American entrepreneur launches Green Flag Ventures fund for Ukrainian startups
American entrepreneur Justin Ziff is launching the Green Flag Ventures fund to invest in Ukrainian startups.
Justin Ziff announced this at the IT Arena in Lviv, AIN.UA writes.
What is the problem?
According to Justin Ziff, he first came to Ukraine back in 2022 when he was delivering humanitarian aid. Since then, he has paid much attention to local businesses, entrepreneurs, and the startup ecosystem.
Among other things, startups grow, build products, and continue to create despite the full-scale war. The only thing they lack is resources. That is why Ziff started the fund.
What is the solution?
The American entrepreneur launched the fund for this reason.
How does it work?
The representatives of Green Flag Ventures do not indicate the exact amount of investment.
The areas of interest have not yet been specified. However, they indicated that the number of sectors will be limited. According to the publication, defense tech (military developments) is primarily discussed.
The fund clarifies that they are interested in Ukrainian projects in particular, and there are several criteria by which affiliation to Ukraine will be determined:
- The founders must be Ukrainians; a significant part of the team should also be based in Ukraine. But this factor is not decisive.
- If, for some reason, the team is outside of Ukraine, Green Flag Ventures representatives will pay attention to the fact that the project has some positive impact on the country's image, economic impact, or some other form of influence.
According to this parameter, the EsperBionics team, for example, is eligible for investment by Green Flag Ventures.
As the saying goes, the fund's name was not chosen without reason. It references the phrase "red flags," which suggests that people should avoid specific actions by paying attention to certain things. However, Justin saw many positives, which he considered "green flags" for launching the fund. That's why it's called what it is.
According to Justin, Ukraine has much in common with Israel; therefore, the potential for developing startups and the IT industry is vast.