here. Our focus in Roosh was always to support and provide opportunities for local talents and support Ukraine's development into becoming Europe's AI hub. Our goal hasn't changed, but the war has, of course, created unprecedented challenges," said Tokarev.
Ukrainian Tech Circle aims to solve all these problems. The team of the initiative will offer its aid in three key areas to help Ukrainian startups thrive and reach their potential: fundraising, contract sourcing, and advising.
What companies and venture firms will help Ukrainian techies?
The team has already been joined by many companies, including tech company Roosh and venture fund Roosh Ventures. Roosh is a Ukrainian tech company focusing on artificial intelligence and machine learning. Its projects include the Reface app, Pawa venture studio, ZibraAI deep-tech startup, venture firm Roosh Ventures, and educational projects AI HOUSE and SET University.
Such venture firms as BBQ Capital, Spaceсadet Ventures, Samaipata, ff Venture Capital, Caixa Capital Risc, Chamaeleon, and such companies as Neurons Lab, Alma, TheGuarantors, Libeo, Silicon Allee, Powder, Chamaeleon, Google for Startups also became a part of the initiative.
Who and how can join Ukrainian Tech Circle?
The initiative accepts applications from all Ukrainian tech businesses and startups in dire need of aid. Investors, venture capitalists, and tech businesspeople also can join the initiative if they want to share their funding, experience, etc. with those who need this. The application form can be found on the website.
As of now, the initiative has received around 50 applications.
"The number will definitely grow, as well as partners with mentors. For example, after the initiative's launch, early-stage VC firm Chamaeleon joined our circle," said Sergey Tokarev.
According to him, this initiative can save hundreds of Ukrainian tech projects that will bear fruit for Ukraine and the world in the future.
