26 September 2025

Toloka.vc Surpasses $20 Million in Investments: How a Ukrainian Syndicate Opens Global Deals to Private Investors

comms.manager

IT Cluster

Ukrainian venture syndicate Toloka.vc, established in 2023, has raised over $20 million in venture deals. In just two years, Toloka became the largest syndicate in the country, uniting more than 1,500 private investors and providing them with direct access to deals with world-class tech companies. The investment that helped reach the $20 million milestone was Alice Technologies, a startup offering an AI-powered construction management platform.

Today, the syndicate has over 1,500 members, and the average investment per deal exceeds $1 million (initial expectations were $500–700k). The minimum investment threshold is $5,000, and thanks to the syndicate model, each participant can build their own portfolio and select companies independently.

Portfolio and Results

In two years, Toloka has completed 18 deals. Its portfolio includes Scale AI ($2.0M), Bolt ($3.13M), Portoro ($1.7M), Capacity ($1.65M), Citibox (€1.3M), FINN (€1.0M), Forta Health ($1.0M), Scan.com ($615K), NewHomesMate ($800K), Persimmon ($600K), GIN (UK) (£500K), among others in the US, Europe, and Asia.

A standout case is Scale AI: eight months after the investment, Toloka investors received 112.2% in dividends (over $2.3M) while remaining shareholders. Within the syndicate, this outcome is called “better than an exit.”

Toloka’s strategy is built on selectivity. The syndicate invests in companies with proven business models, annual revenue of $1M+, and dynamic growth. Priority is given to businesses capable of scaling globally and competing in international markets. This disciplined approach gives investors access to more mature deals that combine fast growth potential with controlled risk.

The full syndicate strategy is available on their website.

Operating Principles

Toloka does not lead investments but partners with funds and strategic investors, adding an extra layer of deal validation and risk mitigation.

Key investor terms:

Minimum check: $5,000
No annual fees
Entry fee (4.5–8.5%) covers legal costs
Carry/success fee: 20% of profit at exit, with a 10% hurdle rate

All deals are structured in US or UK jurisdictions. Toloka is the only Ukrainian syndicate officially accepting cryptocurrency from participants.

A unique feature of Toloka.vc is that each General Partner—Taras Kyrychenko, Igor Shoifot, and Oleksandr Kolb—invests their own money (minimum $10,000) in every deal alongside syndicate members, aligning interests and making the platform attractive even for newcomers to venture investing.

The syndicate also integrates a social dimension: 4% of financial results go to supporting Ukraine, entrepreneurship, and charitable organizations. Over two years, $43,000 has been donated.

Partners and Network

Toloka partners collaborate with leading global universities (Oxford, Cambridge) and Ukrainian institutions (UCU, KMBS, KSE, MIM), shaping a new culture of investing.

Mission and Strategy

Toloka is a syndicate for investors who value transparency, global thinking, and a disciplined approach to venture deals. Its investments span the US and Europe, with priority given to startups founded by Ukrainians.

“For me, Toloka is not just a way to diversify my portfolio but also to build a community of like-minded people. We discuss projects, share experiences, and make investment decisions together. Importantly, I gain access to the inner workings of tech companies: direct communication with founders, market trends, and understanding which technologies are truly monetizable. This is invaluable experience, hard to get even in the best business schools,” says Oleksiy Rud, venture partner at Toloka.vc, CEO and co-founder of financial group xPaid.

“Toloka has transformed the investment landscape of our country. Ukraine was once seen primarily as a source of talented and creative startup founders. Thanks to our syndicate and investment cases, we are now recognized as active players in the investment field,” adds Oksana Lymanska, venture partner at Toloka.vc, investment consultant.

“Toloka sets an example not only of venture investing but also of transparent communication with Ukrainian investors!” comments Lyubomyr Ostapiv, venture partner at Toloka.vc, partner at iPlan.ua.