1991 Ventures Launches with £15M Fund for Ukrainian Startups in London
Source: TechCrunch
- Launch of 1991 Ventures: U.K.-based limited partners Venrex and Samos Investments are backing the launch.
- Founders: Ukrainian brothers Denis and Viktor Gursky.
- Fund Size: £15 million ($18.8 million) to invest in Ukrainian and Central Eastern European (CEE) startups.
- Performance and Track Record: The Gursky brothers previously backed over 200 startups between 2016 and 2024.
- Notable investments: AXDRAFT, eTolls, Osavul, among others.
- Background: Ran incubation and accelerator programs inside Ukraine.
- Investor Interest and Focus: LPs interested in tapping into Eastern European and Ukrainian markets.
- Objective: Create a pipeline of high-quality deal flow in the region.
- Goal: Provide pre-seed or seed funding to Ukrainian founders to access larger funding rounds and global markets.
- Competitive Landscape: Other Ukrainian-born funds include Roosh Ventures, SID Venture Partners, SMRK, Flyer One Ventures, and TA Ventures.
- Industry Outlook: Expectation of tech companies in Ukraine to be "dual-use" or related to defense.
- Drone production surged in Ukraine, with almost 200 companies producing drones last year, up from seven in 2022.
(M.M.)
