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Overview of the Ukrainian Tech Ecosystem 2020
2020 became a truly challenging year for the entire world, having affected business processes globally. However the Ukrainian IT industry has experienced spectacular growth, continued job creation, great kicks off, and investment deals.
There is little sign of any reduction in the pace of this growth. On the contrary, in 2020 such global giants as Google, Apple, Reddit, Viber, La French Tech – French Tech Kyiv, Spotify entered Ukraine.
Over the past fifteen years, the IT sector has maintained an average annual growth rate of around 25%, making it one of the most exciting sectors in the Ukrainian economy.
Find out more about awards and major deals in the thriving IT industry by reading Overview 2020: Ukrainian Tech Ecosystem on the road ahead prepared by TechUkraine.
Ukrainian tech startup AirSlate raised additional $40 million
Ukrainian tech startup AirSlate raised additional $40 million to grow its business and enter new markets, the company announced on Jan. 12. Developing tech to digitize and automate document workflow for businesses and governments, the startup will use the investment money to bolster sales to over $100 million a year, expand functionality and grow its presence in the new markets.
The money has come from U.S. private investment companies Morgan Stanley Expansion Capital, General Catalyst and HighSage Ventures, bringing the total funding of the startup to $80 million to date.
Currently, AirSlate employs 700 people and has over 20 million users worldwide.
China has become Ukraine’s main trading partner in 2020
China emerges as Ukraine’s main trading partner, racking up $15.4 billion in two-way trade, according to the State Customs Service.
Data for 2020 places China as Ukraine’s number one source of both imports and exports. During 2020 Ukraine exported goods to China worth $ 7.1 bln, while receiving Chinese goods worth $ 8.3 bln.
These figures reflect the scale of the shift in Ukraine’s global economic footprint over the past years.
Ukraine has already exported 27.2 million tons of grain and legumes in 2021
Ukraine is home to approximately one-third of the world’s super-fertile “chornozem” or black earth. This has historically made the country the breadbasket of Europe, and it looks set to make Ukraine the food basket of the world in the decades to come. As well as its abundant lands and unrivalled fertility, Ukraine is also ideally positioned in order to reach the heavily populated domestic markets of Europe, the Middle East, North Africa and beyond.
According to the State Customs Service, as of January 15, Ukraine has exported 27.2 million tons of grain and legumes, including: wheat – 12.6 million tons; barley – 3.9 million tons; rye – 1.7 thousand tons; corn – 10.3 million tons.
Kyiv is among the top 20 cities for remote working
Ukrainian capital city Kyiv took 20th place in the recently released 50 Best Places For Remote Working In 2021 survey produced by Big Seven Travel. The Ukrainian capital gained credit for internet access, affordability, a wide range of coworking options, and excellent connections to other European destinations, according to Business Ukraine magazine.
“This vibrant capital city is perfect for every type of remote worker looking to explore a unique culture over a long stay period. Not only is the wifi solid but there are loads of coworking spaces, and Kyiv has great connections to the rest of Europe, making it a practical option for those who want to indulge in budget travel,” according to Big Seven Travel.
UkraineInvest’s stalwart mission is to ensure an efficient dialogue with the business community and ensure a client-centered engagement with existing and potential investors.
As a result, in 2020 UkraineInvest:
unlocked investment of global brands totalling over USD 638 mln;
provided around 500 consultations and high-quality support to over 100 investment projects;
elaborated the UkraineInvest Guide that is the source of up-to-date analytical information about Ukraine;
launched the 1st Annual International Conference “Ukraine: Investment Harbor in the Time of Change”.
Looking forward to continuing cooperation with our partners this year!