“Our key mission is to identify ideas with high potential,ʼ — Andrii Opanasiuk, A1X Capital

Andrii Opanasiuk is an entrepreneur, public figure, and volunteer. In the early 2000s, he was engaged in the production of concrete structures and wholesale cement supplies, built roads in the Vinnytsia and Sumy regions, and even took part in a tender for the construction of Vinnytsia Airport. In 2021, he invested in the Vinnytsia Radio Lamp Plant with the ambition of transforming its 20-hectare industrial site into a modern industrial park. However, this year, Andrii sold his stake in the project to focus on developing IT startups under the A1X Capital holding. In an interview with Forbes BrandVoice, he spoke about this shift in business direction and the scale of planned investments.

How did your entrepreneurial journey begin?

Although I was born into a family of teachers, I dreamed of becoming a businessman from a young age. I recall that while studying at university, I presented my father with a proposal to invest in an internet café I wanted to open. He didn’t give me the money, but he did buy me a computer, which was a rarity in the late 1990s.

I hold two degrees – one in engineering and another in economics – both from Vinnytsia National Technical University. After graduation, I worked for a year at a bank and later became a manager at a construction company in Vinnytsia. That experience gave me a wide circle of connections.

Gradually, I realized I needed to start my own business, and the idea of working with concrete products emerged. I didn’t have any starting capital, so I convinced my father to sell the apartment my parents had bought for me for the future. That’s how, in 2008, I began trading concrete products – and the business grew rapidly. Later, I bought a cement packaging terminal that handled 7,000 tons of cement per month. I had to juggle several roles at once: overseeing production, selling cement, and managing logistics.

Tell us about your participation in the tender for the Vinnytsia Airport construction. How did it all begin?

When news broke about the reconstruction of Vinnytsia Airport, my partner and I decided to take part in the tender. To do this, we needed to find a 16-meter-wide slipform paver – the widest in the world. I initially found contractors in Kazakhstan, but due to constant tender delays, they withdrew from the project. Then I reached out to a Serbian company with more than 70 years of experience in construction, and we signed a memorandum of cooperation.

Although we ultimately lost that tender, it became a springboard for future success. Within the framework of the ʼBig Constructionʼ program, we managed to win a different tender and, together with Ukrainian entrepreneur Mykola Nadorozhnyi and the company Etalon-Bud, started building roads. In the first year, the project volume amounted to ₴100 million, the following year ₴300 million, and in 2021, we reached a record ₴1.3 billion. For 2022, I had ambitious plans – but the full-scale invasion cut them short.

Why did you ultimately agree to buy the Vinnytsia Radio Lamp Plant in 2021, given your initial skepticism?

At first, I declined the purchase, but after two more rounds of negotiations, I came to believe in its potential. Even before the full-scale invasion, we had planned to transform the former plant’s territory into a full-fledged industrial park with production facilities. During the war, the project gained even greater importance – it was meant to host relocated businesses from frontline areas.

Reconstruction of the site is currently underway, and the first residents are expected to arrive next year. The enterprise is developing, but in the third quarter of this year, I sold my stake, receiving and declaring more than ₴50 million. This decision was driven by a shift in my focus toward IT technologies.

What drove your transition into the IT sector?

About a year and a half ago, some acquaintances approached me to finance their startup – they were developing a trading platform. I dropped everything and dove deep into the project. After studying their idea and the so-called killer feature they presented, I realized the startup had enormous potential. That marked the beginning of my path as an angel investor. Soon, other projects started to appear. At some point, I realized I already had a full-fledged team managing the processes, which meant it was time to bring everything together. That’s how the A1X Capital holding was born, and today it oversees six startups.

Our key mission is to identify ideas with high potential. We analyze them, define their unique advantages and killer features, and assess the expertise of the teams behind them.

How much have you invested so far?

To date, I have invested over $1.4 million across six startups. We fund projects at the early (pre-seed) stage, with a maximum investment of $250,000 per project. Our primary focus is fintech, although we consider other sectors as well. We aim to build a portfolio that allows users to move seamlessly from one project to another.

Currently, I invest 100% of my own funds, but in the future, I plan to bring in partners. They won’t need to study each idea in depth themselves – we will act as their guides through the process.

What do you consider a measure of a project’s success?

A startup becomes truly successful when it begins generating profit and growing without the investor’s direct involvement. This usually reflects in the company’s valuation. Our first project, a trading platform, is now thriving, with a turnover exceeding $1 billion and 18,000 users on the platform. Its valuation is $10 million. I consider this product a success, and all profits it generates are reinvested into its growth.

Each of our projects has a CEO; in some cases, we act as co-founders, and in others, we own 100% of the shares. Typically, I give a startup one to two years to develop. During this time, I stay closely involved, monitoring key metrics, but without interfering. If needed, we step in to discuss challenges and find solutions.

For me, the team’s expertise and passion are crucial. When people genuinely love what they do, I firmly believe that success – and profits – will follow.

Investing in early-stage tech startups carries a high risk of losing money. How do you approach this?

Of course, funding early-stage projects involves risk, but if successful, they can deliver high returns. I take a very careful approach to each product, diving deep into its concept, analyzing the market, and studying competitors. I find this process incredibly exciting. I understand that the success of the entire startup depends on how thoroughly we evaluate it at the outset.

I’m guided by Jack Trout’s principle from his book Differentiate or Die – that every business project must stand out in some way. This is exactly what I focus on when assessing and developing startups.

What do you expect from A1X Capital next year? What are your strategic plans?

Next year, we plan to exit two projects, which we expect will generate returns several times higher than our initial investments. This will not only validate our decisions but also free up capital for new ideas. Additionally, we plan to expand the team. We are open to new proposals and are ready to finance three to four ideas in 2025. On our website, there’s an email address where startup founders can submit their projects for evaluation. If a project meets our criteria in the initial stages of discussion, we create a roadmap for the next steps.

On a broader scale, our goal is to become a unicorn company.

Will you continue volunteering? Which projects will you support?

We work closely with the HUR unit ʼARTANʼ and plan to strengthen this support, because victory over the enemy depends on our unity.

Our rule is simple: “Donate, no matter the challenges.”

For us, volunteering is both a principle and an axiom. Our defenders secure our present and future, so supporting them is our priority. We collaborate with HUR on various projects, back volunteer initiatives, and are ready to join new ones. We are grateful to everyone defending Ukraine – it is thanks to their courage that we have the opportunity to plan and act.