Top Ukrainian VCs Investing in Crypto Companies
Big names in crypto such as Solana, NEAR, and Matter Labs originated in Ukraine. The country’s growing Web3 landscape has received attention from local and global investors, among whom Venture Capitalists (VCs) play a key role. In this article, we’ll list Ukrainian VCs that invest in the crypto sector.
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Investments in the Ukrainian Tech Industry in 2023 and the First Half of 2024
Based on data from AVentures Capital’s DealBook, the Ukrainian tech ecosystem received over $283M in investments in the first half of 2024, which is 4 times more than the same time last year. In 2023, tech companies raised a total of $209M, with the EdTech sector in the spotlight, attracting 41% ($85M) of total investments. Preply, a language learning platform, led the area, raising $70M in July 2023. After EdTech, IT services – software outsourcing and solutions companies – received 14% ($30M) of the capital, including Trinetix ($10M) and Miratech ($5M). A similar amount, $29M (14%), went to the finance sector, including blockchain startups like Stroom ($3.5M) and Kolibrio ($2M).
In the first half of 2024, Ukrainian startups showed resilience and growth. In June, another Ukrainian-founded unicorn emerged alongside GitLab, Grammarly, and others, when the software company Creatio raised $200M at a valuation of $1.2 billion. Among the top 10 fundraisers were car finance app Carmoola ($19.2M), B2B platform Portal AI ($5M), and crypto companies OpenDelta ($2.2M) and ARKIS ($2.3M).
Investments in the Ukrainian tech sector from 2014 to 1H 2024: Source: DealBook
For tech companies, the main sources of fundraising include Angel Investments, VC capital, strategic partnerships, and grants. Looking at the DealBook, you'll notice that the largest checks typically come from Venture Capitalists. Generally, this is due to VCs’ strategy of making investments ranging from tens or hundreds of thousands to millions of dollars. Besides the size of investments, VCs differ from other types of investors in their funding sources and operational methods.
Venture Capitalists are companies or individuals who pool funds from other firms or people to make an investment. While angel investors typically back early-stage projects with investments from one or two people, VCs invest in companies that are generating revenue or showing growth, such as through a successful prototype or user acquisition.
In return for their investments, Venture Capitalists usually receive company shares, which in the case of crypto companies are represented by tokens. This means they take part in the company's decisions and earn profits when the company’s revenue rises.
It’s worth noting that the strategy of a VC firm may involve several types of funding. For example, there can be angel VC investors, corporate VCs backed by large companies, industry-specific VCs, VC hedge funds (which use a mix of venture capital and hedge fund strategies), and other types.
Top VC Companies in Ukraine Investing in Crypto Companies
- Majinx Capital
Check size: $10,000 – $500,000
Majinx Capital’s account on Crunchbase. Source.crunchbase.com
Majinx Capital is a Web3-focused VC that invests in infrastructure, DApps, DeFi, and other Web3 sectors across Ukraine, Belgium, France, and the UAE. Founded by Ruslan Lynnyk in Kyiv in July 2024, its current portfolio includes LayerZero (a blockchain interoperability platform), MAGPIE (a DeFi protocol), and BLAST ROYALE (a P2E game). Majinx Capital invests in projects at various stages, including idea, patent, prototype, early revenue, scaling, and growth.
2. SID Venture Partners
Check size: $100,000 – $400,000
SID’s account on Crunchbase. Source.crunchbase.com
SID Venture Partners is a Ukrainian high-technology VC investing in companies built by founders from Ukraine and other Central and Eastern European countries. SID was founded in 2021 by a team of experts including Sigma software co-founder Dmytro Vartanian, Ideasoft co-founder Andrii Lazorenko, Datricsco-founder Anton Vaisburd, and NEAR Protocol co-founder Illia Polosukhin. SID invests in early-stage startups in blockchain, DeepTech, B2B, Fintech, AI, and other industries. Its crypto startup investments include blockchain networks NEAR Protocol, and Orderly Network, as well as the NFT platform V-Art Protocol.
3. QPDigital
Check size: $500,000 on average
QPDigital’s account on Crunchbase. Source: crunchbase.com
Founded in 2020, QPDigital is a VC with a focus on AI, blockchain, gaming, and FinTech. The company’s strategy includes helping startups meet new clients, optimize technical aspects, provide funding and grow capital. According to the official website, QPDigital has invested around $5 million in 10 projects, among which are the influencer marketing platform Drope.me and Datrics, an AI-powered data analytics tool.
Final Notes
The Ukrainian tech sector presents a number of promising startups in the blockchain and other industries. Besides the VC firms we mentioned in this article, other sources for startup funding include state-owned initiatives like the Ukrainian Startup Fund, various grants, financing from global companies, and in the case of crypto, public token sales.
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