A Ukrainian accelerator backed by British investors has launched a £15m fund to invest in startups in the region.
Launched by Ukrainian brothers Denis and Viktor Gursky, 1991 Ventures plans to invest in over 40 startups in Ukraine and Central and Eastern Europe.
The fund’s UK-based limited partners include Venrex and Samos, while early institutional investors include Seedcamp and Entrepreneur First.
The London-based fund builds on the brothers’ other ventures, which include the 1991 Accelerator, Kyiv-based tech organisation Social Boost, and Ukrainian startup centre 1991 Mariupol – which was largely destroyed by a bomb early in Russia’s invasion of Ukraine.
The former city library had become a hub for Eastern Ukrainian startup talent, attracting 200 people for meetups. Opened in 2019 at a ceremony attended by Ukraine President Volodymyr Zelensky, the Startup Development Center regularly attracted 200 people for meetups.
The staff safely evacuated the site and preserved the community via groups and chats. While the centre was seized by the Russian military, the Gursky brothers are continuing their mission of supporting Ukrainian startups and tech talent.
“There is a wealth of untapped talent in Ukraine and Central and Eastern Europe, and 1991 Ventures plans to bring these innovative startups to the forefront of the global stage,” said Denis Gursky, founding partner of 1991 Ventures.
The brothers have been running accelerators from Kyiv and London, supporting more than 200 startups since 2016. The new £15m venture fund will build on this work.
While 1991 Ventures specialises in areas such as cybersecurity, fintech and govtech, the early-stage fund is industry agnostic.
“We back mission-driven companies to help move the market forward with the best ideas and founders,” said Viktor Gursky, founding partner of 1991 Ventures. “1991 Ventures has first-hand access to talent in a region currently under distress.
“We’re looking to provide these innovative founders with healthy capital from the UK and enable them to see the UK as a global springboard for the momentum they’ll need to achieve further success.”
It marks the latest UK-Ukraine initiative aimed at supporting startups in the war-torn country.
Last month, the non-profit TechExchange launched to support UK and Ukrainian startups developing technology that can provide assistance on the frontline.
Read more: War in Ukraine means defence tech is no longer taboo for startups
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