Sergey Tokarev: Newly created initiative to support Ukrainian IT Startups

During the last year, Ukraine’s economy has suffered a lot. After the 24th of February, many businesses lost their financial sources, their offices got destroyed, and their teams had to relocate to different towns and even countries. The founder of the technology company Roosh and an initiator of Ukrainian Tech Circle Sergey Tokarev explains the situation in the Ukrainian IT market and what support local companies may expect.

Ukrainian Tech Circle is an initiative that unites venture capitalists, angel investors, and tech professionals together with Ukrainian IT projects and startups in order to help the latter deal with the consequences of the Russian invasion of Ukraine. Within the framework of the initiative, such companies can get aid in attracting additional investment and finding new customers. The project experts also provide the participants with consultations regarding their businesses.

The initiative popped up as a response to the obstacles that Ukrainian tech companies had to face after February 2022. Sergey Tokarev, the managing partner in the tech company Roosh Den Dmitrenko, and the head of Startup and VC at Google in Central Europe Nina Levchuk united their efforts and launched Ukrainian Tech Circle.   

The war on the territory of Ukraine affected all the companies yet the small and medium-sized businesses suffered the most. Such large projects as Reface, Diia, or Ajax Systems managed to stay afloat, while the majority of smaller projects lost up to 100% of their revenue.

Sergey Tokarev explains that unprecedented challenges that brought the war affected dramatically the Ukrainian tech landscape. However, it has a lot of potential and many talented IT developers. Roosh, among other large IT businesses, supports local talents and provides them with opportunities, yet combines efforts are much more effective. That is why Ukrainian Tech Circle can become the key to assisting the companies and helping Ukraine’s economy stay afloat these days.

The project is working in three directions: contract sourcing, fundraising, and advising. In terms of experts, there are already several companies willing to help newly baked startups and small companies in need. AI and ML company Roosh, BBQ Capital, Pawa venture studio, Roosh Ventures, Alma, TheGuarantors, Libeo, AI HOUSE and SET University, as well as ZibraAI deep-tech startup, and Google for Startups, are among the companies that have already joined the initiative. However, Ukrainian Tech Circle welcomes every tech business and experts willing to help Ukrainian companies.

As for the participants, the initiative accepts applications on its website and any Ukrainian startup or tech business can apply. So far, there are more than 50 applications, and the number is growing.

“The number will definitely grow, as well as partners with mentors. For example, after the initiative’s launch, early-stage VC firm Chamaeleon joined our circle,” said Sergey Tokarev.