Czech State Bank Backs DEPO Ventures' New Ukraine Startup Fund

The Czech Republic's National Development Investments has selected DEPO Ventures One SCSp to manage a new Ukraine Fund, committing €3.8 million to back startups from Ukraine, Moldova, and Georgia.

The commitment could grow to €5.8 million if conditions around private capital and deployed investment are met, according to The Recursive. National Development Investments is a subsidiary of the Czech National Development Bank.

The fund's mandate is specific: it will back startups from the three Eastern European countries that want to develop business activities and partnerships in Czechia. For DEPO Ventures Managing Partner Petr Šíma, the bigger goal is to connect technologies being developed in Ukraine with Czechia's industrial and manufacturing base.

The timing reflects intensifying competition for Ukrainian technology. In 2025, Ukrainian tech companies raised $498 million in equity and grant funding, according to AVentures Capital's DealBook of Ukraine. Defense tech emerged as the fastest-growing segment, attracting more than $129 million.

Šíma frames the situation as both an opportunity and a problem. Some of the region's most interesting technologies are emerging in Ukraine, but US and Western European capital is competing for the same companies. Ukrainian startups are attracting growing attention from investors far beyond Central and Eastern Europe.

For DEPO Ventures, the state-backed vehicle gives the Prague-based firm additional capital to compete. The selection by National Development Investments signals institutional confidence in a thesis that pairs Eastern European startup talent with Czech industrial demand — a link Šíma argues could give Czech manufacturers access to technologies now drawing bids from larger Western funds.

The deal also marks a broader shift in how Czech public capital is deploying into regional venture ecosystems. By channeling money through an established private manager rather than direct instruments, the Czech National Development Bank subsidiary is tying its returns to startups that build commercial roots inside Czechia.

If the fund hits its private capital and deployment milestones, the €2 million step-up to €5.8 million will test whether state money can crowd in private investors around Ukrainian, Moldovan, and Georgian founders — and whether Czech industry becomes the buyer those founders build for.