Bildnachweis: IT Ukraine Association.
Despite the devastating impact of Russia’s full-scale invasion, Ukraine’s IT sector has emerged as a symbol of resilience and innovation, continuing to power the national economy under extraordinary conditions. Maria Shevchuk, CEO of the IT Ukraine Association, talks about how the industry has adapted, the Association’s role in supporting it, and the key technologies attracting global investors.
VC Magazin: How has the IT sector in Ukraine adapted to the challenges posed by the ongoing invasion?
Shevchuk: Despite the full-scale war, the Ukrainian IT sector has demonstrated impressive
resilience, flexibility, and the ability to rapidly adapt. Thanks to the remote work format for employees, the use of alternative energy sources, and technologies such as Starlink, companies have managed to maintain business continuity even in the most challenging conditions. Based on the ‘Digital Tiger: the Market Power of Ukrainian IT — 2024’ research, today, the IT sector is the only one among the top five exporters that has increased its share in exports over the past five years. Over the last six years, Ukrainian IT companies have attracted nearly USD 1.5 billion in investments. This has been made possible due to the interest of both local and global investors in Ukraine as an attractive location for venture capital. The IT sector remains a stable pillar of the national economy in wartime. Among Ukraine’s total exports (goods and services), the IT industry ranks second, and among service exports, it ranks first. The IT sector also holds second place in terms of
its share of the economy (GDP). Furthermore, the Ukrainian IT sector is now forming a unique expertise in the fields of cybersecurity, defence technologies, and digital intelligence. The forced circumstances have provided us with experience that is now becoming a new competitive advantage in the global market.
VC Magazin: What role does the IT Ukraine Association play in supporting companies and professionals during this time?
Shevchuk: During the most challenging period for the country, the IT Ukraine Association
continues to be the voice and pillar of support for the entire industry, uniting over 225 leading IT companies (100,000 representatives). Key areas of our activities include establishing committees – e.g., an agritech, cybertech, edtech, fintech, and AI committee. The Association supports the development and implementation of the Ukrainian Digital Innovation Development Strategy for 2030. We cooperate with partners to identify and eliminate software linked to the aggressor country and contribute to enhancing the cybersecurity resilience of businesses and the public sector. The Advocacy Centre provides expert assistance to IT Ukraine Association member companies on legal and financial-economic matters and works closely with the Ukrainian government. The IT Ukraine Association organises educational and networking events that unite the IT community, spread knowledge, and strengthen the resilience of IT companies amid the war.
VC Magazin: How are Ukrainian start-ups managing risk and building trust with global investors nowadays?
Shevchuk: One of the tools helping Ukrainian start-ups maintain their growth momentum
despite the war is the Seeds of Bravery programme, supported by the EU. In 2024, 59 Ukrainian start-ups received grant funding of up to EUR 50,000 each. The Ukrainian Startup Fund (USF) is a key support tool for Ukrainian entrepreneurs. It provides grant funding at the pre-seed and seed stages, as well as mentorship and access to international partners. The USF actively collaborates with international funds and organises programmes for the development of innovative technologies in Ukraine. Over 7,000 applications have been submitted for the programmes of the Ukrainian Startup Fund (USF). During this period, more than 330 Ukrainian and international events have been organised to support start-ups.
VC Magazin: Are there specific sectors or technologies within Ukraine’s IT industry that you consider particularly promising for investors in the next two to three years?
Shevchuk: After 2022, the defence technology sector in Ukraine gained a new impetus.
Companies are intensively developing solutions to enhance defence capabilities, ranging
from drones to battle management systems, analytics, and communication systems. AI solutions from Ukrainian companies are actively being implemented in security, risk management, and business analytics. Furthermore, cybersecurity, edtech, govtech, and greentech are in the spotlight.
VC Magazin: Thank you for the interview!
About the interview partner:
Maria Shevchuk is the CEO of the IT Ukraine Association. She leads the Association, which unites over 225 companies and over 100,000 professionals, supporting the growth and resilience of Ukraine’s tech industry. Under her leadership, the Association plays a key role in strengthening the country’s digital economy despite the ongoing war.
