In 2025, Ukraine’s venture ecosystem showed clear signs of restructuring. A significant share of capital was concentrated in defence-focused projects, while AI, FinTech, HealthTech, and SaaS continued to attract investor interest. The ecosystem underwent a stress test amid macroeconomic turbulence, driven in part by global geopolitical risks and shifts in fund behavior.
Largest Investments of 2025
By the end of 2025, the publicly recorded volume of venture investment in Ukrainian startups totaled $526 million.
Venture Deals by Ukrainian Startups in 2025
|
Startup
|
Investment ($ mln) | Investors | Sector |
| Carmoola | 405,0 | NatWest, Chenavari Investment Managers | FinTech |
| Reface | 18,0 | PvX Partners | Generative AI |
| Swarmer | 15,0 | Broadband Capital Investments | Defence |
| Tonik | 12,0 | Diligent Capital Partners | FinTech |
| Limitless | 10,0 | 1confirmation, Collider, F-Prime, DCG, Coinbase Ventures, Node Capital, Arrington Capital | AI |
| Liki24 | 9,0 | TA Ventures, ICLUB, u.ventures, N1 Ventures, SID Venture Partners, DniproVC, MA7 Ventures | HealthTech |
| PeopleForce | 5,4 | Pracuj Ventures, u.ventures | HR |
| Trypillian | 5,0 | Brooks Newmark | Defence |
| Limitless Labs | 4,0 | Coinbase Ventures, 1confirmation, Maelstrom, Collider, Node Capital, Paper Ventures, Public Works, Punk DAO | AI |
| Tencore | 3,7 | MITS Capital | Defence |
| Dropla Tech | 2,6 | Maj Invest Holding, EIFO, Final Frontier R&D | Defence |
| HIMERA | 2,5 | UAI, Varangians, Green Flag Ventures | Defence |
| EVE | 2,0 | FirsthandVC, Andreessen Horowitz, Founders Future, Acquisition.com Ventures, Geek Ventures, Silicon Gardens, Punch Capital, Founders Slack, Hugging Face та G | AI |
| Sky Spy | 1,6 | Expeditions Fund та Superangel | Defence |
| LetsData | 1,6 | SMOK Ventures, Wayra, Tilia Impact Ventures, 1991 Ventures, Google’s Ukraine Support Fund, Startup Wise Guy | Cyber security, AI |
| Haiqu | 1,6 | DIGITAL | Quantum Computing |
| Teletactica | 1,5 | MITS Capital, Green Flag Ventures | Defence |
| M-Fly | 1,4 | N/A | Defence |
| M-FLY | 1,3 | Resist.ua, MITS Capital, Freedom Fund, ангели | Defence |
| Pleso | 1,2 | TA Ventures, Vchasno Group | HealthTech |
| Finmap | 1,1 | 1991 Ventures | FinTech |
| Finerd | 1,0 | Fractal | FinTech |
| ChoiceQR | 1,0 | Smartlink Partners | HoReCa |
| Huless | 1,0 | Ангели | Defence |
| memoryOS | 1,0 | Angel One Fund | EdTech |
| Norda Dynamics | 1,0 | Angel One, MITS Capital, United Angels Network, Unpopular VC | Defence |
| Banani AI | 0,9 | Specialist VC, Inovo VC | DesignTech |
| Clearly | 0,8 | Purple Ventures | SaaS |
| CheckEye | 0,7 | N/A | AI |
| Crosscheck | 0,7 | Tenity, Dnipro VC, Vesna Capital | SaaS |
| Offset Labs | 0,7 | Archangel Ventures | Defence |
| Griselda | 0,6 | Double Tap Investments | Defence, ШІ |
| Deftak | 0,6 | Darkstar | Defence |
| Aeromotors | 0,6 | Front Ventures | Defence |
| Swarmer | 0,5 | Oppenheimer Syndicate | Defence |
| MyChatBot | 0,5 | SMRK | AI |
| CostCare AI | 0,5 | Ангели | AI |
| Frontline Robotics | 0,5 | Quantum-Systems | Defence |
| Uspacy | 0,5 | Startup Wise Guys, ангели | CRM |
| Crosscheck | 0,5 | Tenity, Dnipro VC | AI |
| Zmiyar | 0,4 | Wolver Ventures, NextFrontier Fund | Defence |
| Ailand Systems | 0,4 | Undisclosed | Defence |
| Bravo Dynamics | 0,4 | Wolver Ventures, NextFrontier Fund | Defence |
| MaXon | 0,4 | Freedom Fund, Defender Ventures | Defence |
| S.Lab | 0,3 | Morgan Stanley Inclusive Ventures Lab | CleanTech |
| Frontline | 0,3 | Nezlamni | Defence |
| Go To-U | 0,3 | SID Venture Partners | Electric transport |
| SorbiForce | 0,3 | StartEngine | CleanTech |
| A42 | 0,3 | Depo Ventures | Cybersecurity |
