Ukrainian startup market has grown 9 times in 5 years

Ukrainian startup market has grown 9 times in 5 years

CEE is one of the fastest growing regions for VC funding in Europe, growing 7.6x since 2017. Combined enterprise value of CEE startups has quadrupled in the last five years, now totally €190 bln, after global highs in 2021 (242 bln). And while average funding per startup is decreasing globally, it’s increasing in CEE.

Among CEE countries, Croatia, Lithuania and Ukraine have grown fastest since 2017 in combined enterprise value. Since 2017, Ukraine 9.3x to €23.3 bln.

2021 and 2022 have been the strongest years for unicorn creation in CEE, producing 36 and 44+ respectively, more than doubling the number of unicorns since December 2020.

CEE startups are ranked among the highest in Europe for jobs created per Euro of venture capital invested and Ukraine is a leader here. The experience in scaling efficiently can be an advantage in aiming to minimize the effects of a market downturn.

Ukrainian startups are showing incredible resilience in spite of the war and recession, with enterprise value growing 3.3x since 2020.
The country is a breeding ground for successful startups and is home to 1.5k active startups based in the country. Another 600+ startups were founded in Ukraine, or by Ukraine-based founding teams and/or by alumnus of Ukrainian universities.

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