Despite challenging circumstances, Ukraine's startups have demonstrated remarkable resilience and innovation. With over 1,000 startups in Kyiv alone, the country's tech sector remains significant. Key hubs like UNIT.City, the most prominent innovation park in Central and Eastern Europe, and annual events such as Lviv IT Arena showcase the vitality of Ukraine's startup landscape.
Despite the war, Ukraine's IT sector continues to thrive, and it is supported by many defense tech startups specializing in electronic warfare and robotics. Top startups in fintech, business software, and cyber-tech are expanding rapidly, supported by international funding and local innovation. For instance, the European Innovation Council has launched a €20 million ($22.4 million) fund to help over 200 Ukrainian startups in the deep-tech field, providing financial support and business advice to ensure their growth and integration into the European market.
With 70% of startups continuing to operate despite the war, Ukraine's ability to adapt and innovate under pressure has attracted significant international attention. Investment in Ukraine's tech sector is seen as an investment in the future of European technology, highlighting the essential role that Ukrainian startups play in the broader European innovation landscape.
1. Reface
Year Founded: 2019
HQ: Podilskyi, Kyiv City
Size: 51-200
Founders: Dima Shvets
Reface is one of the Ukrainian startups known for its AI-powered face-swapping app. It allows users to swap faces in videos, GIFs, and images with a single selfie, creating humorous and engaging content. Reface quickly gained popularity, amassing millions of downloads and becoming one of the top entertainment apps globally.
During the ongoing conflict in Ukraine, Reface has utilized its platform for significant social impact. It has launched campaigns to counter Russian disinformation and support Ukrainian refugees and the military. Despite the challenges, Reface continues to innovate and expand its product offerings, reinforcing its commitment to both entertainment and social responsibility. It received $5.5 million from its recent funding round in 2022, which will be directed toward expanding its AI capabilities, developing new features, and increasing its user base.
2. Respeecher
Year Founded: 2017
HQ: Kyiv
Size: 1-50
Founders: Alex Serdiuk, Dmytro Bielievtsov, and Grant Reaber
Respeecher is the only Ukrainian startup specializing in voice cloning technology for entertainment. It converts recorded voices to sound like different speakers, allowing for seamless voice swaps while maintaining the original voice's emotional depth and authenticity. It produces lifelike and natural-sounding voice outputs suitable for professional movies, games, and advertising applications.
Respeecher raised $1 million in a pre-series A funding round in late 2023, with investments from Gary Vaynerchuk, ffVC Poland, SID Venture Partners, Bad Ideas, and ICU funds, bringing the funding total to $2.5 million in funding. Respeecher is renowned for its ethical approach, only recreating voices with consent and focusing on positive applications. Its technology has been used in major projects like Hollywood films, AAA video games, and high-profile TV series like Disney+'s "Star Wars."
3. CheckEye
Year Founded: 2022
HQ: Kyiv
Size: 1-50
Founders: Kirill Goncharuk
CheckEye is one of the Ukrainian startups specializing in AI-driven healthcare solutions, particularly for diabetic retinopathy (DR) screening. Its cloud-based technology allows non-medical people to conduct screenings using photographic images of the eye fundus. Developed in collaboration with the Ukrainian Diabetes Federation and The Filatov Institute for Eye Diseases, CheckEye aims to make healthcare more accessible for diabetes patients. It allows early detection and prevention of DR.
CheckEye gained significant attention at CES 2024, securing a preliminary agreement for joint testing with LG Nova and exploring several potential pilot partnerships. It has raised a total of $1.3 million in 2022. This funding will be used to improve its AI algorithms, expand its clinical trials, and scale its operations to reach more healthcare providers and patients globally.
4. Clubberspot
Year Founded: 2018
HQ: Kiev
Size: 1-50
Founders: Ivan Zhuravel, Nikita Tsarenko, and Sergei Matsenko
Clubberspot is one of the few Ukrainian startups providing a comprehensive platform for nightlife enthusiasts. It offers a one-stop solution for discovering, booking, and sharing nightlife experiences. Users can explore various clubs, events, and parties, make reservations, and even purchase tickets through the platform. Clubberspot also integrates social features that allow users to share their experiences and connect with like-minded party-goers.
Clubberspot is designed to improve user engagement by offering personalized recommendations based on user preferences and past activities. By leveraging data analytics, Clubberspot can tailor suggestions for clubs and events, ensuring that users have the best possible experience. It has managed to raise over $200K in funding in its recent round in 2022.
5. Zeeks
Year Founded: 2018
HQ: Київ, UA
Size: 51-200
Founders: Roman Doroshenko
Zeeks is one of the Ukrainian startups in the iGaming industry. It is an international IT company specializing in building and promoting websites. Zeeks's primary focus areas include:
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Complete website optimization.
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Market and competitor research.
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Affiliate marketing services.
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Web development.
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Affiliate program expansion across various global markets.
