Internet & power interruptions have been solved with the use of generators, rapid repair, and Starlink. The primary issue now is that Ukrainian start-ups and companies need capital & connectivity to new (US!) markets, and mentorship. The contraction of the domestic addressable market has reduced domestic revenue generation, and the war has interrupted connections to Western product markets, mentorship, and most critically, access to investment capital (e.g. 9x reduction in M&A).

We have significant advantages over other investors in each phase of a deal's lifecycle. Deep experience assessing operating teams in complex environments, speed and accuracy in screening and diligence, and the networks to grow & exit our portfolio partners. Our success is aligned with our portfolio companies'. Green Flag, with partners in the US and Ukraine, provides multifaceted support to these companies: Industry-Specific Introductions: We can connect companies to potential clients, mentors, and investors within relevant sectors in the US. Communication Support: We help Ukrainian companies overcome communication barriers with US counterparts, encompassing areas like pitching, marketing, international expectations, and regulatory concerns. On-Site Mentoring: We offer personalized mentoring and regular meetings with our portfolio companies in Ukraine. Pivot Guidance: We advise on strategic shifts when needed. Local Ecosystem Events: We host events in Ukraine to unite founders facing similar challenges, boosting the collective strength of the Ukrainian ecosystem In essence, we provide robust, holistic support to ensure our portfolio companies' growth.

There is. But the conflict zone is concentrated in the east of the country, with the technology sector concentrated in Kyiv and the west, where daily life and business has continued largely as normal. Moreover, the resilience of the Ukrainian people, and their remarkable capacity for innovation that has enabled them to be David to Russia’s Goliath, is why Green Flag Ventures sees Ukraine as home to tomorrow’s world-changing technology entrepreneurs.

Extremely well. The private sector led, entrepreneurial-drive combined with incentives & reforms led to an average 25%+ increase YoY in sector growth. IT exports 6x’d between 2011-2021. 20% of major enterprises employ Ukrainian development teams, including big tech like Google and Oracle, and disruptive recent success stories like UiPath. Ukraine produced seven unicorns between 2018-2022 (two post-Invasion), and tech companies represent a remarkable 47% of registered Ukrainian small-medium-sized businesses.

Investment Proprietary deal flow. By virtue of our preexisting relationships with the founder ecosystem, and our track record of supporting & connecting founders even where there is no direct benefit to Kalyna, we have established ourselves as a strong supporter of the ecosystem. As a consequence, we are offered opportunities to invest ahead of other firms. Indirect access. Existing mature relations with incubators & other ecosystem stakeholders; we track/support startups from conception through the point where investment is appropriate. First mover advantage. Only US-based VC actively investing in priced rounds = brand awareness & goodwill Superior diligence. Superior vetting. Deep experience assessing suitability of teams in complex environments Fast & accurate. Industry leaders & market experts are involved early; no wasted time Global coverage. Experienced & persistent on-the-ground coverage in Ukraine & US Portfolio Management Access to global enterprise customers. Long-standing working relationships with global enterprise customers Access to U.S. tech community leaders. Standing access to U.S. tech community leaders & mentors Access to Government leaders. Long-standing working relationships with many departments & agencies in U.S. & UKR Direct experience growing & fundraising startups. Deep bench of experienced business leader advisors & venture partners Outcomes M&A market leader connections. Preexisting & lengthy track record with M&A market leaders Enterprise buyers. By virtue of a long history of selling into/working with large enterprise, Kalyna is optimally positioned to connect our portfolio companies with future investors & ideal buyers Process expertise. Among those investing in the sector, Green Flag has an advantage with its knowledge of U.S. & Ukrainian legal processes & exit strategy

Tenacity & resilience, found across a society aligned in defense of the right to freedom & self-governance. Leaning into their strong math, engineering and technology legacy. Fruits of a multi-year programmatic effort to encourage tech sector growth, modeled after Israel's winning formula of transitioning from an outsourcing country to one driven by product development, largely in dual-use applications for the private sector, and an innovative, problem-solving, must-do spirit.

