The IT industry in Ukraine was shaken when the war came unexpectedly. As a result, many tech projects have lost their financial background and almost 100% of their revenue. In response, a new synergy of tech companies and international venture funds has created Ukrainian Tech Circle to help Ukrainian tech businesses grow. The founder of the Roosh technology company, Sergey Tokarev, spoke about what Ukrainian Tech Circle is and what support Ukrainian startups can receive.
What is the objective of the initiative Ukrainian Tech Circle?
Ukrainian Tech Circle 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 initiative’s objective is to provide versatile support to Ukrainian IT startups and projects affected by the Russian invasion of Ukraine. As Tokarev commented, many domestic IT projects lost their funding. Only 1% of them could adjust to the cruel reality ruling over the country now. They are Reface, Diia, and Ajax Systems.
The Roosh founder adds that the Ukrainian IT landscape is rich in potential. This is because there are so many talented IT engineers, and plenty of great ideas were developed in Ukraine. That is why Sergey Tokarev initiated the Roosh tech company to support Ukraine’s development into becoming Europe’s AI hub. But the war has brought many challenges.
Ukrainian Tech Circle is focused on solving all the issues by following three major areas: fundraising, contract sourcing, and advising. The project team believes this will help Ukrainian IT businesses thrive ad reach their potential. The initiative is a global network of angel investors, entrepreneurs, venture capitalists, and tech experts.
It involved cooperation with such companies as Google for Startups, Neurons Lab, Alma, TheGuarantors, Libeo, Chamaeleon, Silicon Allee, Powder, and such venture firms as BBQ Capital, Caixa Capital Risc, Chamaeleon, Samaipata, ff Venture Capital, Spaceсadet Ventures.
Who can apply for Ukrainian Tech Circle’s support?
Ukrainian Tech Circle is open to all Ukrainian tech startups and businesses in great need of support. Venture capitalists, investors, and tech professionals can also join the project to help startups strengthen by investing in them and giving valuable insights into business development. They can fill out the application form available on the the initiative’s website.
At the moment, the initiative has received about 50 applications. Sergey Tokarev believes this number will be growing over time as they expect to receive applications from startups as well as from partners and mentors. This project will save hundreds of tech companies in Ukraine. And soon we will see how they will be driving the IT area in the global market.