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The Ukrainian Startup Fund launched an open call for applications

On December 2, 2019, the Ukrainian Startup Fund launched an open call for applications for startup projects. (Please apply at usf.com.ua)

“Innovations are the key driver for economic growth and enhanced industrial production. Hence, the priority of the fund is to provide promising Ukrainian projects that are not big enough to attract “classical” investors’ attention with systematic support. For this we are going to use the best world practices,” – said Oksana Markarova, the Minister of Finance of Ukraine.  

“The fund will provide capital in a fast-truck procedure. The provision of funding will be formalized but transparent and independent of the politics,” - she added.  
The Minister also reminded that there are only two government representatives in the Supervisory Board of the fund while there are solely business representatives and experts in the Expert Council that is responsible for the evaluation of projects. 

Oksana Markarova stated that the next phase in the development of the fund is attracting foreign partners that will provide capital to support “Ukrainian unicorns”. 
“There are already companies that are interested in this. As soon as we demonstrate the transparent selection procedure and have the first cases we will start negotiations regarding cooperation”, - she added. 

The Ministry of Finance is going to focus on updating legislation aimed at the facilitation of investing in Ukrainian startups and the work of investment funds. 
The fund will provide funds for almost all sectors but gambling, production of hazardous substances, alcohol and tobacco products, military and nuclear technologies. 
The Ukrainian Startup Fund will provide grants by public money for innovative companies in the early stage of development. The fund was registered in December 2018.