Ukrainian Venture Capital and Private Equity Overview 2017

Ukrainian
Venture Capital
and Private Equity
Overview 2017
Research Partner

Ukrainian Venture Capital & Private Equity Overview 2017 2
Special Thanks
Vladimir Yumashev &
R&A Team
Yuliya Sychikova
Anna Zorya

Contents
Foreword
Industry Snapshot
Ukrainian Venture Capital Market Overview 2017
Snapshot on Ukrainian Private Equity Market 2017
Snapshot on Ukrainian Initial Coin Offering (ICO) 2017
Who Invests in Ukraine
2018 Investor Expectations
Reasons to Invest in Ukraine
Appendix
04
05
06
16
18
20
24
27
31

Olga Afanasyeva
Executive Director of UVCA
We are living in the age of extraordinary technological progress, which is changing the way we live our
lives, and more importantly, from the investors’ perspective, disrupting business models fast. Therefore, while
the country faced continuous challenges of uncertainty, venture capital and private equity have reassured of
its capacity to grow.
Following a dip in 2016 the data for 2017 indicates that the total venture capital investment has reached its
peak totaling $258.6m, that is triple to the previous year. Although in line with the global trend of shifting
investors’ focus from quantity to quality, the number of deals remains at about the same level.
This year, on top of venture capital trends, our annual Overview also covers two additional segments of
private investment. The first one is private equity - unlike previous years, when these types of deals were
scarce, in 2017 the amount of investments rocketed to $126.7m. The second segment is the boom of
interest towards alternative mechanisms of financing, Initial Coin Offering (ICO) in particular. Recently,
Ukraine has been defined as one of 14 hotbeds of Blockchain innovations by The Blockchain Research
Institute. In 2017 Ukrainian companies have raised $160.3m in ICO. Moreover, VC funds focused solely
on emerging crypto-related businesses, establishing stronger ties between private capital and blockchain-
based industries.
On behalf of UVCA members we continue to showcase investors’ enthusiasm for Ukrainian companies. We
do this both within the country, and globally - presenting at international industry events, and expanding our
network. 2018 is already promising to be a busy year for the VC industry.
Finally, we would like to express our sincere gratitude to all those who contributed to this research with their
expertise, time and providing data. The Association has a strong support of our almost 50 members –
leaders of Ukrainian and global investment markets - who continues to be the voice of private capital in
Ukraine and the world by providing a robust and the most recent market data. We invest in Ukraine, join us!
Foreword

Note: *excluding deals with undisclosed amount (see Glossary)
Source: Deloitte Research, UVCA Research
2017 reached 19
2016 — 8
Industry Snapshot 2017
Venture Capital (VC) deals value
2017 — $258.6m
2016 — $88m (almost 3х increase)
The number of deals:
2017 – 89
2016 – 87
The prevalent number of funds
operating in Ukraine focused on the
Seed stage.
The average ticket at Seed stage -
$484k*
Private Equity (PE) deals value
2017 — $126.7m 2017 – 14
vs not more than 4 deals/year
for the last 3 years
Prevalent number of deals was
undisclosed
Initial Coin Offering (ICO)
2017 — $160.3m
Number of exits
2017 – 19

Ukrainian Venture
Capital Market
Overview 2017

Total number
of deals*
Note: *including undisclosed deals (see Glossary); excluding deals with only Angel investors, M&A deals
**excluding deals with undisclosed amount
89
2% growth comparing to 2016
2017 VC investments exceeded
2016 by 3x times and reached
$258.6m
which is considered to be the highest
amount in Ukrainian history
Average
deal size **
$3.3m
Average ticket
at Seed stage
$484k
which is lower by 7.8% vs 2016**
Top 5 VC deals
totaled in
$162.8m
Number of exits
in 2017 reached
16
comparing to 6 in 2016
VC Snapshot 2017

Note: *excluding deals with undisclosed amount
Source: Deloitte Research, UVCA Research, AVentures Capital
16 15 15 18 22
38
5
8
33
51
22 9 35
12
22
20
101
140
29
76
3
2011 2012 2013 2014 2015 2016 2017
Seed Round A Round B Growth Undisclosed Other
24
59
132
88
259
89
39
•  Total capital invested: $258.6m*, almost 3 times exceeded
2016 and has reached it historical peak
•  Round A stage: $34.6m
•  Growth stage: $140m
•  Undisclosed deals: $76.2m*
Total Investments
The largest deal in 2017 was Grammarly, an intelligent online
grammar checking service based on artiﬁcial intelligence
technologies. Company raised $110m at growth stage.

