Ukraine’s YouScan raises a $2M round

The Ukrainian company YouScan, which develops social media monitoring software, has raised a $2 million round from its existing investors Kinnevik & VNV Global AB, as announced by the company’s CEO Alex Orap.

“Kudos to our fantastic team – your hard work and resilience made it possible to prove the solid progress that we’re making, despite the harsh reality of war in Ukraine. We are also extremely grateful to our investors who believe in us and supported us during the four most challenging months in our history,” he writes.

• The funds will be used primarily to attract new clients in the company’s priority markets (the US, the UK, and Latin America). The majority of investments will go toward the international marketing and sales team development.
• “We are currently hiring SDRs and sales managers to work for these markets. We have a strong AI-based product for text and image analysis in global markets, but we are competing with big global players (Brandwatch, NetBase, Sprinklr, Meltwater, and others) that are much bigger than us, so continuing product development and differentiation is also our priority,” Alex Orap told AIN.Capital in his comment.
• Kinnevik and VNV Global AB, longtime YouScan partners, financed the startup in this round. According to the founder, they have been working with the startup since the beginning of the war to make strategic decisions and to plan the company’s further financing needs.
• Alex also said that he is leaving the position of CEO of the company for the position of Chief Growth Officer in order to work with the sales and marketing teams. The new CEO of the company will be its co-founder Leonid Lytvynenko, who was one of the first two developers of the company, then became its CTO. The company also appointed a new CTO, Ivan Korneliuk.