Ukrainian-founded startup GRO establishes HQ in Qatar

GRO's journey to Qatar began at Web Summit Qatar, where the company first connected with local investors.

Founded by Mariia Shevchenko and a team of Ukrainian and German co-founders, the startup later decided to establish its headquarters in Doha.

Shevchenko told Euronews she plans to relocate to Qatar full-time as the company enters its next phase of growth.

"We came here, met investors and started building relationships," she said.

The move will support the company's expansion across the Middle East.

The investment in GRO was announced on Thursday alongside the launch of GrowthX Capital, a new venture fund looking to attract international founders to Qatar.

The fund's founder, Snoonu CEO Hamad Al-Hajri, said it plans to invest QAR 500 million (€119mn) in startups over the next five years.

The launch event was held at Qatar Chamber and attended by Qatar Financial Centre (QFC) CEO Mansoor Rashid Al-Khater and Dr Olga Rivina, co-founder and chairperson of the Ukrainian Business Forum in Qatar.

AI financial assistant

GRO is developing an AI-powered financial assistant that helps users manage spending, make financial decisions and improve financial literacy while keeping personal financial data private.

The platform is aimed at both adults and families, with parental-control features also under development.

Privacy remains one of the company's priorities.

"It needs to be private for your finances," Shevchenko said. "We are working hard on an architecture that makes it a closed system."

She said members of the company's German team bring expertise in privacy and parental-control systems.

Ukraine's ambassador to Qatar, Andrii Kuzmenko, welcomed the investment, describing it as a sign of growing business ties between the two countries.

Al-Hajri said he believes GRO has the potential to become a future "unicorn" — a startup valued at more than $1bn (€866mn).