ZAS Ventures

Early-stage VC investing in SaaS & cloud startups in Central & Eastern Europe that target the U.S. market.

[ZAS Ventures @zasventures]

Your Next TV Will Arrive in a Mushroom

It might be one of the best parts of ordering something new: the unboxing.

There are full Youtube categories dedicated to just this. The satisfying glide as you lift open the box, a whisper of perfectly-fitted cardboard sliding free, textured papers…

Okay you get it. Packaging is nice. Very nice.

But it’s also everywhere. Tech, cosmetics, furniture— packaged. Most of it is plastic or polystyrene, and none of it really goes away. Ever.

Worse, we produce some 15 billion kilograms of polystyrene each year. It's non-recyclable, fills 30% of landfills, and every kilogram creates 7 kg of carbon dioxide.

But what if we could literally grow all this packaging from mushrooms? What if your latest impulse order’s box could biodegrade in your backyard soil in just 30 days? Julia’s on it.

Julia is the founder of S.Lab, a Ukrainian startup transforming agricultural waste and mycelium (mushroom roots!) into packaging that's strong, water-resistant, fire-resistant—and seriously compostable.

They’ve created something that can carry anything you need and return to nature. And big brands are listening.

With Europe pushing for 100% sustainable packaging by 2030, companies need solutions that work and S.Lab is ready. We’re proud to back visionaries like Julia who are moved by a mission. Isn’t it great when common sense meets business sense?

Check out Julia’s latest interview discussing the future of retail packaging and how S.Lab is poised to spearhead the market on her latest interview with Another ClimateTech Podcast host Ryan Grant Little on Spotify (https://t.co/XMII5CBMIh) or Apple (https://t.co/mVMhYQ65Jy).

Give us a follow to make sure you don’t miss the latest in Ukrainian startups.

https://t.co/AN6jfnCCaH (S.Lab Rethinking Materials)

[ZAS Ventures @zasventures]

Foreign Investors Are Quietly Doubling Down in Ukraine 🤫

I just talked to a friend of mine this morning— a prolific NYC investor— and when I told him this, he was blown away.

It’s one of those “one-chart” moments. Amidst a downturn in global seed funding since 2021, this specific trend graph bucked every preconceived notion I had.

And it shows seed investments hitting an all-time high last year. In Ukraine. Which is wild because, you know… everything.

That’s right: startups here have raised more in 2024 seed funding than in any year since anyone actually started tracking this stuff. A whopping $88 million dollars in 2024, up ~15% from the previous record in 2021.

Even better — and maybe weirder? — it’s not just brave local funds and homegrown superstars. Nearly a third of these early-stage deals were funded by foreign investors.

Do they see something you don’t? It’s one of those rare market inefficiencies: exceptional talent, lower valuations, and founders that have real grit.

Ukraine’s best founders are building software while dodging literal rockets, bringing their full selves, day-in, day-out. That’s our asymmetry.

If you want to learn more about what might just be the most clever bet in early-stage tech today, like and follow.

Best,
AZ

Credits: A tremendous thank you to AVentures for their 2025 Dealbook Report, an invaluable resource for Ukraine’s investment community, and all market participants who shared their data for this report.