Zeeks boasts a strong team of over 100 professionals, 60% of whom are SEO specialists. They work on more than 130 projects in 80+ countries.
Zeeks emphasizes continuous improvement, effective interaction, and expertise, striving to exceed users', partners', and colleagues' expectations. It offers numerous benefits to its team members, including flexible work schedules, annual budgets for medical services and professional development, compensation for sports activities, and support for significant life events.
Zeeks recently raised an undisclosed sum of money from Netsolid Investments. Zeek aims to change social collaboration in the SocialFi space by using reputation mechanisms and on-chain social bounties.
6. Liki24
Year Founded: 2017
HQ: Kyiv
Size: 51-200
Founders: Sergii Fadieiev
Liki24 is one of the Ukrainian startups in the healthcare sector. It aggregates offers from multiple pharmacies, allowing users to find and order medications at the best possible prices. Users can choose between 30-minute, same-day, or pick-up from various locations. Liki24 addresses critical issues like price disparities, product availability, and delivery convenience.
Liki24 has expanded its operations to Poland, Romania, and Italy and has completed millions of deliveries. During the COVID-19 pandemic, Liki24 became crucial for vulnerable populations needing medication without leaving home. Liki24's proprietary software helps manage pharmacy inventories in real-time. It has raised significant funding, including a $5 million Series A round to support its European expansion. Its total funding amounted to $10 million.
7. Monobank
Year Founded: 2017
HQ: Kyiv
Size: 200+
Founders: Olexandr and Dmytro Dubilet
Monobank is a multi-product fintech company founded in 2017 in Ukraine. It collaborates with Universal Bank to offer a suite of innovative financial tools designed to simplify and enhance users' financial lives. It is Ukraine's first neobank, boasting over 8 million clients and consistently ranking at the top on both the App Store and Google Play. Monobank provides a seamless, app-based banking experience, including virtual and physical debit cards, loans, and savings accounts.
Monobank's success is also tied to its innovative features like cashback rewards, bill splitting, and the "shake to pay" option. In 2024, Monobank raised an undisclosed sum of money from Aetos Invest. Monobank has also attracted donations from international supporters, especially during the ongoing conflict with Russia, raising substantial amounts through its crowdfunding tool, "Banka."
8. BetterMe
Year Founded: 2017
HQ: Kyiv
Size: 200+
Founders: Victoria Repa
BetterMe is a wellness platform that offers various digital health solutions, including a comprehensive health coaching app. It includes over 3,000 workouts, meal plans, water and calorie trackers, and self-care challenges. BetterMe also features a mental health app that provides guided meditations, breathing exercises, and access to mental coaches.
BetterMe stands out for its corporate wellness platform, BetterMe for Business, which promotes a healthy and productive workforce. It has gained significant recognition, winning the People's Choice Award at the Webby Awards and being shortlisted for the Reuters Responsible Business Awards in diversity, equity, and inclusion categories. BetterMe raised $7 million in a Series A funding round in 2018. It uses its funding to expand its digital health solutions and reach a larger user base.
9. Esper Bionics
Year Founded: 2019
HQ: Kyiv
Size: 1-50
Founders: Dmytro Gazda
Esper Bionics is a Ukrainian startup that develops advanced bionic prosthetics to improve human capabilities and the quality of life for people with limb differences. Its flagship product is the Esper Hand, a smart, AI-driven bionic hand. This prosthetic device is designed to adapt to the user's movements and needs, providing a natural and intuitive experience. With multiple grip patterns and precise control, users can perform a wide range of tasks with the Esper Hand.
Esper is a cloud-based solution that supports the continuous improvement of prosthetic devices. It collects and analyzes data from the Esper Hand, helping to refine its functionality and provide personalized recommendations to users. In 2024, Esper Bionics raised $5.2 million, which will help Esper Bionics scale and develop its bionic ecosystem.
10. Uspacy
Year Founded: 2022
HQ: Kyiv
Size: 1-50
Founders: Kyrylo Melnychuk, Dmytro Suslov, and Spartak Polishchuk
Uspacy is a comprehensive online workspace developed to improve communication, collaboration, and customer relationship management for companies. Uspacy emerged as a response to the disruptions caused by the Russian invasion of Ukraine. It aims to replace multiple tools like Slack, Hubspot, and Trello, offering a unified solution at a single subscription price. This integration allows businesses to streamline their operations, improving efficiency and reducing costs.
Uspacy was established in Ukraine in May 2022 and launched in February 2023. Despite its Ukrainian roots, Uspacy leveraged Estonia's favorable tax system and startup ecosystem through the e-Residency program, which allows founders to manage their businesses online from different locations. This program enabled them to set up an Estonian entity within half an hour.
With a team of programmers primarily based in Ukraine, Uspacy continues to attract investment and aims to expand into emerging markets, particularly in Latin America, where there is less competition and a greater openness to digital tools. It has recently raised around 200K euros from one investor.
