Ukraine IT start up attracts USD 100 million

Grammarly became the first Ukrainian IT start-up company to attract more than USD 100 million in public capital, the ain.ua news site reported on May 9, citing company representatives. The investors were led by the General Catalyst Fund, as well as IVP and Spark Capital, the news report said. “We chose a group of investors that have successful experience in creating leading high-tech companies, as well as Internet companies oriented towards end-users,” Grammarly said. “The investors’ experience and resources will promote the company’s growth in the near future.” Grammarly is an online resource that corrects grammar using artificial intelligence technology. 

Zenon Zawada: This is a highlight in an otherwise barren investment climate in Ukraine. Though the nation has developed an international reputation for its talented IT sector, with hundreds of active outsourcing companies, it has produced only a handful of large-scale, innovative projects on an international scale. Similar ventures are possible with further legal and economic reforms (protecting and promoting intellectual property), as well as peace in eastern Ukraine (for the country’s image).