Ukraine’s first VC association aims to be “the front door for foreign investors”

Illustrating a willingness to reshape and open their industry to the global market, Ukraine’s venture capitalists have launched their own association. Joining the initiative are 30 industry players including not only such major Ukrainian funds as AVentures Capital, Horizon Capital, TA Venture or Vostok Venture, but also the EBRD and the Ernst & Young Venture …

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Russian subsidiary of Poland’s Asseco launches division in Crimea to serve local banking sector

Banking and finance software developer R-Style Softlab, based in Russia and owned by Polish company Asseco, is opening a new division in Crimea. Its office will be in Sevastopol. The department will specialise in software development for the banking sector, particularly banks located within Crimea and nearby regions. The company expects that by the end …

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Kiev police testing new online tracking platform for resident queries

Police in Ukraine’s capital city of Kiev (Kyiv) are testing a new innovation that allows residents to track queries made to the police through an online platform. As reported by Ukrainian online publication AIN.UA, the initiative is part of a growing state strategy to liberalize and digitalize the relationship and interactions between citizens and government …

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Ukrainian startup Ritot accused of fraud after raising $1 million on Indiegogo

Ritot, a Ukrainian startup seeking crowdfunding on Indiegogo for a what they present as the “first projection watch,” has raised a considerable amount of funding, but garnered criticism and accusations of fraud in the process. With less than a week left in their Indiegogo campaign, the company has far surpassed its original target of $50,000 …

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IT outsourcing company Ciklum comes out in support of new Ukrainian military tax

Staff at Ciklum, one of the largest IT-companies in Ukraine, have been suggested to transfer 1.5% of their salary to the needs of the military operations in Eastern Ukraine against pro-Russian insurgents. The proposal was made by the founder and director of Ciklum, Torben Majgaard, who sent an open letter to his employees regarding the issue, …

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Russia’s Quadro Capital Partners and Forex Club ready to invest in Ukraine

Last week Russian venture fund Quadro Capital Partners (FXC-QCP VC) and online trading service provider Forex Club announced investment plans in the field of Internet trading on the international stock market. The target geography includes Russia, Ukraine, other states of the former Soviet Union, and Europe. The total volume of investments could reach up to $200 million, a Forex Club executive …

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Report: Illegal importation of IT-related products causes huge losses to Ukrainian budget

Last week the analytical firm IDC reported that losses in potential VAT revenue from the illegal importation of IT-related products, such as tablets, laptops, and phones from $233 million in 2013. Moreover, this figure does not take into account the related losses borne by the state when refunding nonexistent VAT to unscrupulous importers. For the …

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“From the third world to the first world:” Economic reforms to take center stage at Kiev gathering

Economists, reformers, public figures and businessmen are gathering in Kyiv (Kiev) to discuss potential models and tools for a much-needed Ukrainian “economic leap.” The First Kyiv International Economic Forum (KIEF) is set to take place on October 2 at the Hilton Kyiv Hotel in partnership with Ukraine Digital News. The organizers and speakers will focus …

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Ukrainian fund Fison injects half a million dollars into e-commerce recommendation startup with global ambitions

The Ukrainian investment fund Fison has invested $500,000 in DataProm, a Kyiv (Kiev) -based startup developing data-driven recommendation solutions for online retailers. The deal – which valued the startup at $2 million – was closed in May but made public only last week. “We’ve been paying attention to the Big Data segment for a long time …

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Ukrainian government unveils 14 priorities for the reform of domestic IT industry

Earlier this week Dmitry Shimkiv, Deputy Head of the Presidential Administration for Administrative, Social and Economic Reform, and Economic Development Minister Pavel Sheremeta, presented the online platform Easybusiness in UA. The platform – available in Ukrainian language only – displays tasks that are being worked on by the presidential team responsible for reform. A separate section on …

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