Key facts
- Ukrainian AI fintech startup GRO is establishing its headquarters in Doha, Qatar.
- GRO secured pre-seed investment from Qatar's GrowthX Capital fund.
- The company is developing an AI-powered financial assistant focused on privacy and financial literacy.
- GrowthX Capital plans to invest QAR 500 million in startups over the next five years.
- The move aims to support GRO's expansion into the Middle East market.
Ukrainian AI fintech startup GRO is establishing its headquarters in Doha, Qatar, following a pre-seed investment of $600,000 from the newly launched GrowthX Capital fund. The company, founded by Mariia Shevchenko and a team of Ukrainian and German co-founders, aims to leverage its new base to expand across the Middle East.
Shevchenko, who plans to relocate to Qatar full-time, stated that initial connections made at Web Summit Qatar were crucial in building relationships with local investors. GrowthX Capital, founded by Snoonu CEO Hamad Al-Hajri, has committed to investing QAR 500 million (approximately €119 million) in startups over the next five years, with GRO being one of its initial investments.
GRO is developing an AI-powered financial assistant designed to help users manage spending, make financial decisions, and improve financial literacy, with a strong emphasis on data privacy. Features for parental controls are also in development, drawing on the expertise of the company's German team members.
The investment and relocation were welcomed by Ukraine's ambassador to Qatar, Andrii Kuzmenko, as a positive development for bilateral business ties. Al-Hajri expressed confidence in GRO's potential to achieve unicorn status, a valuation exceeding $1 billion.