Tech entrepreneurs, investors, and startup enthusiasts gathered in Kyiv for the first edition of the annual PowerUp Ukraine Conference and Startup Competition, an event aimed at strengthening the Ukrainian tech ecosystem and attracting international investment.
The conference, organised by Glovo and the Ukrainian Startup Fund, featured three dedicated panels that showcased Ukraine’s investment potential.
These panels highlighted local success stories, foreign investor perspectives, and institutional insights, all aiming to accelerate Ukraine’s startup ecosystem and boost its economic recovery.
PowerUp Ukraine: Building a platform for global investment
PowerUp Ukraine has shown its potential to become an annual event with the objective to attract foreign investment for the Ukrainian tech ecosystem.
Sacha Michaud, the co-founder of Glovo, emphasised the importance of such platforms.
Michaud says, “Ukraine is important to Glovo as a business, and for me personally – as many of our employees globally are Ukrainian. We operate in 37 Ukrainian cities with a team of 250 people, thousands of active daily customers, couriers, and more than 10,000 local shops and restaurants selling through our app. We view it as our responsibility to do our part to grow the local economy and foster innovation in the country by supporting Ukrainian entrepreneurs. Our objective is to help founders succeed and we want to be a catalyst for local startups to support the growth of a promising destination in the global tech ecosystem.”
Fostering growth amidst adversity
On June 18th, 2024, during the PowerUp Ukraine conference, Deputy Prime Minister and Minister of Digital Transformation Mykhailo Fedorov reaffirmed Ukraine’s commitment to welcoming foreign investors and advocating for business environment reforms.
He says, “In the context of a full-scale war in Ukraine, it is crucial to develop the startup ecosystem and create conditions for developing technology companies. To this end, we are systematically improving the work of the Diia.City space, which more than 1,000 companies have already joined. A separate area is the work of the Ukrainian Startup Fund, which has already financed over 750 startups for more than $16 million. This gives an impetus to the launch and development of startups and shows the world a technological and innovative Ukraine.”
“It is important that investors continue to believe in us and invest in Ukrainian companies. So I am grateful to Glovo for supporting our startups and investing in developing the technology business,” adds Fedorov.
Discussing challenges and opportunities
The PowerUp Ukraine conference brought together leaders from top Ukrainian tech companies, venture capital fund managers, and industry experts such as MacPaw, Horizon Capital, Jooble, Mate academy, and SMOK Ventures.
The panel session discussed strategies for developing and supporting tech businesses in Ukraine, the importance of scaling Ukrainian companies internationally, and the profitability of investing in Ukrainian innovation projects.
Roman Prokofiev, Co-Founder of Jooble, voiced his support for Glovo’s initiative to empower entrepreneurs in Ukraine.
He believes such projects provide the necessary momentum and support to the Ukrainian tech ecosystem.
“It undoubtedly contributes to the development and resilience of local tech businesses during the war,” he says, emphasising the solidarity within the industry.
Anna Apostol, Co-founder and COO at Edtech startup Mate academy, also shared her beliefs about the support from Glovo and the Ukrainian Startup Fund.
“Despite the ongoing war, it’s crucial to demonstrate that Ukrainian businesses are still thriving. Ukrainian startups exemplify resilience. Driven by a sense of duty and love for our country, we’ve managed to keep our businesses running while also supporting our UA Armed Forces,” she says
Scaling internationally is another significant challenge for Ukrainian tech companies.
While the local market provides a solid foundation, expanding internationally is an ideal solution to sustainable growth and global recognition.
Relatedly, Hanna Shuvalova, Principal at Horizon Capital, spoke about the importance of global recognition for the IT community in Ukraine.
“Horizon Capital continues to invest in Ukrainian businesses because they demonstrate unparalleled adaptability and persistence,” she notes.
Tatiana Sakharuk, the CEO of Global Compact Network Ukraine, underscored the importance of innovative solutions during challenging times.
She announced the launch of a program to provide expertise and financial backing to small and medium enterprises (SMEs) with export and innovation potential.
“SMEs are the core of the Ukrainian economy. Their potential to attract the world to Ukraine with high-quality goods is significant. Helping them and all businesses in Ukraine thrive is crucial for building strong international partnerships, winning the war, and securing a prosperous future,” she adds.
The Glovo Startup Lab Competition
One of the event’s highlights was the Glovo Startup Lab competition, showcasing nine innovative Ukrainian startups.
Nine Ukrainian startups, 3D UTU, Banani AI, Birb AI, GetOrder, Getpin, HowCow, Releaf Paper, ToGether, and Uspacy, presented their innovative projects to the conference guests and the jury.
The winners of the competition are:
- 1st place: Getpin, a SaaS tool for online marketing, received €20,000 and an internship with the Glovo team in Barcelona.
- 2nd place: Uspacy, offering a CRM system for small and medium-sized businesses, received €10,000 and an internship in Barcelona.
- 3rd place: HowCow, which develops agri-technologies, received €5,000 and online mentoring from Glovo team experts.
What do the winners have to say?
Volodymyr Leshchenko, CEO of Getpin, says, “At Getpin, we are focused on strengthening our position in the CEE region and Western Europe with further expansion into African markets. Glovo’s extensive presence and leadership in these areas make this partnership incredibly valuable. We are eager to learn more from Glovo about market penetration strategies, marketing mix, hiring tactics, and investment attraction strategies.
We look forward to a productive residency program with Glovo, filled with networking and learning about growth and support with discovering investment opportunities.”
Dmytro Suslov, Co-founder & CEO of Uspacy, says, “Every aspect of this competition is crucial for us, from validating our ideas to securing financial support. We look forward to learning from Glovo’s expertise in Barcelona.”
Dmytro Kruhlov, COO of HowCow, expresses, “Participating in the startup competition has been an enriching experience for HowCow. We encourage fellow startups to persevere despite doubts and fears, and to continue pursuing their visionary ideas.”
The Future of Ukrainian Tech
Despite facing severe challenges, Ukraine’s tech ecosystem continues to thrive, drawing attention from international companies.
This positions the country as a fertile ground for technological innovation and entrepreneurship, supported by the government and public authorities.
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Empowering Ukrainian Startups: Highlights from the PowerUp Ukraine 2024 Conference