1991 Ventures in London Joins Growing List of VCs Targeting Ukrainian Startups

U.K.-based limited partners Venrex and Samos Investments are throwing their support behind the launch of a new venture capital firm focused primarily on investing in startups led by Ukrainians, both within and outside the war-torn country. Notably, these LPs have gained recognition as early institutional investors in successful early-stage startup funds like Seedcamp and Entrepreneur First.

1991 Ventures, spearheaded by Ukrainian brothers Denis and Viktor Gursky, renowned for their involvement in incubation and accelerator programs within Ukraine, is the latest addition to the U.K.-based VC landscape. With an initial fund of £15 million ($18.8 million), the firm aims to nurture talent from Ukraine and Central Eastern Europe (CEE) within the startup ecosystem.

Despite the prevailing chaos due to Russia’s invasion, which might deter some from investing in Ukrainian startups, recent trends indicate resilience within the Ukrainian entrepreneurial landscape. Ukrainian-born startups continue to thrive even amidst adversity, with the Gursky brothers themselves having backed over 200 startups through their incubator Social Boost and the 1991 Accelerator between 2016 and 2024.

Many of these startups originated from Mariupol, renowned for its valiant resistance against Russia, where the team managed to relocate to safety. Notable startups in their portfolio include legal tech startup AXDRAFT, European toll payment app eTolls, and cybersecurity company Osavul.

Denis Gursky, founding partner of 1991 Ventures, emphasized the abundance of untapped talent in Ukraine and Central and Eastern Europe, expressing his and his brother Viktor’s commitment to cultivating a pipeline of high-quality deal flow in the region.

He noted that the LP backers of the fund are particularly keen on tapping into the potential of Eastern European and Ukrainian startups, underscoring the growing interest in the region’s burgeoning entrepreneurial ecosystem.