GRO, a Ukrainian-founded AI fintech startup, is moving its headquarters to Doha after securing investment from Qatar's newly launched GrowthX Capital fund. The decision marks a significant step in the company's expansion into the Middle East and highlights deepening economic links between Ukraine and Qatar.
Founded by Mariia Shevchenko alongside a team of Ukrainian and German co-founders, GRO develops an AI-powered financial assistant designed to help users manage spending, make informed financial decisions, and improve financial literacy—all while keeping personal financial data private. The platform targets both adults and families, with parental-control features currently under development.
Shevchenko told Euronews that the company's journey to Qatar began at Web Summit Qatar, where the team first connected with local investors. “We came here, met investors and started building relationships,” she said. She plans to relocate to Doha full-time as the company enters its next phase of growth.
GrowthX Capital and Qatari Ambitions
The investment in GRO was announced on Thursday alongside the launch of GrowthX Capital, a new venture fund aiming to attract international founders to Qatar. The fund's founder, Snoonu CEO Hamad Al-Hajri, said it plans to invest QAR 500 million (€119 million) 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.
For GRO, privacy remains a core priority. “It needs to be private for your finances,” Shevchenko said. “We are working hard on an architecture that makes it a closed system.” She noted that members of the company's German team bring expertise in privacy and parental-control systems, reflecting the startup's European roots.
Ukraine's ambassador to Qatar, Andrii Kuzmenko, welcomed the investment, describing it as a sign of growing business ties between the two countries. The move also comes amid broader shifts in Europe's startup landscape, where talent is abundant but funding and exit strategies often lag—a challenge highlighted in Spain's Startup Ecosystem.
GRO's decision to base itself in Doha rather than a European hub like Berlin or London reflects a strategic pivot toward the Middle East, where fintech adoption is accelerating. The company's AI assistant aims to compete with other digital financial tools, but its emphasis on privacy and family-oriented features sets it apart. As European startups increasingly look beyond the continent for growth, GRO's journey illustrates how Qatari investment is reshaping the region's tech landscape.