Ukraine acted on the growing economic tech opportunity that started in 2010 but really began to grow after the inital Russian invasion in 2014, to incentivize tech sector development and to generate investment. Inspired by Israel’s success, Ukraine implemented legal, regulatory, and economic reforms between 2014 - 2020 (tax benefits, investments into the tech sector, improved IP laws, etc). Israel was a natural role-model; Ukrainians make up the largest share of foreign-born Israeli citizens (26%), and both recognized the need to build strong technology sectors to defend against neighbors presenting existential threats. It was a smart bet for Israel; 41% of Israel’s outsourced workers were in Ukraine (2020).

No. Green Flag Ventures is an investment firm; our primary purpose is to generate returns for our investors. It is by doing well that we're able to do good.

Ukrainian Startups - Homegrown: Startups with founders and the majority of operations based in Ukraine. Ukrainian Startups - Global Presence: These startups have a significant percentage of their team &/or operations located outside of Ukraine. However, the founders are Ukrainian citizens, and the growth or success of the product will directly benefit Ukraine in the near-term. Companies like AstraNav and EsperBionics fall into this category. CEE-based Startups: These startups are based in other CEE countries and may have minimal direct links to Ukraine. However, the growth or success of their product will directly benefit Ukraine in the short-term.

Nope. As of February 2023, 88% of tech startups remain in business, 93% of tech companies intend to continue investing in Ukraine, and 95% of tech startups are optimistic about the ecosystem’s future.

To invest in and enable growth of early-stage startups (pre-seed to Series A), within a five-year investment period, with capital reserved for follow-on investments. To deepen working relationships with local VCs for co-investment opportunities, and to partner with accelerators and universities to foster startup growth and maintain early visibility into unique opportunities. These efforts are already underway.

Technology companies are forming, growing and/or evolving at a rapid clip, but financial resources are constrained. Our plan is to fill the early-stage tech funding, mentorship, and market-access gaps, by providing smart capital and badly needed connection resources to Ukraine-affiliated tech companies with a mission to achieve highly attractive returns & positive impact for Ukraine and, consequently, the free world.

While no crystal ball can anticipate the exact terms of the end of the conflict, we assess that Ukraine will remain an independent and highly productive nation & economy. We assess that its strategic value to the West is underplayed publicly, but is well understood by NATO members and other democratically-aligned nations as critical for several reasons (not a comprehensive list): Buffer to Russian expansionist efforts Source of globally critical natural resources 2nd-biggest known gas reserves in Europe 20% of the proven world reserves of Titanium AND Graphite 5th largest exporter of iron ore in the world 2nd largest coal reserve in Europe 4th largest corn exporting country 5th largest wheat exporting country 70% of the world's neon gas (good luck making semiconductors without neon; 90% of the US’ supply comes from Ukraine) 40% of the world’s krypton gas 25% of Europe’s arable land Green Flag's team is well-versed in navigating and managing measured risks in fluctuating environments. We employ a range of strategies to guarantee maximum adaptability in the face of potential political and economic changes. These include: Contingency Planning: We aim to ensure smooth, uninterrupted operations. Our approach includes collaborating with our portfolio companies to develop practical contingency plans. Transparent and Reliable rules & regs: A significant number of Ukrainian tech startups looking for investments are incorporated in Delaware, or will do so before securing investment. This provides both transparency and dependability for investors. Additionally, it simplifies the process of relocating operations if necessary. Co-investment Strategy: We partner with domestic and regional venture capitalists to aid in potential relocation, leveraging existing regional resources and networks. These strategies are designed with prospective Limited Partners (LPs) in mind, ensuring a secure and beneficial investment environment.

It’s true that GDP in 2022 decreased ~35% over 2021, and FDI dropped >90% from 2021. Yet, Ukraine’s technology sector defied the odds by growing +24% since the invasion. It stands as testament to the remarkable latent talent and internationally valuable skillset that Ukrainians export to the global technology ecosystem.