Angel One, a venture fund operating under the Ukrainian Catholic University (UCU), plans to finance 12 startups in 2026 from its second fund totaling approximately $3 million. According to Managing Partner Ivan Petrenko, the capital has already been raised and is scheduled to be deployed over the next year.
Since its establishment in 2021, the total valuation of the fund’s portfolio companies has reached approximately $550 million, reflecting significant growth in asset value.
Raising capital during wartime remains a challenge for venture funds; however, market participants view Angel One’s successful fundraising as a positive signal for the broader ecosystem. The fund was established by the UCU Foundation in 2021 and invests in early-stage Ukrainian startups with average ticket sizes ranging from $50,000 to $200,000. Since launch, Angel One has deployed approximately $4 million, while the unrealized value of its portfolio as of 2026 is estimated at $550 million.
Ukraine’s technology ecosystem continues to face an acute capital shortage. According to AVentures Capital research, seed-stage investments in Ukrainian startups totaled $89 million in 2025, accounting for only 18% of overall venture funding. Angel One’s second fund intends to invest in 12 companies in 2026, allocating capital evenly between civilian projects and DefenceTech, which the fund considers one of the most promising sectors.
Angel One’s overall strategy remains unchanged: the fund does not limit itself to specific technology verticals and considers projects across various sectors, with the exception of Web3 and cryptocurrency. However, its stage focus has shifted. Previously, around 70% of deals were at the pre-seed stage and 30% at seed; the fund is now fully focused on seed rounds. To qualify for funding, startups must demonstrate initial sales or validated traction through a user base. This shift is attributed to a shortage of strong teams at the earliest stages. While the fund received 20–30 applications per month in 2024, the number has now declined to approximately two.
A shortage of scalable teams is also observed in the civilian sector. According to market participants, Ukraine has around 60 startups per one million inhabitants, compared to roughly 500 per million in Europe. The limited number of new projects further constrains industry development.
The structure of the fund’s investors has also evolved. The first fund had two limited partners, while the second includes seven: two Ukrainian, one Canadian, and several American investors. The university notes that venture investing remains relatively new to the institution, and its investor base is expanding gradually.
Angel One’s portfolio currently comprises 17 startups, including seven civilian and ten defense-related companies. The combined valuation of portfolio companies stands at $550 million, with an average value increase of approximately 400%. DefenceTech projects have demonstrated the fastest growth.
Among the leading civilian portfolio companies are AI-powered sales platform Zeely and quantum technology company Haiqu. Since Angel One’s investment in 2023, Zeely has increased its revenue ninefold and raised a total of $2 million in funding. Haiqu, founded by a former SoftServe R&D director, has raised $15 million and represents a deeptech project with a long-term investment horizon.
In the defense segment, notable growth has been demonstrated by Swarmer, a developer of drone swarm software, and Frontline, a manufacturer of drones and turrets. In February, Swarmer filed for an IPO on the U.S. Nasdaq exchange and has raised $17.7 million in investment. In December 2025, Frontline announced the launch of joint drone production in Germany in partnership with local unicorn Quantum Systems.
Despite the significant growth of portfolio companies, experts note that final conclusions regarding the fund’s long-term performance can only be drawn in 5–7 years, given the extended investment cycle typical of early-stage venture funds.
