Top Ukrainian Unicorns

Unicorns are companies that have reached a valuation of $1 billion or more. Recently, Unicorns have been emerging out of rapidly growing and developing industries such as the IT industry. Most Unicorns are trendsetters in their field, are consumer-oriented, and are targeting the international market.

The Ucluster team compiled a list of Ukrainian Unicorns as of October 2021. We analyzed fast-growing startups and divided them into four groups: Active Unicorns, Future Unicorns, Past Unicorns, and Foreign Unicorns with Ukrainian Roots. Our primary evaluation criteria included the birthplace of the founder, the location of R&D, the last valuation of the startup, and the startup lifecycle stage.

Startups in our four rankings

Active Unicorns: GitLab, Grammarly, Genesis, People.ai, Firefly Aerospace.

Future Unicorns: Monobank, Preply, Restream, Reface, Rozetka, Letyshops, Rocket, Ajax Systems.

Former Unicorns: Ring, Looksery.

Foreign Unicorns with Ukrainian Roots: Affirm, Sila Nanotechnologies, BitFury, Revolut, PandaDoc.

Active Unicorns

Company name
Website
Founded

Valuation $ Billion
Product Description


Financing Rounds


Firefly Aerospace

firefly.com 
2014

> $1B
Firefly Aerospace is a provider of economical and dependable launch vehicles, spacecraft, and in-space services for small payloads.Seed Round (Mar 2014)
SK Ventures, Dylan Taylor, Venture Round, $2M (Apr 2014)
Various, Seed Round, $463K (Sep 2014)
SeedInvest, Tank Stream Ventures, Series A Round, $19.1M (Jun 2016)
DADA Holdings, Raven Ventures Australia, XBTO Group…, Series A Round (May 2021)
DADA Holdings, Raven Ventures Australia, XBTO Group…, Secondary Market, $100M (May 2021)
Genesis

gen.tech 
2008

$1B
Genesis is a portfolio company developing products for the African and Asian markets in digital media, mobile apps, classifieds, and games. They own Jiji.ng, AmoMedia, BetterMe, legit.ng, tuko.co.ke, yen.com.gh and others.Horizon Capital (2016)
GitLab

gitlab.com
2011

$11B
GitLab is a DevOps platform built as a single data warehouse for software development and workflow integration to ensure product quality.

Ucluster review
Y Combinator, Seed Round (Mar 2015)
Khosla Ventures, 500 Startups, FundersClub…, Seed Round, $1.7M (Jul 2015)
Khosla Ventures, Series A Round, $4.5M (Sep 2015)
Khosla Ventures, Y Combinator, August Capital..., Series B Round, $20M (Sep 2016)
GV, Telstra Ventures, INKEF Capital…, Series C Round, $20M (Oct 2017)
Khosla Ventures, GS Growth, ICONIQ Capital, Series D Round, $110M (Sep 2018)
Khosla Ventures, Google Ventures, Y Combinator..., Series E Round, $268M (Sep 2019)
Secondary Market, $195M (Nov 2020)
Initial Public Offering, $650M at $11B valuation (Oct 2021)
Grammarly

grammarly.com 
2009

$2.5B
Grammarly is a service that tracks grammatical and stylistic errors in real-time and tells users how to avoid repeating errors in the future.

Ucluster review
General Catalyst, Spark Capital, IVP..., Venture Round, $110M (May 2017)
General Catalyst, IVP, Sozo Ventures, Venture Round, $90M (Oct 2019)
People.ai

people.ai
2016

$1.1B
People.ai is a CRM application that helps companies increase sales by finding examples of successful interactions with customers.

Ucluster review
Seed Round, $1M (Jul 2016)
Y Combinator, SV Angel, Zillionize…, Seed Round, $2M (Aug 2016)
Lightspeed Venture Partners, Y Combinator, SV Angel…, Series A Round, $7M (May 2017)
Andreessen Horowitz, Lightspeed Venture Partners, Y Combinator..., Series B Round, $30M (Oct 2018)
Andreessen Horowitz, Lightspeed Venture Partners, Y Combinator…, Series C Round, $60M (May 2019)
Alexander Rugaev, Secondary Market (Apr 2021)
Akkadian Ventures, Mubadala Capital Ventures US,Series D Round, $100M (Aug 2021)
To qualify for this ranking, the startup had to satisfy the following: valuation of more than $1 billion, product orientation (no outsourcers), at least one of the founders was born in Ukraine, number of employees in Ukrainian R&D centers is more than 50% of all engineers.

Future Unicorns

Company name
Website
Founded

Valuation $ Billion
Product Description


Financing Rounds


Ajax Systems

ajax.systems
2011

$0.1B
Ajax Systems manufacturs wireless security cameras and systems for the home market.

Ucluster review
SMRK VC Fund, Seed Round, $1M (Jun 2015)
Horizon Capital, Series A Round, $10M (Mar 2019)
Letyshops

letyshops.com
2014

$0.1B
Letyshops ia an international shopping platform that rewards users for online purchases.Admitad Invest, Seed Round (Oct 2016) 
Admitad Invest, Series A, $3M (Jul 2020)
Monobank

monobank.ua 
2017

$0.5 - 1B
Monobank is the first internet bank in Ukraine.Fintech Band, $5M
Sergey Tigipko, $4M
Universal Bank, $11M
iBox Bank
Preply

preply.com
2012

$0.17B
Preply is a language learning platform that allows for personalized learning driven by data.

