A New Campaign to Help Ukraine Startups, With a Silicon Valley-style Launch. The small companies that keep Ukraine’s economy buoyant are teaming up to keep money flowing.

The Ukrainian startup scene is growing rapidly and attracting international attention. TechCrunch has already covered the promising work of Ukrainian software developers, and other publications have written about Bitcoin startups in the country. But one group with a vested interest in seeing the startup ecosystem thrive has been relatively quiet so far: local investors.

Two Ukrainian investment firms — Runa Capital and Flint Capital — have teamed up with local tech company BizDevHub to launch Startup UA, an initiative designed to bring together local investors and entrepreneurs from across Ukraine. The goal is not only to create opportunities for growth and funding but also to create connections that could help spread ideas throughout the region and beyond.

“We want our community to be larger than just those involved with Runa Capital or Flint Capital,” said Igor Chugunov, founder of Runa Capital and one of the organizers behind Startup UA. “We want this community to be bigger to influence government policies.”

Ukraine’s economic crisis has hit small businesses hard. There are growing fears that the country’s startups will be unable to raise capital, which could cause them to fold and slow Ukraine’s economic growth.

It was led by several of Ukraine’s most prominent tech entrepreneurs. The group has launched an online crowdfunding campaign to help fund startups. Ukraine’s economy relies heavily on small businesses, so any initiative that encourages them will help keep money flowing through its economy.

This spring, the idea was born out of discussions among several Kyiv Post’s “Kyiv Spotlight” business forum members, who discussed how they might contribute something positive in light of the economic crisis gripping Ukraine.

In Ukraine, a country devastated by war and economic upheaval, small businesses have become the backbone of the economy.

But getting access to credit is challenging for entrepreneurs who don’t have collateral or an established track record.

Now 20 of them are banding together in a new group called StartInvest, hoping to get more funding from investors. The goal is to channel money into startups and help them grow into companies that can create jobs and spur economic growth in Ukraine.

“We need more Ukrainian startups,” said Anna Karpinska, who runs a networking club for women in tech called Women Who Code Kyiv. “I’m pleased that this initiative has started.” it was attended by about 200 people, including some of Ukraine’s most successful entrepreneurs, who mingled over drinks and chatted about transforming the country into a tech powerhouse like its neighbor Poland.

“If you spend with Ukraine, you are supporting the economy. The companies are spending money building and supporting the army,” He points out that while armies win battles, economies win wars.

Entrepreneurs add: “We need to help our economy and turn it back on because all money that goes into Ukraine will help Ukraine.”