London, November 24, 2025 – Ukraine’s technology start-up ecosystem has grown more sophisticated and internationally focused since Russia’s full-scale invasion began in 2022, yet wildly inconsistent measurement standards are obscuring its true potential, according to a comprehensive new report released today by Reinvantage.
The Uncounted Engine: Ukraine’s Start-up Ecosystem reveals that more than 56 per cent of investors have increased their engagement with Ukrainian start-ups since February 2022, with nearly two-thirds reporting that these firms have become more professionally run under wartime conditions. The ecosystem now boasts a total valuation of 30 billion US dollars and continues to generate globally competitive innovations—particularly in defence technology, artificial intelligence, and cybersecurity.
However, the report exposes a measurement crisis that threatens to undermine this progress. Basic metrics such as the number of active start-ups vary from 313 to 2,600 depending on the source, whilst definitions of what constitutes a ‘Ukrainian start-up’ differ so dramatically between research organisations that reliable benchmarking has become virtually impossible.
“We’ve documented something genuinely counter-intuitive: war has acted as a catalyst for entrepreneurial maturation rather than collapse,” said Craig Turp-Balazs, Head of Insight and Analysis at Reinvantage and lead author of the report. “Ukrainian founders are demonstrating resilience, adaptability, and global thinking that would be impressive in any context—let alone one where your office might be bombed tomorrow. But this ecosystem is operating in a data fog that makes it harder to attract investment, design effective policies, or even understand its own strengths.”
The report documents how Ukrainian start-ups have pivoted to address wartime needs whilst maintaining global ambitions. Companies originally developing agricultural drones now create landmine-detection systems. Fashion brands produce military uniforms. A health food company supplies soldiers. This adaptability has caught the attention of international investors: more than half have backed at least one Ukrainian start-up since the invasion, with 25 per cent investing in more than five.
Key findings
Measurement chaos obscures real progress: Different research organisations report Ukrainian unicorn counts ranging from six to eight, whilst start-up numbers for the same period vary by nearly 800 per cent depending on methodology. Without consistent standards, the ecosystem cannot properly benchmark success or attract proportional support.
War as entrepreneurial catalyst: Rather than collapsing under bombardment, the ecosystem has matured. Founders report stronger focus, enhanced crisis management capabilities, and accelerated internationalisation. Defence technology has emerged as a particular strength, with Ukraine becoming what investors describe as “a testing ground for the world’s defence tech companies.”
Gender dynamics shift under pressure: Female founders have risen to prominence, demonstrating distinctive leadership qualities in resilience, collaboration, and adaptability. Yet 50.9 per cent of investors have never backed a female-led start-up, representing significant untapped potential.
Internationalisation accelerates: With domestic demand constrained, start-ups are targeting global markets from inception. Many now incorporate in the UK, US, or Estonia to reduce perceived risk whilst maintaining R&D operations in Ukraine, creating complex definitional challenges for researchers.
“The definitional gymnastics we’ve documented aren’t merely academic quibbles,” Turp-Balazs added. “When you can’t agree on what counts as a Ukrainian start-up, you can’t measure funding flows accurately, benchmark against regional peers, or design targeted support programmes. This is a strategic vulnerability for an ecosystem with genuine competitive advantages forged under extraordinary pressure.”
The report draws on extensive interviews with investors, ecosystem builders, government officials, and entrepreneurs, combined with analysis of fragmented data from multiple Ukrainian and international sources. It forms part of Support Digital Ukraine, an ongoing Reinvantage initiative to document, connect, and strengthen Ukraine’s digital and entrepreneurial landscape.
Report structure
The three-chapter report examines how definitional inconsistencies and fragmented data collection obscure Ukraine’s start-up ecosystem’s true scale and progress. It also looks at how war has reshaped entrepreneurial behaviours, investor confidence, and sectoral focus, and features insights from in-depth interviews with investors, founders, and ecosystem leaders on resilience, innovation, and future potential
The report concludes that whilst Ukraine’s start-up ecosystem possesses genuine strengths—demonstrated by substantial valuation, multiple unicorns, and remarkable wartime resilience—addressing measurement challenges will prove crucial for more effective policymaking, better international benchmarking, and enhanced ecosystem support.
The Uncounted Engine: Ukraine’s Start-up Ecosystem, is part of Support Digital Ukraine, an ongoing initiative by Reinvantage to document, connect, and strengthen Ukraine’s digital and entrepreneurial landscape. The report can be downloaded for free from the initiative’s dedicated page, here.