24
48
55
78
58
73
11
5
9
14
8
4
7
1
2
1
4
2
13
41
28
2011 2012 2013 2014 2015 2016 2017
Seed Round A Round B Growth Undisclosed Other**
58
71
86
66
87
89
29
Note: *excluding deals with undisclosed amounts
**”Other” consists of bridge, grants and crowdfunding ﬁnancing
Source: Deloitte Research, UVCA Research, AVentures Capital
Number of Deals
11
6
122
19
Seed
Round A
Round B
Follow-on
Growth
Undeﬁned
Undisclosed Deals Type Structure
•  Total number of deals in 2017: 89
•  Seed stage: 11 deals (73 in 2016)
•  Round stages: 7 (1 in 2016)
•  Undisclosed deals: 41
•  Overall average ticket: $3.3m*
Average Tickets by Stage:
41
•  Seed stage: $484k
•  Round A: $4.8m*

<$500k deals are still the most attractive for investors in 2017
$100m+
$10m–$100m
$1m–$10m
$500k–$1m
$100k–$500k
<$100k
$110m
$40.5m
$26.5m
$1.5m
$3.2m
$0.7m
2
8
3
16
18
VC Activity by Deal Size
Note: excluding undisclosed deals
1
Deals numberDeals valueRange

Note: excluding undisclosed deals, crowdfunding and grants
Hardware
3
1
$30.6m
$0.5m
Marketplace
2
1
$0.6m
$1m
Mobile
1
4
$5m
$4.2m
Other
1
2
$10.5m
$4m
Software
8
3
$119.7m
$4.9m
Online services
6
12
$13m
$29.5m
The largest share of VC investments in 2017 by deal number was invested in Software and
Online services
2017 2016
VC Investments by Sector
Deals number Deals value
E-commerce
2
0
0.9m
0

TOP 10 Deals in 2017
Intelligentonlinegrammar
checkingservicebasedonAI
Growth and
Secondary
110
General
Catalyst, IVP and
Spark Capital
30
Credit China
Fintech
Holdings
Miningtoolsproducer
DealValue,$m
Growth and
Secondary
Round A Round A
10 7 5 5 3 2 2 1
Round A Round A Round A Round A Round A
Seed
Lightspeed
Venture
Partners, Index
Ventures, Shasta
Ventures, Y
Combinator ,
SV Angel
Almaz Capital,
Aventures
Capital, Y
Combinator,
u.ventures,
Digital Future,
private investors
ShortBrief
QED Investors,
Birchmere
Ventures, Fifth
Third Capital with
participation of
500 Fintech
Fund, Aspect
Ventures,
Gaingels,
Techstars,
Zelkova
Ventures, 408
Ventures
Greycroft,
Andreessen
Horowitz,
Vaizra
Investments,
Compound, FJ
Labs, SMRK
Zing Capital,
Nelson Brothers
Property
Management,
Hopewell
Development,
808 Ventures,
Beachwood
Ventures, Jade
Value and
others
GoAhead
Ventures
Vertex Ventures,
SMRK
bValue Venture
Capital
AIsalesplatform
Gadgetforpets
AIsoftwareforacceleration
cashﬂowandaccounts
receivablesautomation
Platformforrestaurant
reservations
Serviceforrentingapartments
Technologyplatformforreferrals
createdformarketers
Automationsoftwareforall
stagesofaloanlifecycle
Callgenerationtool
Investors

2.3
30
5
0.2
1.2
19.2
124.5
EU
Hong Kong
International
Norway
South Korea**
Ukraine
Ukraine & Foreign investors
Undeﬁned**
USA
10
1
18
11
14
5
3
6 EU
Hong Kong
International
Norway
South Korea
Ukraine
Ukraine & Foreign investors
Undeﬁned
USA
Note: *excluding aggregated undisclosed deals (see Glossary)
**excluding undisclosed deals
Capital structure by country 2017, number of
deals*
Capital structure by country 2017, $m
59 182.5
Capital Origin

