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Tech Ecosystem Guide to Ukraine Ukrain 19 e's 0 T 2 e c e h d i E u c G o s y m s e t t e s m y s G o c u E i d h e c 2 e 0 T s 1 ' 9 e n U i a k r TECH ECOSYSTEM GUIDE TO UKRAINE 2019 4 5 Ukraine is experiencing exciting times – and we already have Our company has always strived to create a favorable and something to be proud of. This book is the first comprehen- stable environment for IT industry growth in Ukraine. It is a sive review of the Ukrainian tech ecosystem. You will learn very challenging task, which clearly can’t be done by a single about prominent startups, accelerators, leading product com- company. Having this in mind, Sigma Software was among panies, biggest investments, deals and cases. the originators of the EBA IT Committee to unite efforts with the leading IT companies in Ukraine and reach the common We sincerely believe that now is the best time to start your big goal. innovative business or expand it to Ukraine. We hope this book will convince you of that. Together we achieved a lot: in cooperation with leading universities created first strategic plan for IT education de- velopment in Ukraine, which was signed by Prime Minister; Max Yakover established a dialogue with State representatives; launched CEO and managing partner at the first industry researches; initiated business participation UNIT.City innovation park in Tax Code revision; strengthened Ukraine promotion as a strong IT hub, and more. Sigma Software is glad to support UNIT.City in creation of Ukraine tech guide. We believe it will become a new step We are delighted to support the development of such impor- forward to attracting investments and promoting Ukraine tant guidebook. WNISEF is happy to partner with UNIT.City as a country with mature IT industry, huge talent pool, and in this effort given how crucial such visibility for the IT eco- developed infrastructure. system and for Ukraine. It is essential that international stake- holders have more information and contact access to the breakthrough Ukrainian startups and stakeholders. Valery Krasovsky CEO at Sigma Software Undoubtedly the technology sector has a strategic impor- tance to the Ukrainian economy and can redefine the way Ukraine is perceived globally in this age of digital transfor- mation. Jaroslawa Z. Johnson Thanks to Ukrainian products and world-class teams President and CEO of Western over the past few years, our country has become a sort of NIS Enterprise Fund tech-phenomenon. This guide makes it possible to assess the scale and quality of the Ukrainian tech industry. Vadym Nehay CEO at Depositphotos 6 UKRAINIAN TECH [3] [4] INDUSTRY 184 700 $290M software in startup investments developers in 2018 with offices based in Ukraine [1] 20% world's leading companies in software development for mobile platforms [5] [6] 18 100+ IT service providers Fortune 500 companies have chosen Ukrainian present in the 2018 Global IT services Outsourcing-100 list Volume of IT service exports for 2017 [2] $3.6B 3.4% [7] [7] of GDP 4000 2nd tech companies largest export industry in 2018 8 9 [13] It is ranked [9] 146 000 [8] patents and utility 110+ models since 2007 24th R&D centres owned best country for by multinational software development corporations 2007 2009 2011 2013 2015 2017 1000+ [10] 50+ [11] 30 events for IT specialists, coworking spaces industry startups and investors and hubs communities every year an innovation district [12] [12] i n Kyiv 19 33 exits in 2017 investment deals 10 TRENDS Growth in exit numbers [16] 20 237% 19 According to the 16 7 GLOBAL 43rd out of 126 countries 12 INNOVATION in 2018 [14] INDEX, Ukraine 8 is ranked 4 2016 2017 Startup Investments [15] Growing volumes of IT services $365M 4 3.5 180% $3.6B 3 $265M 2.5 2 deals = 44 with investment 2013 2017 companies [16] Investment funds grow in number 2017 — Rise of the ICO In 2018 the Western NIS 20+ following funds have Enterprise Fund been established (WNISEF) funds has launched operating in Ukraine 19 $160M successful attracted ICOs for investment in startups 12 13 STARTUP IT SERVICE INVESTMENTS EXPORTS Investment volumes IT service export volumes $3.6B Number of deals $3.1B $265M $2.6B $2.4B $2B 88 78 76 $146M 69 $97M 44 $80M $42M 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 INVESTMENT OPPORTUNITIES / MOST ACTIVE INVESTORS / LARGEST PUBLICLY DISCLOSED DEALS 2017-2018 / FUNDS INVESTMENT OPPORTUNITIES IN UKRAINE 01 / INVESTMENT OPPORTUNITIES 16 17 MOST ACTIVE INVESTORS IN [17] UKRAINE IN 2017 SE A ED D N U O D EE R S ES R P EARLY L AT E S TAG E S TAG E 01 / INVESTMENT OPPORTUNITIES 18 19 ICO from Andreessen from Almaz Capital, ICO LARGEST Horowitz, GGV Y Combinator, Capital, Lightspeed AVentures Capital, PUBLICLY Venture Partners, U.Ventures, Digital Index Ventures, Future and others DISCLOSED Shasta Ventures, $7.9M Y Combinator and $25M TAAS DMarket DEALS SV Angel 2017-2018 $10M from Greycroft, Petcube Andreessen $37M Horowitz, Vaizra People.ai $13.7M YayPay Investments, ICO $130M Compound, FJ GitLab Labs and SMRK from QED Investors, $4M from GV, ICO Birchmere, Hacken ICONIQ Capital, Information $5M Khosla Ventures and Venture Partners, Allset Goldman Sachs QED, Gaingels $70M 500 Fintech $30M Neuromation Fund and Fifth Rentberry Third Capital $5.5M CallPage $4M ICO $20M from Innovation Preply Remme Nest, Market from One Capital and General Catalyst, from Credit China TDJ Pitango IVP and Fintech Holdings, from Nine $4.5M Restream Ventures Korelya Capital, Spark Capital Point ICO Naver Group, Macquarie Capital Capital, Dentsu, Armat and others Group, Lian Group and from $6M $110M iTech Capital Silverton Partners, DreamTeam $15.4M Grammarly Anorak Ventures, Propy $110M COLOPL, K Cube, BitFury Liquid2 and James Armstrong ICO ICO 01 / INVESTMENT OPPORTUNITIES 20 21 LARGEST AMOUNTS WERE INVESTED IN THE UKRAINIAN cumulatively – $130M invested in GitLab IT SECTOR BY FUNDS $130 000 000 110 000 000 110 000 000 cumulatively – $110M invested in Grammarly FUNDS WITH THE LARGEST SHARE OF EARLY-STAGE INVESTMENTS IN 2017 cumulatively – $110M invested in BitFury 01 / INVESTMENT OPPORTUNITIES 22 23 FUNDS 125+ investments TA Ventures Founding partner: AVentures Capital Victoria Tigipko Managing partners and TA Ventures is an international co-founders: Andrii Kolodyuk, VC fund investing in early- Yevgen Sysoev stage startups. Areas of AVentures Capital is a VC fund interest include mobility, established in 2012. Fund is focused digital health, SaaS, AI/ML, on cooperation with companies online marketplaces and that disrupt global markets while deeptech in fintech, and other using Ukraine and CEE-based sectors. R&D teams as a leverage in global taventures.vc competition. [email protected] The fund's investment focus spans across software tech, including such areas as machine learning, big data, AR, VR, SaaS, cloud, storage, enterprise, web, mobile, IoT and others. The fund invests in both early-stage startups and IT U.Ventures companies in the growth phase. Managing partners: aventurescapital.com Yaroslava Johnson, [email protected] Olena Kosharna Western NIS Enterprise Fund created U.Ventures to find new investment opportunities. It is focused on launching new technologies at an early stage 460+ with world-class teams and global deals in 8 years growth potential. u.ventures [email protected] 01 / INVESTMENT OPPORTUNITIES 24 $35M Western NIS Legacy program Enterprise Fund Export Local Economic (WNISEF) Promotion Development Impact Economic Investing Leadership WNISEF is funding innovative, high-impact, reform focused programs and aims to support Goals Find new markets and attract invest- Ukraine and Moldova at this critical ments period by developing sound eco- Western NIS Enterprise Fund nomic policy and leadership. Since Improve quality of life in cities and (WNISEF) is a $150M regional fund, 2015, WNISEF supported 100+ inno- villages a pioneer in Ukraine and Moldova vative and impactful projects in Encourage development of small and with more than two decades of total. medium entrepreneurship successful experience in investing Key projects: Export Promotion in small and medium-sized com- Educate responsible citizens Office, UkraineInvest, ProZorro, panies. WNISEF was funded by the ProZorro.Sale, CANactions School U.S. government incorporated with for Urban Studies, International the U.S. Agency for International Mayors Summit, Technovation Development (USAID). Since its Social Economic Ukraine, Social Entrepreneurship, inception, WNISEF’s cumulative Ukrainian Leadership Academy, impact impact investments total over $185M to SEED Grant. 129 companies employing around 27,000 people and made it possible 57,000 $19.1M In November 2017, WNISEF to unlock $1.8B for companies in Direct Beneficiaries funded launched a venture fund Ukraine and Moldova. U.Ventures to invest in early-stage In 2015 WNISEF has launched a technology startups. To date, 6M+ $3B+ $35M legacy program focused on U.Ventures invested $3.5M into 10 people reached unlocked / saved export promotion, local economic startups, including Petcube, Sixa, development, impact investing IO Technologies, eTachki, Rallyware, and economic leadership. 3DLook, YouTeam. 01 / INVESTMENT OPPORTUNITIES 26 27 FUNDS Digital Future D2N8 Horizon Capital SMRK VC Fund Founding partner: Managing partners: Founder and CEO: Managing Partner: Oleksii Vitchenko Natalya Berezovska, Olena Kosharna Andrii Dovzhenko Ihor Shreibman Managing partner: Horizon Capital manages direct The fund invests in the following Volodymyr Nesterenko Detonate Ventures is an invest- investment funds with a combined areas: software for mobile OS ment and management company capital of more than $800M. The (mainly but not exclusively, iOS), Digital Future offers partners that acts as an early-stage investor, company’s funds are among the macOS software, casual/business access to outstanding Ukrainian also managing their own projects most active investors in the IT software, offline business’ online talents and technologies.
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