Two U.K.-based limited partners, Venrex and Samos Investments, are supporting the launch of a new VC focused on investing in startups led by Ukrainians, both inside and outside the war-torn country. These LPs are known for their early investments in successful startup funds like Seedcamp and Entrepreneur First.
1991 Ventures, founded by Ukrainian brothers Denis and Viktor Gursky, aims to invest in Ukrainian and Central Eastern European (CEE) startup talent. The VC is starting with a £15 million ($18.8 million) fund.
The Gursky brothers have a history of backing over 200 startups through their incubator Social Boost and 1991 Accelerator. Some of the successful startups include AXDRAFT, eTolls, and Osavul.
In an interview, Denis Gursky expressed the goal of creating a pipeline for high-quality deal flow from Ukraine and CEE. He also mentioned the interest of LP backers in tapping into Eastern European and Ukrainian markets.
Other Ukrainian-born funds competing for attention include Roosh Ventures, SID Venture Partners, SMRK, Flyer One Ventures, and TA Ventures. These VCs have invested in various successful tech companies.
It is expected that the tech industry in Ukraine will focus on “dual-use” or defense-related technologies. The country has seen a rise in drone manufacturing companies, indicating a shift towards defense innovation.