Note: excluding aggregated deals
Source: Deloitte Research
UNDEFINED
15
$32.3m
KYIV
33$141.3m
DNIPRO
$5.3m
2
KHARKIV
$2m
2
LVIV
$0.4m
2
ODESA
$0.7m
2
ZAPORIZHZHIA
$0.4m
2MYKOLAIV
$0.03m
1
GRAND TOTAL
59$182.5m
Ukrainian VC Map

Source: UVCA Challenge: CES Edition 2017 (see Appendix)
TOP 9 IoT startups
Senstone
Sensitive voice tracker that allows
creative people capture their thoughts
Kray Technologies
World first drone, that can be applied
for crop protection at industrial scale
for most crop production farms
Kwambio
3D printing platform
MMOne Company
World's first 360' spinning Virtual
Reality attraction
PassivDom
Autonomous off-the-grid 3D printed
smart house
Agrieye
Software based on AI to rise farmers
efficiency with hardware data collection
LaMetric
Connected clocks for smart home
and office
Discoperi
Saves lives by identifying risky drivers
and allowing the rest of the driver
avoid potential accidents
Sensorama Lab
VR kit for collective education and
entertainment

Snapshot on
Ukrainian Private
Equity Market 2017

Total amount of investments
According to the survey, the majority of
respondents expect that the dynamics of
investment will increase in 2018
Source: UVCA Survey 2018 (see Appendix)
2017 was remarkable for private equity
investments due to relative activation
comparing to the last 3 years when the average
number of deals didn’t exceed 3–4
69.2 %
Will increase
Will be the same
PE Snapshot 2017
Total number
of deals
14
$126.7m
Investments dynamics estimation for private equity funds
in 2018
30.8%

Snapshot on
Ukrainian Initial
Coin Offering
(ICO) 2017

Successful ICOs in 2017
ICOs were the most popular among
E-commerce sector
2
6
4
6
1
Hardware
E-commerce
Online service
Software
AI
Top-3 ICOs in 2017
Source: Deloitte Research, UVCA Blockchain Committee Research
Company Sector ICO Size, $m
Neuromation AI 71.6
DMarket E-commerce 19.1
Propy E-commerce 15.4
ICO as a New Trend
Ukraine is one of the top leaders
in crypto-economy development:
Ukraine holds its own cryptographic scientiﬁc
school
Almost 200k of experienced engineers and
software developers in 2018
19
$160.3m
Total raised investments
19
Software development and mining: ASIC chip is
a Ukrainian invention (BitFury)
Number of ICOs by sector

Who Invests
in Ukraine

Investors Overview
There are 33 funds operating in Ukraine, consisting of:
venture capital
funds
private equity
funds
The funds have around 20 companies in portfolio on average.
19 8
10.3%
24.1%
20.7%
10.3%
34.5%
<$1m
$1m-$5m
$5m-$10m
$10m-$50m
$50m+
Capital under management, %
7
17
11
9
10
Pre-seed Seed Round A Round B Growth
Investment stages considered by funds,
number
The average ticket varies from $50k to
over $10m
9
17
7
6
<$100k $100k-$1m $1m - $10m >$10m
Source: UVCA Investors Book
incubators
and accelerators
corporate fund
5 1

Investors
Crowdfunding platforms and grant programs are considered as an attractive source of funding Ukrainian startups
16 campaigns* $2.1m 4 grants $74k 6 grants $355k
The Most Active Investors in 2017
by number of deals and exits
Note: *startups from only technology and internet sectors were included
Source: UVCA Survey 2018, Deloitte Research

59% of investors met their expectations for 2017
52% of investors consider
that there is not enough
quantity of startups in Ukraine
Investors review of startup quality
and quantity
76% of investors are
satisﬁed with the quality
of startups in Ukraine
16 exits by VC funds 3 exits by PE funds
2017 — 19 2016 — 8
Number of exits
2017 Review by VC and PE Funds
Source: UVCA Survey 2018 (see Appendix)