Ucluster review
Eastlabs, Semyon Dukach, Vostok Ventures..., Convertible Note (Aug 2012)
Techstars, Techstars Berlin Accelerator, Seed Round, $120 K (Jun 2015)
Hedgehog Fund, Mariusz Gralewski, Przemyslaw Gacek, Seed Round, $ 1.3 M (Jun 2016)
Point Nine, One Way Ventures, RTAventures VC…, Seed Round, $4M (Jul 2018)
Point Nine, The Family, Hoxton Venture..., Series A, $10M (Mar 2020)
Inovo Venture Partners, Series A (Jun 2020)
Full In Partners, Owl Ventures, Series B, $35M (Mar 2021)
Reface

hey.reface.ai
2018

$0.2B
Reface is an AI-powered app where people can swap faces in videos, GIFs and images in just a few seconds.Sergey Tokarev, Angel Round (Sep 2018)
Sergey Tokarev, Adventures Lab, Pre Seed Round (Dec 2019)
Andreessen Horowitz, TQ Ventures, Seed Round, $5.5M (Dec 2020)
Restream

restream.io
2014

> $0.25B
Restream is a multi-streaming solution that allows producers to analyze and interact with their viewers across platforms.Iskra Ventures, Convertible Note (Jun 2015)
International Accelerator, Convertible Note (Feb 2016)
Silverton Partners, Kakao Ventures, 7percent Ventures..., Seed Round, $3.4M (Jan 2018)
Insight Partners, Sapphire, Liquid 2 Ventures…, Series A, $50M (Aug 2020)
Rocket

rocket.delivery 
2018

$0.1B
Rocket is a Ukrainian food delivery service.Igor Rokhlin
Rozetka

rozetka.ua
2006

> $0.2B
Rozetka is Ukraine's largest e-commerce retailer.Horizon Capital, Private Equity (May 2016)
To qualify for this ranking, the startup had to satisfy the following: valuation between $100 million and $1 billion, and satisfying other criteria applicable to Active Unicorns.

Former Unicorns

Company name
Website
Founded

Valuation $ Billion
Product Description


Exit Event


Looksery

looksery.com (this webpage is not available)
2013

$0.15B
Looksery is a subsidiary of Snap and provides face tracking and modifying technologies for real-time video. It's technology was used to launch Snap Lenses.Company was bought by Snap in 2015 for $150M
Ring

ring.com
2012

$1.2B
Ring is a subsidiary of Amazon and manufactures a line of outdoor security doorbells and cameras.

Ucluster review
Company was purschased by Amazon for more than a $1 billion in 2018. It still has a large R&D office in Ukraine.
To qualify for this ranking, the startup had to satisfy the following: acquired by another company, and at the time of the acquisition, the startup was an Active or Future Unicorn.

Foreign Unicorns with Ukrainian Roots

Company name
Website
Founded

Valuation $ Billion
Product Description


Connection to Ukraine


Affirm

affirm.com
2012

$2.9B
Affirm offers installment loans to consumers at the point of sale.Company has a Ukrainian founder (Max Levchin), but no R&D in Ukraine.
BitFury

bitfury.com 
2011

$1B
BitFury is a blockchain technology company.Company has a large R&D office in Ukraine (estimated to host 80 to 200 employees) but employs the the majority of its workforce (>250 people) elsewhere.
PandaDoc

pandadoc.com 
2011

$1B
Provides an all-in-one document workflow automation platform that helps fast scaling teams accelerate the ability to create, manage, and sign digital documents.Company has a large R&D office in Ukraine (estimated to host 145 employees) but employs the the majority of its workforce (>491 people) elsewhere.
Revolut

revolut.com
2015


$33B
Revolut is a neobank based in the UK.Company has a Ukrainian founder (Vlad Yatsenko), but no R&D in Ukraine.
Sila Nanotechnologies

silanano.com 
2011

$3.3B
Sila Nanotechnologies manufactures high energy-density lithium-ion batteries for electric vehicles.Company has a Ukrainian founder (Gene Berdichevsky), but no R&D in Ukraine.
To qualify for this ranking, the startup had to satisfy the following: startup is considered a Unicorn, but outside of Ukraine (it does not meet all our requirements for Active or Future Unicorns); additionally, one of the founders was born in Ukraine, or the startup has a large R&D center in Ukraine.

Read more about Ukrainian Unicorns

Successful Ukrainian Startups: GitLab — a Modern DevOps Toolkit for Developers

People.ai: How to find an investor at Burning Man and raise sales by 40%

How Top Ukrainian Startups Found Success: Ring — a Smart Home and Security System

Ajax Systems: a Professional Wireless Security System

How Top Ukrainian Startups Found Success: The Case of Preply — a Platform For Finding Tutors

Successful Ukrainian startups: The case of Grammarly — an online grammar checker