The Czech Ministry of Industry and Trade has officially launched a new “Fund of Funds” aimed at supporting the Ukrainian economy, aiming to encourage startup development in response to Russia’s invasion. The initiative was first announced by Jan Kavalírek, Deputy Minister of Industry and Trade of the Czech Republic, during the Invest in Bravery conference in Kyiv.
“We believe that together we can become stronger and smarter, and build a future that not only fosters innovation but truly honors bravery and creativity—the values that unite us,” Kavalírek said.
The Fund was created as part of the Ukraine Programme, a government effort to support Ukraine’s reconstruction and to leverage the mutual benefits of economic collaboration. With an allocation of €12 million (CZK 300 million) over the next five years, the fund will invest in selected venture capital funds as a limited partner alongside private investors.
Managed by National Development Investments (NRI), the initiative aims to attract risk capital to Ukrainian and other affected countries’ startups, positioning the Czech Republic as a hub for technology-driven cooperation and post-war economic recovery.
Strengthening the Czech Economy through supporting Ukraine
The Ministry sees the initiative as a win-win strategy. Support for Ukrainian startups is also seen as a potential opportunity for the Czech Republic to attract innovative businesses and strengthen its own economy. Some startups may relocate partially to the Czech Republic, bringing with them advanced technological know-how and new jobs.
“This is not just about support — it’s about creating a resilient, innovative business ecosystem that benefits both Ukraine and the Czech Republic,” the Ministry stated.
50% of the total capital will come from private investors
The Fund’s investment strategy centers on innovative, high-growth startups led by founders from Ukraine or other countries negatively impacted by the Russian invasion. Eligible startups must establish a legal presence in the Czech Republic before receiving investment and demonstrate tangible benefits to Czech industry. At least 20% of each investment must be spent within the Czech Republic.
Private co-financing will play a crucial role in the Fund’s structure. At least 50% of the total capital will come from private investors, with a minimum of 30% of co-investment secured from non-public sources. Venture capital fund managers interested in participating must be based in an EU Member State and are currently invited to apply through an open call by NRI.
Supported startups will also gain access to the broader Czech innovation ecosystem. This includes resources from government agencies such as CzechInvest and CzechTrade, as well as regional innovation centers and third-market export support tools.
For more information about the open call for venture capital fund managers and investment terms, please visit the NRI or Ministry of Industry and Trade websites.