2018 Investor
Expectations

17%
4%
70%
9%
76% of current investors are expecting new private equity or
venture capital funds to appear in 2018 in Ukraine.
The most attractive sectors for VC and PE funds
Investor Expectations & Predictions
in Ukraine for 2018
0%
20%
40%
60%
80%
AI
BigData/Analytics
FinTech&Blockchain
Healthcare
VR/AR
Security/CyberSecurity
E-commerce
Agro
IoT
Gaming/Entertainment
Energy/CleanTechnology
Space/SatelliteTechnologies
OnlineMarketplaces
Education
DefenceTech
Advertising/Marketing
Mobile
LegalTech
IT
FMCG,Food,Pharmaceutical,
ConsumerServices,Logistics
What methods of startups funding would be the most
wide-spread in 2018?
More than half of VC funds are feeling conﬁdent
of increasing investments in Ukrainian startups 2018
64%8%
28%
Will increase
Will decrease
Will be the same
Source: UVCA Survey 2018
3%
10%
24%
24%
31%
48%
62%
0% 10% 20% 30% 40% 50% 60% 70%
All of the above
Crowdfunding
Private Capital
Accelerators/Incubators
ICO
Angel investors
Venture Capital
69% of PE & VC are planning to attract investments to their
funds during next year.

10.3%
31%
34.5%
17.2%
3.5%
3.5%
Pre-seed
Angel/Seed
Early VC
Later VC
Growth Capital
Do not have any clue
Survey respondents predicted which factors have the most impact on decision making, and what development
stages would be the most interesting for VC investors in 2018
Startups should demonstrate team cooperation if they
aim to attract investments
Early stage and Angel/Seed stage would be the most
attractive for investors
The most important metrics for VC investors when
making an investment decision
The most interesting startup development stage for VC
investors
Decision Making Factors for Investing
Source: UVCA Survey 2018
3%
3%
10%
24%
28%
35%
41%
66%
0% 10% 20% 30% 40% 50% 60% 70%
Teams determination
Do not have any clue
Financial indicators
Competitive advantage
Market volume/proﬁt scaling
Uniqueness/product innovativeness
Team cooperation & capabilities
Whether the startup product solves
the real "pain" of the consumers

Reasons
to Invest
in Ukraine

Source: The World Bank, The Global Innovation Index 2017
Economies are ranked on their ease of doing business, from
1–190. A high ease of doing business ranking means the
regulatory environment is more conducive to the starting and
operation of a local ﬁrm.
This is the highest ranking of the GII that Ukraine has attained, led by
raising 2.14 points up in the score of Innovation Input Sub-Index
(from 38.91 in 2016 to 41.05 in 2017) and raising 1.66 points up
in the Innovation Output Sub-Index (from 32.53 in 2016 to 34.19 in
2017).
Ukraine’s ranking in the Innovation Efﬁciency Ratio has also improved
by one spot up to the 11th place in rating, which is one of the
economy’s relative strengths in 2017.
2017
2018
+4 spots up
2016
2017
+6 spots up
8076 5650
The Global Innovation IndexDoing Business (by The World Bank)
Ukraine – International Rankings (1/2)

Kyiv – 110
Cairo – 121
Singapore – 1
Paris – 2
Zurich – 2
Geneva – 6
Hong Kong – 4
Copenhagen – 8
Tel Aviv – 9
Sydney – 10
Washington – 37
New Delhi – 124
Almaty – 131Bucharest – 124
Chennai – 126
Caracas – 132
Johannesburg – 105
Source: Worldwide Cost of Living 2018 by the Economist Intelligence Unit
Damascus – 133
Lagos – 130
Bangalore – 129
Karachi – 127
Algiers – 127 Seoul – 6
Oslo – 5
The most expensive cities in the world
The cheapest cities in the world
Cities for comparison
Ukraine – International Rankings (2/2)

2017 Legal Novels of Ukrainian IT Market
With achievements of 2017 the reform of corporate legislation presents a comprehensive upgrade of the business sphere,
stock market, investments and the economy of Ukraine in general, particularly:
The system of corporate governance in joint stock companies was improved. Such mechanisms as
squeeze-out/sell-out, escrow agreements (the Law No.1983-VIII (came into force on 4 June 2017) were introduced
Simplified way of doing business and investments involvement by securities issuers: a substantially
distinct approach to differentiation of public and private joint stock companies was introduced; creation of the
transparent information field for the participants of a stock market; improved corporate governance in joint stock
companies and the procedure of issuance of securities (the Law No. 2210-VIII (came into force on 1 January 2018)
Corporate agreements were implemented as an efficient legal instrument for structuring of corporate
relations of shareholders, distribution of authority between shareholders, protection of minority shareholders,
establishing restrictions on transferring shares, resolution of any future disputes between shareholders (the Law No.
1984-VIII (came into force on 18 February 2018)
A long-awaited legal base for formation, corporate governance and conduct of activities of
limited liability companies was introduced. More comfortable and viable rules for companies and
increased level of discretion of its participants related to issues of corporate governance comprised a huge step ahead
for Ukraine to become an attractive field for business development (the Law No. 2275-VIII (will come into force on 17
June 2018)
Procedure of hiring of foreign professionals was simplified. The list of documents to be submitted for
obtaining the residence permit is shortened, while the period of its validity for special categories of professionals is
extended (the Law No. 2058-VIII (came into force on 27 September 2017)
Source: Arzinger & Deloitte Analysis

