Why It’s Time for Investors to Pay Attention to Ukraine’s Healthtech Market, Says SerhiiTokarev
Ukraine is now home to one of the most dynamic healthtech markets. The full-scale invasion brought together deep technical expertise, strong demand, and digital infrastructure—creating an environment in which innovations develop and scale faster. Impact investor and entrepreneur SerhiiTokarev shared this view in an interview with Tech.eu.
The outbreak of hostilities posed a major challenge for Ukraine’s healthcare system, affecting logistics, access to medical care, rehabilitation, and psychological trauma. In turn, doctors, startup founders, and engineers began searching for fast, scalable solutions.
“Finding and scaling healthcare innovations in Ukraine is not an option — it’s a necessity. As a result, we have one of the most unexpected healthtech frontiers, which not only emerged out of necessity but is also actively advancing and scaling,”Tokarev says.
A Self-Sustaining Ecosystem and Digital Infrastructure
In 2024, Ukraine’s largest startup rounds raised more than $300 million. Among the landmark deals was Esper Bionics, which closed a $5 million round led by YZR Capital. Other local incubators, venture funds, and international programmes supporting the ecosystem include u.ventures, Horizon Capital, UVCA, the Ukrainian Startup Fund, Google for Startups, and USAID.
Tokarev Foundation is also keeping pace. Together with SET University, it launched Generation H, a mentorship programme. The first winner was Ovul, a startup developing a saliva-based hormone tracker.
Healthcare digitalisation in Ukraine began long before the full-scale invasion. Tokarev points to the Helsi platform, used by more than 29 million registered patients, and the Liki24 medicine marketplace, which has shown that scaling is possible even during wartime: by 2023, revenue from EU countries accounted for 35–40%, and today it stands at 70%.
Areas Shaped by the War
“If solutions developed in extreme conditions work in Ukraine, they will work anywhere,”SerhiiTokarev explains.
Solutions designed for the toughest scenarios are naturally competitive on a global scale. Tokarev therefore highlights three healthtech areas that have seen particularly rapid development since the full-scale invasion:
- Mental health. Nearly 10 million Ukrainians are in a high-risk group for mental health disorders due to the war. After pivoting, the Kyiv-based mental health services marketplace Mindly reached over 3,000 users and delivered around 1,000 therapy sessions.
- Data and logistics. Wartime conditions have accelerated the development of AI diagnostics, supply chain management software, and electronic medical record platforms.
- Rehabilitation and prosthetics. According to the Pryncyporganisation, the war has left Ukraine facing the prospect of 20,000–50,000 amputations. Companies such as SYLA and ComeBack Mobility are offering solutions, developing bionic prosthetics and crutches with artificial intelligence and sensors.
