01
Verify
Financials, cap table, founders. Checked against the source, not taken from the deck.
About us
The world prices Ukraine as one risk. We price it one company at a time.
Capital does not avoid Ukraine because the returns are not there. It avoids what it cannot see. Most of these companies have no file — no verified financials, no cap table, no way for a fund abroad to tell one apart from the next.
We build the file. Registry filings, direct contact with founders, and analysts who work the market in Ukrainian. Then we publish what is verified and mark what is not.
The gap
The problem was never risk appetite. It was the missing file.
From the outside, the whole country reads as a single headline. From the inside it is thousands of companies still shipping, still growing, still hiring — most of them invisible to the funds that would back them. Nobody was doing the work to tell one apart from the next. That is our work.
02
Publish
What is verified and what is founder-reported, marked separately. An investor reads facts, not a pitch.
03
Stay in
Coverage does not end at an introduction. The file is updated as the company moves.
How a file is built
Global databases cover Ukraine from a distance. We build the file from the source.
A name, a sector, a funding round if it happened to make the news. That is what most of the world holds on a Ukrainian company. The fields that decide a deal are almost never published.
What goes into a file
- Revenue, burn and runway
- Cap table structure, and who is already in
- What the founders built before
- Export licences and dual-use classification
- Who has already looked at this company and passed
- The three things most likely to kill it
Where it comes from
The state register, and everything built on it
Filings from the Unified State Register (ЄДР), read alongside YouControl, Opendatabot, Vkursi and Clarity Project. Procurement records through ProZorro where a company sells to the state.
Direct contact with founders
Some of what we hold, we hold because the founder picked up the phone.
Analysts in Ukraine and around the globe
The market is read in Ukrainian, on the ground. It is read again from Germany, the UK and the Netherlands — from the side of the investor who has to underwrite it.
Every claim in the deck is graded against what supports it — and what contradicts it.
- VerifiableA document backs the claim, and we have seen the document.
- Partly verifiablePart of it holds, or a proxy does. We show which part.
- UnsupportedThe claim is in the deck and nothing we found backs it.
Revenue, burn and runway are shown with what is verified separated from what is founder-reported. Nothing in a file is invented, and nothing is padded to fill a page.
Where we stand
We sell research. We do not sell deals.
We do not invest, and we take no fee on a round. The name says Capital; the business is research. Nothing in a file moves because someone paid for it to move.
What we are
- An independent research desk covering Ukrainian private markets.
- Paid by the investors who read us — subscriptions and commissioned work.
- Accountable for the date on every file, and for what changed.
What we are not
- Not a fund. We hold no positions in the companies we cover.
- Not a broker. We take no fee on a round we helped happen.
- Not paid by a covered company for its score or its place on the list.
What we are building
An intelligence layer. Not a listings board.
Anyone can host a directory. The harder thing is turning a fragmented, hard-to-reach market into something an investor abroad can actually underwrite.
Verified company files that travel. A fund in Berlin reads a company in Kharkiv as clearly as one down the street.
A live read on where Ukrainian capital is moving — sectors, valuations, momentum. The intelligence a recovery economy runs on.
Live platform data
What we cover right now
Real-time metrics from the platform — Ukrainian companies on file, and the investors reading them.
Companies on file
66+Every Ukrainian company we trackSectors covered
18Defence tech, AI and capital flows among themCities across Ukraine
19Coverage reaches past KyivCountries reading
19+Where our investor base reads from
Who is behind it
Maksym Burmistenko
Founder & CEO
Maksym studied and worked in finance while staying close to the ground in Ukraine. From both sides he kept seeing the same thing: global investors who wanted exposure to Ukraine, and Ukrainian companies that could not get a meeting — separated by nothing but missing information.
He started Oniks to close that gap. The background is economics, venture and private equity. The work is plainer than that: make Ukraine legible, one company at a time.
Two ways in