Appendix

Our analysis was based on 59 publicly available Ukrainian VC deals and 30 aggregated undisclosed deals, which were
provided by Ukrainian Venture Capital & Private Equity Association (UVCA) and AVentures Capital. All investments into
Ukrainian startups (see Glossary) occurred during January and December of 2017. We took startups from only technology
and internet sectors. The Overview does not include deals with only angel investments, self-invested startups and M&A deals.

Data Collection:
The Overview’s figures are based on publicly collected data and UVCA’s investors survey.
Publicly collected data
The data was collected from publicly available sources such as firm websites, press releases, reliable industry news sources etc.
The received and collected information was reviewed and analyzed for reliability according to a systematic process of quality
checks. UVCA contacted investment funds and startups directly for clarifications regarding investment deals and exits, which
were not obvious or unavailable to the public.
UVCA Investors Survey
A web-based investors survey was conducted by UVCA and Deloitte in March 2018 and polled 29 UVCA members and non-
members: 14 VC funds, 9 PE funds, 3 Angel investors, 2 Startup incubators and 1 family office. The survey included multi-choice
and open questions concerning their overview of 2017 and expectations for VC & PE market development for 2018. The
aggregated results of the survey are presented in the Overview.
The Overview 2017 Methodology (1/2)

Exchange rates
The overview’s currency is the US dollar (USD). Non-USD investments were converted to USD at the average monthly rates
provided by OANDA (source: https://www.oanda.com/currency/average) according to the announced month of
investment (based on press releases, public news, interviews with startups representatives).

ICO
The Overview includes Ukrainian ICOs (see Glossary), which took place in 2017. ICO snapshot was added in Overview
2017 as a new instrument of startup funding because of its huge growth over recent years: collecting $6+bn in 2017 and
more than $23bn in 2018 (YTD) globally. Moreover, ICO started evolving into more regulated and half-private funding
instrument.
ICOs deal values were converted at cryptocurrency x-rate as of 13 April 2018.
TOP 9 IoT Startups
UVCA Challenge: CES-Edition was a contest for hardware and IoT startups, which had its winners representing Ukraine at
Consumer Electronics Show 2018. The most inﬂuential investors and representatives of the most leading venture funds in
Ukraine comprised contest’s jury committee. Selection process consisted of several stages: 60 applications screening, selection
of 20 startups by different factors and their ofﬂine pitch with showcasing before jury committee, who determined 9 startups for
CES-2018.
The Overview 2017 Methodology (2/2)

A startup is considered to be Ukrainian if
a)  the funded company has headquarters in Ukraine, or
b)  at least one of the founders is Ukrainian, or
c)  the majority of company’s team or R&D is located in Ukraine.
ICO is considered to be Ukrainian if the company was founded in Ukraine or at least one of the founders is
Ukrainian and the majority of company’s team works in Ukraine even if the ICO was conducted de jure outside of Ukraine.

Disclosed deals – publicly known deals with disclosed information.

Undisclosed deals:
•  Aggregated undisclosed deals – non-public deals provided by UVCA and AVentures Capital fund (total: 30 aggregated
undisclosed VC deals);
•  Deals with undisclosed amount – publicly known VC deals with undisclosed deal value (total: 11 deals with undisclosed
amount).
Abbreviations: m – million, k – thousand, AI – artiﬁcial intelligence
Glossary

https://www.slideshare.net/YevgenSysoyev/the-dealbook-of-ukraine-2018-edition?
ref=https://ain.ua/2018/03/06/dealbook-2018
https://www.slideshare.net/UVCA/uvca-investors-book-2017-who-is-
who-on-ukrainian-investment-market
http://www.ewdn.com/ﬁles/cee_report.pdf
Startup Investment & Innovation in Emerging Europe
UVCA Investors Book 2017: Who is Who on The Ukrainian
Investment Market
The Dealbook of Ukraine 2018
Useful Links

