Daria Solovieva
UKRAINE
Ukrainian EW Giant Kvertus Inks Major Deal with Armor Maker, Boosting Defense Tech
Kvertus, Ukraine’s leading electronic warfare (EW) systems manufacturer, has secured a significant contract with “Ukrainian Armor”, the country’s largest private armored vehicle producer. Starting in 2025, Kvertus will equip all “Ukrainian Armor” vehicles with advanced EW systems, strengthening Ukraine’s defense capabilities. This partnership comes amid impressive growth for both companies, with Kvertus tripling its revenue in 2023 and “Ukrainian Armor” seeing a massive surge in orders since the full-scale invasion began. [Sources: TechUkraine, Forbes Ukraine]
Ukraine’s Science-to-Market Accelerator Unveils 9 Innovative Startups
Despite ongoing military aggression, Ukraine’s innovation ecosystem continues to thrive. The Science-to-Market Accelerator program, a collaboration between key Ukrainian and international organizations, recently showcased nine teams that have successfully transformed scientific ideas into viable businesses. These startups, ranging from AI-driven decision-making tools to eco-friendly soil remediation solutions, demonstrate Ukraine’s resilience and commitment to fostering innovation-driven economic growth even in challenging times. [Sources: TechUkraine, dev.ua]
Suziria Group Invests $6.5M to Boost Pet Food Production in Ukraine Amid War
Ukrainian pet product retailer Suziria Group is expanding its domestic animal food production with a $6.5 million investment, including a $2 million USAID grant. Despite challenges from Russia’s aggression and currency devaluation, the company is relocating and scaling up operations, creating 130 new jobs. This move demonstrates resilience in Ukraine’s business sector, with Suziria Group aiming to reduce imports, support local suppliers, and eventually export to European markets within three years. [Source: dev.ua]
U-Nation Accelerator Launches in Odessa, Offering Ukrainian Startups Global Opportunities
The U-Nation Startup Accelerator, Southern Ukraine’s first international innovation program, is set to begin in Odessa. This 5-month initiative offers Ukrainian startups intensive training, mentorship, and the opportunity to pitch to over 100 international investors. With support from USAID, the program aims to integrate local startups into the global ecosystem, providing resources like free workspace and continued post-program assistance. Applications are open until August 28th for startups with an MVP and at least two team members. [Source: TechUkraine]
Ukrainian EW Firm Kvertus Invests $500K in AI-Driven Anti-Drone Tech
Kvertus, a Ukrainian electronic warfare (EW) manufacturer, has invested $500,000 in developing cutting-edge anti-drone technology with AI capabilities. The company is preparing to unveil a unique drone suppression system that can operate silently and counter AI-enhanced drones, anticipating future threats. This investment is part of Kvertus’ broader $2 million commitment to EW technologies, including the Azimuth and Ranger systems, positioning the firm at the forefront of defense innovation despite current export restrictions due to martial law. [Source: Ukraine Business News]
Ukraine’s Tech Exports Take a Hit: 5% Dip in 2024’s First Half
Ukraine’s IT sector, the country’s second-largest export industry, has experienced a 5% drop in export volumes during the first half of 2024, totaling $3.21 billion. This decline, amounting to a $170 million difference from the previous year, is expected to continue even under optimistic scenarios. Despite the downturn, the IT sector remains crucial to Ukraine’s economy, accounting for 11.5% of total exports and 38% of services exports, with the United States being the primary revenue source at $1.2 billion. [Source: Ukraine Business News]
EBRD Pours $5M into Tree Tech: Israeli Firm SeeTree Branches Out to Ukraine
The European Bank for Reconstruction and Development (EBRD) has invested $5 million in SeeTree, an Israeli agritech company specializing in tree health monitoring software. This investment, part of a larger $16 million stake, aims to establish a subsidiary in Ukraine, promoting technological innovation in regions with limited tech financing options. [Source: Ukraine Business News]
Ukraine Unveils €33B Green Hydrogen Megaproject
Ukraine has announced plans for a massive €33 billion investment in hydrogen energy development, aiming to become a major player in the green energy sector. The project is expected to contribute an average of €5.8 billion annually to the country’s GDP. Additionally, Ukraine revealed ambitious plans for titanium production and railway car manufacturing, showcasing a multi-pronged approach to economic revitalization. [Source: Ukraine Business News]
ESTONIA
