Today, several investment syndicates in Ukraine offer opportunities for anyone to begin their journey as an angel investor. One of the oldest and most prominent is ICLUB by TA Ventures, led by Viktoriya Tigipko. The syndicate now includes over 2,500 investors who invest alongside the renowned venture capital firm, with tickets starting at $5,000 per deal.

In an interview with Scroll.media, ICLUB CEO Anna Magiera discusses the firm’s performance, notable deals, exits, and, of course, the inevitable failed investments that come with startup investing.

How many ongoing investments does ICLUB have?

In 2024, ICLUB invested $20 million in startups, representing a third of its total investment portfolio of $65 million. The largest single investment in a deal reached $2 million. The portfolio currently includes 94 companies, of which nine have exited, generating over $15 million in revenue.

Currently, ICLUB investors have access to 2-4 projects open for investment each month.

Do you have any written-off investments? Can you tell us about the exits?

Overall, the percentage of write-offs in ICLUB’s portfolio is under 10%. For instance, in 2023, we had to part ways with startups like Tiggy and Apricot, Canadian and Thai food delivery services that couldn’t survive the challenges brought on by COVID-19 and shut down.

But the exit story is more optimistic:

• In 2021, we made a partial exit from the Impress startup, yielding a 14x return on the initial investment.
• That same year, we successfully exited the Spanish startup Bipi, a car rental subscription service.
• In 2024, we saw an exit from Coterie, a manufacturer of baby diapers. It was one of TA Ventures’ top five investments by size, with a 22x multiplier.

How many investments have you made in 2025 so far? Can you share details?

In January 2025, we participated in the bridge round for Kadeya, a startup developing autonomous beverage refill stations that operate on a closed-loop system — reducing waste and aiming to revolutionize the beverage industry.

In February 2025, we invested in Berry Street, an American platform for nutritionists that leverages AI. The joint check from ICLUB and TA Ventures was $4 million.

Between February and March 2025, we supported two Ukrainian startups: Liki24 and Yepoda, a rapidly growing K-beauty startup in the European market.

In March–April 2025, we invested in two international startups with Ukrainian roots: a modern legal tech company (name undisclosed due to NDA) and Pleso, a managed mental health marketplace. Oleksandr Usyk, who officially joined ICLUB as a business angel, also participated in these investments.

How is ICLUB structured financially? Do you raise money for each deal separately, or is there a pre-allocated fund?

ICLUB is a syndicate, an association of private investors who make venture capital investments in small checks. Unlike traditional venture capital firms, we don’t have a pre-allocated fund.

At present, ICLUB invests in early growth stages, starting with Series A.

What is the average deal size for the syndicate?

The minimum investment to participate in a deal through ICLUB is $5,000. Previously, it was $25,000, but since June 2022, we’ve gradually reduced it to $5,000 to make venture capital investments more accessible. This change has paid off: the number of ICLUB mobile app users attracted by the increased affordability of angel investments has grown several times over the past year and now exceeds 2,500.

The maximum individual investment can be up to $250,000 per startup, but we strongly recommend diversifying risks and investing smaller amounts across more startups. The average club check is around $25,000.

Does ICLUB invest only in startups backed by TA Ventures, or is that not a strict requirement?

ICLUB invests exclusively in startups funded by TA Ventures. The firm conducts due diligence, makes an investment decision, and then offers the same startups to ICLUB members via an online platform. The reputation of TA Ventures and Viktoriya Tigipko has become our competitive advantage: the preliminary verification of startups by the firm reduces risks for investors.

Are there any requirements to join the syndicate?

Currently, anyone who registers in the ICLUB app and passes KYC can become an ICLUB business angel. We don’t charge any entry fees to join the club or access deals. Our business angels pay two fees throughout their investment history: a management fee (2.5% of the investment amount per year) and and a carry fee (25%), applied only to the profit from the investment.

What is the current geographic breakdown of investments?

Our investments are globally diversified. Around half are in the Americas, while Europe (including DACH and Eastern Europe, Ukraine) accounts for 25%. The remaining 25% is allocated to MENA and Southeast Asia. Recently, India has emerged as a particularly promising region, thanks to its young, tech-savvy population (more than 50% under the age of 30), rapid digitalization, and reforms that support startup growth.

What sectors are you focusing on when scouting for startups?

Our primary focus today is on startups that build solutions for large markets and address fundamental problems. We are particularly interested in startups operating in the following areas:

• fintech;
• deeptech;
• healthtech та biotech;
• D2C;
• enterprise tech.

Additionally, we see great potential in robotics, digital healthcare (with AI personalization), and the use of AI in software.

Despite these trends, the key criteria for us remain strong teams with deep expertise, a forward-thinking mindset, technological depth, and the ability to scale globally.

What do you look for when deciding whether to invest?

Viktoriya Tigipko often emphasizes in her speeches that the founders are the most critical factor. We pay close attention to their experience and expertise, as well as to the way they communicate with each other.

Equally important to us are the startup’s market potential, product innovation, and the uniqueness of the offering, which should solve a real problem and have the potential to change people’s lives.