Ukraine at CEE4IMPACT Day 2025: Recovery with Impact

On October 9 in Budapest, our organization had the privilege to represent Ukraine’s voice at CEE4IMPACT Day 2025 – one of Central and Eastern Europe’s flagship forums for social impact investment. Our CEO, Alena Kalibaba, joined the conference’s closing panel discussion dedicated to Ukraine’s post-war recovery through impact-driven enterprise. It was crucial for us that Ukraine’s story and needs be heard: as our country fights for its survival, we strive to keep Ukraine’s recovery at the forefront of the international impact community’s agenda.

By engaging with CEE4IMPACT Day, we seek to integrate Ukrainian experience into the broader European vision for sustainable, inclusive development and to attract new partners to the cause of rebuilding our country.

CEE4IMPACT Day 2025 marked the event’s 10th anniversary, gathering hundreds of participants from across the region – social entrepreneurs, investors, funders, corporate innovators, philanthropists and experts. The program spanned a wide range of topics, from morning pitch sessions of early-stage impact startups and discussions on impact measurement, to keynotes by established impact investors and next-generation philanthropists. In the plenary, hosts Elemér Eszter and Ewa Konczal opened the day, and leading European financiers reflected on a decade of impact investing progress in CEE. Notably, the final segment of the day put a spotlight entirely on Ukraine.

Panel: “Recovery with Impact in Ukraine”

The closing panel, titled “Driving Capital to Societal Needs: Recovery with Impact in Ukraine,” focused on how to channel financial resources toward Ukraine’s most pressing social needs and post-war reconstruction, using the tools of impact investment. Moderator Nikolaus Hutter (Relevant Ventures) opened the discussion with a powerful statement about a “purpose revolution” in business and finance: profit can no longer be the sole goal – business must become a force for solving societal problems. This call to reimagine the purpose of capital set the tone for the conversation that followed.

Panel speakers offered diverse perspectives on Ukraine’s recovery, united by a common theme of solidarity and innovation:

• Matteo Rivellini (European Investment Bank) – emphasized that Ukraine’s resilience and success are critical for the future of Europe. He outlined the EIB’s role in supporting Ukraine’s economy and mobilizing investment: the Bank has already deployed hundreds of millions of euros through funds to shore up Ukraine’s resilience, and it is preparing new initiatives that could double that commitment. Importantly, Matteo noted, the EIB’s involvement has a catalytic effect – its seal of approval gives other investors the confidence to co-invest in Ukrainian projects, even those who might not have the capacity to assess the risks firsthand.

  
  

• Petr Vitek (co-founder of Tilia Impact Ventures, Czech Republic) – shared that Russia’s full-scale invasion of Ukraine was a personal wake-up call for him. In his view, this war is a “burning platform” – a make-or-break moment for Europe: either democratic values prevail, or authoritarianism spreads. Petr highlighted the power of mission-driven entrepreneurship and human talent: the world’s best minds must unite for Ukraine. His fund Tilia is already investing in impact startups and, together with like-minded partners, is exploring creative ways to drive more capital to where it’s needed most – even if that means pushing beyond conventional finance models.

  
  

• Alena Kalibaba (CEO of Ukrainian Social Venture Fund) – described the emergence of Ukraine’s impact business sector amid the turmoil of recent years. As the country’s first social venture fund, USVF has supported around 60 enterprises tackling social challenges – from rehabilitation of wounded soldiers and integration of displaced people, to producing fire-resistant textiles and innovating in employment for hard-hit communities. Alena noted that in Ukraine today, no business can ignore social issues, since the government alone cannot meet all needs.

“Every person and every company has to get involved – that’s how business becomes impactful,” she stressed, explaining how even traditional SMEs are evolving to adopt a social mission. USVF aims to harness this moment to transform Ukrainian entrepreneurship towards long-term social impact. This approach, she believes, can become a model for others, and the innovative solutions developed by Ukrainian entrepreneurs during the war can be scaled globally.

• Sasha Lipman (founder of tech2impact) – offered the perspective of a Ukrainian impact innovator working from Vienna and Kyiv. She spoke about entrepreneurship programs she leads with the Ukrainian Red Cross, which help humanitarian organizations launch social enterprises. Sasha emphasized that technology can greatly scale impact, yet traditional venture capital often overlooks social innovators. She aims to change this narrative through the tech2impact platform, which connects impact entrepreneurs with investors and mentors worldwide. In closing, Sasha delivered an impassioned plea for Western Europe to overcome indifference and recognize our shared responsibility: Ukrainians are not asking for pity or “charity” – this is about defending common values and security in Europe. The war in Ukraine is everyone’s fight, she argued, and it’s high time for people to wake up and act accordingly.

The panelists converged on several important points about driving capital to where society needs it most in Ukraine:

• Blending purpose and capital: Mission-driven entrepreneurs and large financial players need to join forces. Grants, guarantees, concessional financing, risk insurance, and other public–private partnership tools can help de-risk investments in impactful projects at the earliest stages.

  
  

• The role of international financial institutions: Organizations like the EIB and European Investment Fund can serve as magnets for private capital. By committing funds to Ukraine-focused investment vehicles and holding them to high standards, they increase global investors’ confidence. At the same time, local funds and on-the-ground organizations provide a strong project pipeline and community insight — the international and local must work in tandem.

  
  

• Building the pipeline now: Now is the time to lay the groundwork for Ukraine’s future recovery. We must start assembling a portfolio of investable impact projects and innovating new partnership models. Ideas discussed included: organizing investor trips to Ukraine to showcase opportunities firsthand; cross-border R&D collaborations between Ukrainian and European companies; and pilot public-private partnership (PPP) projects to rebuild infrastructure. Creativity and proactivity now will translate into capital flowing when and where it’s needed.

  
  

• A “purpose revolution” in business: In the 21st century, business is undergoing a paradigm shift: profit is no longer the ultimate goal — the true value of business is measured by the problems it solves for society. This sentiment was echoed throughout the event. Faced with existential crises from climate change to conflict, socially responsible business is becoming the new norm. In standing up for its future, Ukraine has become a testing ground for this reimagined role of business – and can accelerate this positive transformation for the world.

  
  

Our participation in CEE4IMPACT Day 2025 was a vital opportunity to share Ukraine’s realities and aspirations with an influential international audience of impact investors and supporters. We are deeply grateful to the Impact CEE team (especially Elemér Eszter, Ewa Konczal, and Nora Bogsch) for the invitation and for organizing such an inspiring event. Special thanks to moderator Nikolaus Hutter for guiding a thoughtful, candid discussion, and to our fellow panelists for their insightful and heartfelt contributions. We believe this gathering is just the beginning of new partnerships. A tremendous task of rebuilding lies ahead, but by working together and channeling resources with purpose, we can rebuild Ukraine to be stronger, more equitable, and centered on human well-being.