According to a newly published report by the Ukrainian Venture Capital and Private Equity Association (UVCA), the total volume of investments in Ukraine from 2014 to 2024 is estimated at approximately $8.8–9.2 billion.
This figure is an approximate range due to incomplete data across various years and deal types. The market peaked in 2021 with around $2.7 billion in transactions, followed by a notable decline.
Deal structure breakdown (approximate):
- 60–70% – Venture Capital (VC)
- 10–15% – Private Equity (PE)
- 20–30% – Mergers & Acquisitions (M&A)
- 10–15% – Other (privatization, asset sales, debt financing)
Key findings from the report:
- Tech Sector Dominance: The technology industry—including IT, software, e-commerce, and fintech—consistently led investment activity, accounting for roughly 60% of total deal flow.
- Impact of War: Russia’s full-scale invasion in 2022 significantly disrupted the market, though the ecosystem showed remarkable resilience.
- Shifting Priorities: Investor interest is increasingly turning toward military tech, green energy, agriculture, and infrastructure.
- Domestic Investors' Role: Ukrainian industrial and financial groups, private investors, and funds emerged as key players, particularly in M&A.
- International Financial Support: Institutions such as the EBRD and IFC continue to play a vital role in financing Ukrainian businesses.
- Privatization Momentum: The sale of state-owned assets has boosted overall investment activity.
- Wartime Adaptation: Ukrainian companies are increasingly pivoting to export markets, forging new partnerships and exploring global opportunities.
- Local M&A Dynamics: Most M&A transactions (by number) occur between Ukrainian entities.
- Importance of Foreign Capital: Cross-border inbound deals comprise the majority of M&A volume in value terms.
- Top M&A Sectors: The most active industries for M&A include TMT (technology, media, telecom), agriculture, manufacturing, and consumer goods.
The report draws on data from AVentures, Capital Times, InVenture, Forbes, AIN, and other sources.
Report title: “A Stormy Decade: A Ten-Year Retrospective on the Ukrainian Investment Landscape” by UVCA.