| Strug | 0,2 | Wolver Ventures, NextFrontier Fund | Defence |
| BabAI | 0,2 | Wolver Ventures, NextFrontier Fund | Defence |
| Crosscheck | 0,2 | TechStars | AI |
| GameTree | 0,2 | SID Venture Partners | Gamer matching |
| Altris AI | 0,2 | SID Venture Partners | MedTech |
| Sepal AI | 0,2 | SID Venture Partners | AI |
| Burt Intelligence | 0,2 | SID Venture Partners | EdTech |
| MemoryOS | 0,2 | SID Venture Partners | EdTech |
| Black Forest Systems | 0,2 | Double Tap | Defence |
| DroneMate | 0,2 | MITS Capital | Defence |
| Blue Arrow | 0,2 | MITS Capital | Defence |
| Stozhar | 0,2 | MITS Capital | Defence |
| SlimBeam | 0,2 | MITS Capital | Defence |
| Ranking Copilot | 0,2 | ZAS Ventures | AI |
| HIMERA | 0,2 | United Angels Network | Defence |
| Norda Dynamics | 0,2 | Angel One Fund | Defence |
| Contera.ai | 0,1 | Techstars Tokyo | AI |
| Beholder | 0,1 | Beamline Accelerator & BSV Ventures | Deep Tech |
| DrillApp | 0,1 | Angels | Defence |
| Stackbooster | 0,1 | Angels | AI |
| Stackbooster | 0,1 | ZAS Ventures | AI |
| Metatable | 0,1 | Angels | AI |
| HAPP | 0,1 | Angels | ШІ |
| Contera.ai | 0,0 | YEP | E-commerce, AI |
| Greenvi AI | 0,0 | Seeds of Bravery | AI |
| Fintech-IT Group | N/A | Ukraine-Moldova American Enterprise Fund | FinTech |
| Gamow Tech | N/A | ZAS Ventures | HealthTech |
| Let’s Enhance | N/A | SID Venture Partners | AI |
| Limitless | N/A | SID Venture Partners | AI |
| HOLYWATER | N/A | FOX Entertainment | AI |
| OSIRIS AI | N/A | N/A | Defence |
| SOC Prime | N/A | u.ventures | Cybersecurity |
| FieldComplete | N/A | SID Venture Partners | SaaS |
| ЯТакс | N/A | VCHASNO GROUP | Accounting |
| Vymex | N/A | Undisclosed | HR |
| Headway Inc | N/A | Bullhound Capital | EdTech |
| The Fourth Law | N/A | Undisclosed | Defence |
| Spendbase | N/A | Dnipro VC | SaaS |
| Hard Cat Drones | N/A | Double Tap Investments | Defence |
| Falcons | N/A | Green Flag Ventures | Defence |
| DroneMate | N/A | Double Tap Investments | Defence |
| barvinok-5 | N/A | Double Tap Investments | Defence |
| Regrow Ag | N/A | SE Ventures | AgroTech |
| Total | 526 |
Defence as the Key Investment Driver
The largest funding rounds were secured by defence-oriented startups. For example, in the third quarter, the defence project Swarmer raised the largest round—$15 million from Broadband Capital Investments. The share of defence deals increased significantly compared with the beginning of the year, reflecting a reorientation of investment priorities under the influence of security considerations.
AI, SaaS, and Technology Niches Show Growth
Alongside defence, interest in intelligent technologies increased noticeably. Limitless Labs, an artificial intelligence startup, raised $4 million, while SaaS projects such as Crosscheck and Clearly successfully closed smaller but steady funding rounds. This points to a broader range of investor interests, with capital seeking opportunities beyond traditional defence themes.
An Ecosystem Under Pressure, Yet Resilient
Despite external challenges, Ukrainian startups continue to attract capital and diversify funding sources—from international venture firms and investment funds to angel investors and specialized accelerator programs. Some deals remain undisclosed, which may indicate a cautious and strategic approach by market participants.
Overall, 2025 became a year of testing and reassessment for Ukraine’s venture sector. Capital has concentrated in defence technologies, while AI, SaaS, FinTech, and HealthTech continue to develop in parallel. This suggests that the ecosystem is not only adapting to new realities but also laying the groundwork for the next growth cycle.
