Press release -
Swedfund invests to support Ukraine’s innovation and economic resilience
Swedfund invests EUR 3.5 million to support Ukrainian technology companies through Ukraine Phoenix Tech Fund. The investment aims to strengthen innovation, safeguard skilled jobs and support economic resilience in Ukraine amid the ongoing war.
Ukraine’s tech sector is a key contributor to employment and exports and has shown strong resilience despite severe disruptions. Limited access to risk capital constrains the ability of entrepreneurs to grow and retain talent. By supporting innovation driven companies, the investment helps sustain economic activity and local value creation in Ukraine.
“By investing where private capital is scarce, Swedfund plays a catalytic role in supporting Ukraine’s private sector at a critical time. Strengthening innovative companies helps preserve jobs, maintain productive capacity and lay the foundation for long-term, inclusive economic recovery,” says Sofia Gedeon, Investment Director for Sustainable Enterprises at Swedfund.
The investment contributes primarily to SDG 8 Decent work and economic growth. Swedfund will engage actively to promote responsible business practices.
Investors alongside Swedfund include the European Investment Bank (EIB), Bpifrance and Proparco.
About Ukraine Phoenix Tech Fund
Ukraine Phoenix Tech Fund is a venture capital fund investing in Ukrainian technology companies. The fund was launched in 2025 and provides long-term risk capital to support innovation, job retention and the continued development of Ukraine’s tech sector.
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About Swedfund
Swedfund is Sweden’s development finance institution with the mission to reduce poverty through sustainable investments in developing countries. Swedfund plays an important role in the implementation of the 2030 Agenda and the Paris Agreement on climate. Swedfund shares the same goal as development cooperation in general, but the tools Swedfund uses are different. Swedfund has two instruments to fulfil its mission: sustainable investments in the private sector and technical feasibility studies through the Project Accelerator targeting the public sector.
Swedfund's investments contribute to the creation of decent jobs and increased access to essential products and services such as electricity and food. Swedfund is a long-term investor and is additional and catalytic through its investments and by mobilising private capital. Swedfund's feasibility studies support sustainable public infrastructure development, trade, and export opportunities for Swedish solutions.
We are part of Swedish development cooperation, and we measure and report all our results. As a state-owned company, Swedfund is managed by the Ministry of Finance and financed through portfolio reflows and annual capital injections for which the Swedish Ministry for Foreign Affairs is responsible.
For more information: please visit www.swedfund.se/en
