For the Ukraine's venture market, 2025 became a year not of a leap, but of maturity. After several years of operating under the conditions of a full-scale war, the ecosystem transitioned to a more deliberate development model—focused on team quality, technological depth, and global scalability.
This shift is confirmed not only by our own investment practice, but also by the broader sentiment within the ecosystem. According to a recent review presented by the Ukrainian Startup Fund, around 69% of startups believe that the state of the Ukrainian startup ecosystem has improved over the past year, while nearly 90% of teams remain optimistic or motivated to contribute to the country’s reconstruction. This is an important indicator of the market’s internal resilience.
We also observe these processes through the lens of our own portfolio. Over the years, TA Ventures has invested in more than 270 companies worldwide, with 16 unicorns, 8 IPOs, and 76 successful exits. At the same time, ICLUB brings together more than 6,000 investors across 42 countries, who have already invested $70 million in 94 companies, achieving 11 exits and returning $15 million to investors. This combined track record allows us to see the full startup lifecycle—from the first check to scaling and exits.
Within TA Ventures and the angel syndicate ICLUB, we are observing a clear shift toward early-stage investments. The ICLUB model, with a minimum ticket size starting at $5,000, makes venture investing more accessible while fostering a culture of responsible co-investment. Ukrainian founders are increasingly building companies with a global mindset from day one—from product design to corporate structure.
This trend is well illustrated by Ukrainian companies in our portfolio. Pleso Therapy, an AI-powered mental health platform, is already actively operating in Ukraine, Poland, and Romania, having delivered more than 150,000 sessions to over 20,000 users. More than 80% of the company’s revenue comes from EU clients, while sales have tripled over the past year.
Liki24, a Ukrainian marketplace for searching and delivering medicines, now serves more than 2.5 million users, with over 3 million visits per month and 13,000 sellers on the platform. The launch of the global service Liki24.global, already operating in 50 countries worldwide, demonstrates how Ukrainian products are scaling beyond the domestic market.
Another example is Mate Academy, a Ukrainian online IT academy whose graduates have already secured more than 5,500 jobs worldwide. This shows that the Ukrainian ecosystem is creating not only technological products, but also globally competitive human capital.
It is also important that Ukrainian startups are increasingly integrating a social dimension into their development. According to the Ukrainian Startup Fund, around 33% of startups already employ veterans, and although 72% of teams have not yet directly participated in reconstruction projects, nearly half have already developed products with reconstruction in mind. This creates long-term potential for synergy between business, society, and the state.
The highest investment activity in 2025 was observed in AI, defence tech, healthtech, deeptech, and B2B infrastructure solutions. At the same time, the market has become significantly more selective: key barriers remain access to financing, regulatory complexity, and interaction with government and local partners—fully aligned with startups’ demand for capital, networks, and legal support.
For international investors, Ukraine in 2025 is increasingly perceived not as a “high-risk jurisdiction,” but as a source of unique human capital, entrepreneurial resilience, and technological expertise. It is precisely the combination of this internal motivation within the ecosystem and the systematic work of venture funds and angel networks that creates a foundation for the long-term growth of the Ukrainian venture market.
TA Ventures and ICLUB investments in 2025:
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Berry Street
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Kadeya
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Proteinea
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Aolani
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Blossom Health
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Destinus
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FinTech Farm
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Liki24
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Pleso Therapy
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Tarjama
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Wunderflats
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Yepoda
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Gropyus
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Impress
Number of exits: 3
