Last month Ukrainian syndicate Toloka announced a €1 million investment in FINN, a Munich-based car service company. This capital injection complements a €100 million Series C round completed in January this year.
Established just a year ago, Toloka already boasts six startups in its portfolio, the syndicate’s COO Anna Bilyk told Ukraine Digital News. Notable among them are Bolt, the renowned Estonian unicorn, and Forta, a Californian startup offering healthcare services to children with autism.
Toloka has also extended support to three startups featuring Ukrainian founders or co-founders: Gin (e-bikes, UK based) and New Home Mates (real estate, US-based),
“While investing mostly in international companies, we always give priority to companies with Ukrainian founders. We also support Ukrainian startups with mentorship and consultations,” said Bilyk.
Under the leadership of Taras Kirichenko, Alex Kolb, and Igor Shoifot, three Ukrainian businessmen from various industries, Toloka has attracted more than 700 investors. Almost all of them are Ukrainian with approximately 70% residing in their homeland. The average investment check nears $11,000 while the minimum check is at $5,000.
Upcoming unicorns
Another Ukrainian syndicate, ICLUB targets early-stage startups. Established in 2018, it is backed by TA Ventures, an internationally-oriented Ukrainian VC.
ICLUB claims some 1,000 members. So far, the syndicate has completed more than 80 deals (totaling $40 million) and generated $8 million in exit proceeds, according to its website.
Founded in 2021, ZAS Ventures invests in startups with Ukrainian founders from pre-seed to Series A – combining syndication with its own investment company.
“Our great goal is [to foster] 30 new unicorns in Ukraine until 2034,” ZAS founder Andrew Zinchuk told AIN last month. Three syndicated deals were completed last year, involving Zeely (mobile web stores, US-based), ComeBack Mobility (medtech, US-based), and S-Lab (clean tech, Kyiv-based).
Zinchuk believes Zeely – in which the ZAS syndicate invested $125,000 – is the most likely to achieve quickly a $1 billion valuation. “They plan a Series A round until the end of 2024 with a sound multiplier after this round. And I know some serious players are watching them.”
Other notable Ukrainian syndicates include SID Venture Partners and United Angels Network.
Country risks and opportunities
A Ukrainian serial investor who asked not to be named shared with Ukrainian Digital News insights about this market.
Participating in multiple syndicates while also making direct investments, he said that blending these two approaches helps mitigate risks. “Syndicates also provide distinct advantages in terms of deal flow and specialized knowledge,” he emphasized.
Initially focused solely on Ukrainian startups, this businessman expanded his investment scope to other countries as he realized he was “excessively exposed” to his country.
“This was a good decision, as recent history showed.”
He concedes, though, that Ukrainian startups keep “a big potential.” “But risks are high, too, and defense tech has become predominant, which isn’t in everyone’s taste.”