Estonian-American VC Steve Jurvetson’s Fund Backs $5.5M Green Tech Startup Future Ventures, founded by Estonian-American venture capitalist Steve Jurvetson, has invested in carbon development platform Earthshot Labs as part of a $5.5 million funding round. The US-based startup, which uses AI and satellite data to assess land for carbon projects, attracted investment from several US VCs and angel investors. This move underscores the growing interest in green tech from prominent investors with international roots. [Source: BalticVC]
Skype Founder’s VC Fund Backs Swedish AI Startup in €8.8M Round
Metaplanet, the investment firm founded by Skype co-founder Jaan Tallinn, has participated in an €8.8 million funding round for Swedish AI startup Kognic. The company, which specializes in annotation platforms for sensor fusion data, aims to enhance AI products in automotive, robotics, and manufacturing industries. This investment highlights the growing interest in AI and computer vision technologies from prominent tech entrepreneurs turned investors. [Source: BalticVC]
Swedish Banking Giant Swedbank Acquires Estonian Fintech Paywerk Swedbank, a major Swedish banking group, has acquired Estonian fintech startup Paywerk for an undisclosed amount. The deal marks a successful exit for several prominent Estonian investors, including Inbank Ventures and former government CIO Taavi Kotka. Paywerk, known for its Buy Now, Pay Later (BNPL) platform, will see its technology integrated into Swedbank’s infrastructure, potentially reshaping the landscape of digital payments in the Baltic and Nordic regions. [Source: BalticVC]
LITHUANIA
Eany.io Secures €2M to Disrupt Baltic Home Appliance and Electronics Distribution Eany.io, a Lithuanian B2B marketplace specializing in home appliances, electronics, and DIY products, has secured €2 million in seed funding from Lithuanian and Polish investors. Launched in 2024, the platform aims to revolutionize the supply chain by connecting manufacturers, retailers, and distributors, backed by an inventory worth over $1.47 billion. This funding marks a significant milestone in the Baltic region’s burgeoning B2B tech ecosystem. [Source: BalticVC]
KAZAKHSTAN
Telegram Users Earn DOGS Tokens: Will They Cash Out Big Next Week?Telegram users have recently received DOGS tokens, a new hype altcoin, through simple in-app activities. With the DOGS listing on the OKX exchange set for August 20, these tokens could soon be traded for real money, sparking excitement among crypto enthusiasts. The big question now is: how much will these “free” coins be worth? [Source: DigitalBusiness.kz]
Pavel Durov Funds $356K in Education Grants for Rural Kazakh Students Telegram founder Pavel Durov has allocated 12 education grants totaling $356,000 for rural children attending IQanat School in Kazakhstan. During a visit, Durov was impressed by the institution and personally reviewed candidates, ultimately increasing the number of grants. The initiative highlights Durov’s commitment to supporting education in remote regions. [Source: DigitalBusiness.kz]
UZBEKISTAN
Uzbekistan to Launch $10M Venture Fund to Boost Startup Ecosystem by 2024 Uzbekistan is set to establish a $10 million venture fund by September 2024 as part of a two-year initiative to enhance its startup ecosystem and attract foreign investment. With venture capital investments in Uzbek startups reaching $133.5 million in 2023, the fund will provide critical support for new businesses, aligning with President Shavkat Mirziyoyev’s vision for a more robust venture capital sector. [Source: Daryo.uz]
Iranian Startups Propel $5M Technology Park Project in Uzbekistan Iranian startups are spearheading a $5 million technology park and shopping mall project in Margilan, Uzbekistan, transforming a former weaving mill into a hub for innovation and commerce. The initiative, supported by regional mayor Khairullo Bozorov and key Iranian investors, will create 500 jobs and attract companies specializing in advanced technologies. The project spans 10 hectares and includes plans for collaboration with local universities, aiming to boost Uzbekistan’s economy and technological capabilities. [Source: Daryo.uz]
ROMANIA
Romania’s Tech Scene Rises but Trails Regional Leaders The country’s tech industry is on the rise, but it’s still playing catch-up with more established regional powerhouses. The country’s startup ecosystem has grown, thanks to a network of accelerators, venture capital funds, and emerging tech hubs in Bucharest, Cluj-Napoca, and Timișoara. While these developments are promising, Romania’s focus remains largely on IT and outsourcing, leaving gaps in other innovative sectors. Recent improvements in public policy have increased access to funding, but questions remain about whether Romania can truly compete on the global stage. Despite the influx of new startups, the country still has a long way to go before it can rival its neighbors in entrepreneurial innovation and market expansion. [Source: tech.eu]
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