Venture Capital: ffVC Steps In To Fill Funding Void, Launches Fund For Ukrainian Startups
The ff Blue & Yellow Heritage Fund will raise $50 million to back Ukrainian founders.
ff Venture Capital, or ffVC, an early-stage venture firm focused on global opportunities, launched the ff Blue & Yellow Heritage Fund, the first US venture capital fund exclusively for Ukrainian founders and startups. Of the targeted amount of $50 million the new fund has already received commitments for $30mm from institutional, family offices and corporate investors. (BNE Intellinews)
ffVc is no stranger to Ukraine. In 2019, ffVC led the seed round for Respeecher, which provides voice-cloning software for content creators and works on prominent projects. It recently helped recreate the voice of James Earl Jones (now over 91 years) for the Darth Vader character in Obi-Wan Kenobi. ffVC now has an extensive network of Ukrainian entrepreneurs.
Having in hand a signed memorandum with the Ukrainian government, ffVC’s new fund will support Ukrainian startups facing unprecedented challenges from the Russian invasion, while enabling breakthrough technology from an emerging innovation hub.
Ukrainians are credited with the invention of the hard drive, software development platform Gitlab, and WhatsApp, the messaging platform used by billions every day.
The Blue & Yellow Heritage Fund will invest in startups led by Ukrainian founders, startups relocated from Ukraine and startups that employ Ukrainian refugees. The fund will prioritize providing offices and resources for Ukrainian startups relocating across Central and Eastern Europe and creating jobs for refugees, while accelerating long-term technology development in areas critical to Ukrainian development.
“We know from years as one of the only US venture firm with established operations in Eastern Europe that investing in Ukrainian innovation consistently fuels strong outcomes,” said Mariusz Adamski, ffVC partner based in Warsaw. “There is no better time for ffVC to lead the way advancing Ukrainian startups with financial and strategic support that will create more Ukrainian technology powerhouses, while offering immediate help to startups who need it now.”
Related Story: James Earl Jones Agrees To AI Cloning His Voice For Darth Vader
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