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Investment in Ukrainian tech companies may have started a turnaround in the first half of this year after dropping 11 percent in 2023, said AVentures Capital, an early-stage venture firm based in Ukraine.
Ukrainians in the tech sector raised $283 million in the first six months of this year, more than four times the $68 million raised in the same period last year, the firm said in its DealBook of Ukraine, 2024 edition.
"The significant slowdown of decline in investment volume during 2023 and the first signs of recovery in 1H of 2024 indicate the remarkable resilience of Ukraine's tech," AVentures Capital said in a LinkedIn post announcing its latest DealBook, which covers the past 18 months.
Much of the increase in the first half of this year, however, came from Creatio, a Ukrainian-founded company that lets people create apps without coding. The firm raised $200 million in June from Sapphire Ventures, with participation from StepStone Group and current investors Volition Capital and Horizon Capital.
Excluding Creatio, investment in Ukraine's tech firms still jumped 22% in the first half of this year, to $83 million from $68 million.
Notable fundraising includes the $19.2 million Series B round of Carmoola, a direct-to-consumer car finance firm, and the Series B round of neobank firm Fintech Farm, which received a strategic investment of an estimated $10 million from Bank of Georgia.
