The Ukrainian Startup Fund (USF) has invested $2 million in 57 Ukrainian teams over the past two years since the resumption of its grant program for civilian startups. Of these, 90% continue to operate actively. The fund also supported startups as part of a joint initiative with the Ukraine-Moldova American Enterprise Fund (UMAEF).
This is reported by Finway
Growth and Scaling of Ukrainian Startups
During this period, USF received 560 applications from startups representing 19 different industries. Among them, 10% of the teams received grants ranging from $25,000 to $50,000. Most of the funded startups attracted additional external investments. As of July 2025, the winners of the USF grant program have managed to accumulate over $50 million in investments from various sources.
Furthermore, after receiving grants, 29 teams advanced to a higher stage of development, and the number of employees in these startups increased by 35%. The total annual revenue of the 44 funded projects grew by 112%, reaching $2.33 million.
The History and Role of USF in the Development of the Startup Ecosystem
USF was established in 2019 under the auspices of the Ministry of Digital Transformation. Before the onset of the full-scale aggression by the Russian Federation in 2022, the fund remained one of the most active early-stage investors in startups in Ukraine. During this time, USF provided funding totaling $8.2 million for 352 teams, most of which received grants within the program ranging from $25,000 to $50,000, funded by the state budget.
“USF has financed 57 teams with $2 million in the two years since the resumption of the grant program for civilian startups, with 90% of them continuing to operate.”
After the start of the full-scale war, the fund partially shifted its focus to supporting military developments, and funding for civilian projects was temporarily suspended.