Call it an economic virtual reality.
Over the last three years, while the rest of the Ukrainian economy struggled due to the turmoil generated by Russia’s war in the Donbas, the information technology sector, as if in a world apart, has been continuing to power up.
Just last year, at least 86 investment agreements were struck between backers and Ukrainian tech companies — the highest number since Ukraine became independent in 1991.
Most of these investment agreements — 73 out of the 86 — were made with startups at the seed stage, meaning those that have prototype products and are just starting operations on a market. There was only one deal involving a tech company at the Series B, or post-development stage, while the agreement details of the other 12 deals remain undisclosed.