UA Tech Pavilion at CES 2018 and the Silicon Valley Tour
For the second time in a row UVCA together with Western NIS Enterprise Fund
(WNISEF) has organized the UA TECH Pavilion at Consumer Electronics Show
(CES) - one of the largest consumer electronics conferences, which took place on
January 9-12, 2018 in Las Vegas.
UVCA and WNISEF provided full organizational and ﬁnancial support in preparing
for CES-2018, which allowed startups to concentrate on preparing their product
presentations.
In addition to that a 3-day CES Bootcamp was held, where mentors from Ukraine
and the United States coached the participants for the conference and provided
valuable tips on how to successfully present their company to investors, clients and
international media.
Participation of Ukrainian startups in CES caused a lively interest from Ukrainian and
global media outlets - not only specialized ones, but also the all-Ukrainian media
outlets told the public about the achievements of Ukrainian innovators.
Read more:
http://uvca.eu/en/news/ukrainian-pavilion-of-startups-was-successfully-
presented-at-ces-2018
UVCA for Investors and Startups

The ﬁrst-ever Ukraine House Davos, organized by UVCA in
partnership with WNISEF and Victor Pinchuk Foundation, in
Davos, Switzerland. Ukraine House ran a week-long venue
under the theme: "Ukraine: Creativity, Innovation,
Opportunity.“ A vibrant hub, it showcased Ukraine to
global leaders from business, politics and civil society, and
presented Ukrainian business and investment opportunities.
Designed in a contemporary style and located in the very
heart of Davos, Ukraine House payed homage to Ukraine’s
rich culture and national identity, at the same time,
showcasing the country’s IT and technology sectors, sectors
that embody the emergence of a new, creative and
innovative generation of business leaders and new
opportunities.
Read more:
http://uvca.eu/en/news/results-of-ﬁrst-ever-ukraine-house-
davos
Ukraine House Davos snapshot
•  15+ panel discussions on investment
and innovation topics
•  speakers from 10 countries
•  1000+ registered visitors
•  12+ hours of live stream
•  80+ hours of UHD’s work
Ukraine House Davos in Davos,
January 2018
Notable guests
•  President of Ukraine Petro
Poroshenko
•  President of EBRD Sir Suma
Chakrabarti
•  Klitschko brothers
•  CEO of Tapscott Group Don
Tapscott
•  Robot Sophia
UVCA for Ukraine

UVCA Members

Ukrainian Venture Capital and Private Equity Association (UVCA) shapes the future direction of the venture capital and
private equity industry in Ukraine by promoting its investment opportunities, advocating the interests of private equity investors
to policymakers, and improving the local investment and business climate.
uvca.eu
uvca_official
About UVCA
•  Established by the example of Invest Europe, UVCA
currently unites almost 50 members – leaders of the
international and Ukrainian investment markets: Almaz
Capital, AVentures Capital, Deloitte, Digital Future,
Horizon Capital, HP Tech Ventures, Intel Capital, EBRD
etc. Our members invest not only capital, but also
expertise and innovation, providing strong and
sustainable growth to portfolio companies - from startups
to established businesses.
•  By building bridges between Ukrainian and global
ecosystems, UVCA facilitates the motion of knowledge
and capital in both directions.
•  UVCA makes a constructive contribution to shaping
legislation on both pan-industry and sector-specific scales
that affect LPs, GPs, and their portfolio companies.
•  UVCA is a nonprofit organization with the head office in
Kyiv, Ukraine, and members from all across Europe, USA,
Ukraine etc.
Links: uvca.eu

Making an impact that matters
Deloitte is a brand uniting more than 264 thousand
professionals in independent firms operating in 150 countries
of the world. Deloitte provides audit, consulting, financial
advisory, risk management, tax and related services to public
and private clients spanning multiple industries.
Deloitte serves 4 out of 5 Fortune Global 500 companies.
With a globally connected network of member firms, Deloitte
brings world-class capabilities and high-quality service to
clients, delivering the insights they need to address their most
complex business challenges. Deloitte's professionals are
committed to making an impact that matters.
Please visit our website www.deloitte.ua for more details.
About Deloitte
Links: DeloitteUA
DeloitteUA

Contacts
Olga Afanasyeva
Executive Director
ceo@uvca.eu
uvca.eu

Ukrainian Venture Capital and Private Equity Overview 2017

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