11. Mindly
Year Founded: 2022
HQ: Warsaw
Size: 51-200
Founders: Dima Podoliev and Maria Smerechuk
Mindly, a Ukrainian health startup specializing in mental health services offers a unique platform connecting users with licensed therapists online. This end-to-end service simplifies the process of finding therapists and attending appointments, providing greater accessibility and convenience for individuals seeking mental health support.
Recently, Mindly achieved significant funding milestones. In January 2024, Mindly secured $2 million in its Seed round, building upon its annual turnover of $10 million. This funding will fuel Mindly's expansion into untapped markets across Europe, Africa, Asia, and the United States, aiming to broaden its impact and reach globally.
12. Mythical East
Year Founded: 2017
HQ: Kyiv
Size: 200+
Founders: Vlad Panchenko
Mythical East, previously known as DMarket, is a Ukrainian startup in the gaming technology sector. Originally founded in Ukraine, Mythical East has since expanded its presence globally, establishing offices in key locations such as Lisbon, London, Los Angeles, and Kyiv.
With DMarket's technology completely integrated, Mythical's Marketplace 2.0 boasts a robust anti-fraud and AML protection mechanism that is based on over ten years of industry expertise. It offers a smooth user experience that facilitates peer-to-peer transactions and empowers players wishing to participate in future play-and-own gaming communities, especially when combined with Mythical's experience in gaming and digital assets.
Mythical Chain completed over two million transactions, 6 weeks after going live. It specializes in blockchain, AI, and global metaverse. Mythical East raised over $26.2 million in 2024 to expand its market reach.
13. eTOLLs EU
Year Founded: 2017
HQ: Kyiv
Size: 1-50
Founders: Denys Dmytrov
eTOLLs is a project by the Ukrainian service company "Штрафи UA," launched in February 2023. Its application provides drivers with the convenience of pre-paying for travel on toll roads across various European Union countries. By using eTOLLs, drivers can avoid queues generally associated with obtaining a vignette confirming toll payment.
Ukrainian startups like eTOLLs allow users to plan their routes and obtain information about all necessary payments for their journey. Currently, eTOLLs supports toll road payments in Slovakia, the Czech Republic, Slovenia, Austria, Romania, Bulgaria, and Hungary. eTOLLs is accessible for download on both the App Store and Google Play, providing a convenient tool for drivers traveling through multiple EU countries. It secured 600K euros in funding in 2023 to improve its user interface and expand its reach.
14. VeraNet
Year Founded: 2024
HQ: Kyiv
Size: 1-50
Founders: Anatolii Feher and Igor Svoboda
VeraNet is one of the Ukrainian startups in the AI-tech sector. It was founded by a team of AI researchers and DevOps experts to tackle the challenge of making faster, more informed decisions in complex environments. VeraNet provides secure, on-premise installations of large language models (LLMs) and customized AI solutions to improve business processes across various sectors. Its products include secure local LLM installations that protect sensitive data while utilizing powerful AI, and the AIDeX platform, currently in development, is designed to streamline decision-making with AI-powered virtual experts.
VeraNet offers actionable insights that directly improve the bottom line and tailor technology to fit unique workflows. Ukrainian startups like VeraNet ensure data security through rigorous standards and secure on-premise deployments. It has raised $67.6K from five different investors to improve its platform.
15. Getpin
Year Founded: 2019
HQ: Kyiv
Size: 1-50
Founders: Volodymyr Leshchenko
Getpin is a B2B SaaS platform focused on improving local digital presence management. Its features include publishing information, controlling reputation, analyzing user behavior, and running local ads.
Getpin is recognized as one of the 108 Google My Business verification partners worldwide. This partnership allows it to help businesses manage and optimize their presence on Google Maps and Search. Getpin also has strategic partnerships with Bing for Places, Here Maps, and Foursquare.
Getpin aims to reduce operational complexity and optimize costs associated with maintaining a presence on maps, social media, navigation apps, and business directories. It has raised 385K euros from four investors in seed funding in 2023.
FAQs
What are the strongest industries in Ukraine?
Ukraine's strongest industries in 2024 include agriculture, technology, and defense. Agriculture remains the most important, with significant grain and sunflower oil exports. The technology sector is booming, especially in drone manufacturing, producing up to 150,000 drones monthly. The defense industry is also expanding to become one of Europe's strongest.
What is the average investment in the startup industry in Ukraine?
The average investment in Ukrainian startups varies, but recent trends show increasing interest from foreign investors and local funds. Typical seed rounds range from $50,000 to $500,000, while Series A rounds often attract between $1 million and $5 million.
How many startups are there in Ukraine?
As of 2024, there are over 2,000 Ukrainian startups. These Ukrainian startups are supported by accelerators, incubators, and government initiatives to foster innovation and entrepreneurship.
How fast is the startup industry growing in Ukraine?
The startup industry in Ukraine has seen substantial growth, with many startups achieving significant milestones in funding and market expansion. The industry is expected to continue expanding rapidly in 2024.
