Investors Venrex and Samos Investments from the U.K. are supporting the launch of a new venture capital firm focused on backing startups led by Ukrainians, both within Ukraine and abroad. These investors are recognized for their early involvement in successful startup funds like Seedcamp and Entrepreneur First.
1991 Ventures, founded by Ukrainian brothers Denis and Viktor Gursky, known for their work with incubation and accelerator programs in Ukraine, is starting with a £15 million ($18.8 million) fund aimed at nurturing startup talent in Ukraine and Central Eastern Europe (CEE).
Overcoming the Challenge of War
Despite the challenging circumstances due to the ongoing conflict, Ukrainian-born startups continue to demonstrate resilience and success. The Gursky brothers have previously supported over 200 startups through their incubator Social Boost and 1991 Accelerator, with many originating from their hometown of Mariupol, known for its courage in facing Russian forces.
Denis Gursky, a founding partner of 1991 Ventures, expressed confidence in the talent pool in Ukraine and CEE, aspiring to establish a strong pipeline of high-quality startups. He highlighted the interest of their LP backers in tapping into the Eastern European and Ukrainian markets.
Gursky also acknowledged the difficulties Ukrainian founders face in accessing funding, especially in international hubs like London. He aims to provide them with early-stage funding to facilitate access to larger rounds and global funding opportunities.
Not the First Time
1991 Ventures joins a growing cohort of Ukrainian-born funds contributing to the region’s startup ecosystem. Other notable funds include Roosh Ventures, SID Venture Partners, SMRK, Flyer One Ventures, and TA Ventures, all of which have made significant investments in Ukrainian startups, bolstering the country’s burgeoning tech sector.
Looking ahead, Ukraine is anticipated to produce tech companies with “dual-use” or defense-related applications, reflecting the country’s expanding expertise, such as the notable increase in drone production over recent years.