Series Seed · Open AgTech · Marketplace · AI CEE Focus · €3B TAM

The Bloomberg Terminal
for Eastern European
fertilizer markets

SWAPWARE AgriNova builds decentralized fertilizer production hubs paired with an AI-powered marketplace, price intelligence and proprietary index suite. We operate where incumbents don't: Ukraine and CEE — a €3B market starved of digital infrastructure.

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Headquartered Vienna, Austria 🇦🇹
Stage Post-MVP · Revenue
Round structure SAFE · 20% discount
Current Round
SWAPWARE AgriNova · Series Seed
Open
€3.5M target
Expanding Hub 1 HIDRON (Poltava) · SaaS platform to 10,000+ farmers · CEE rollout
Pre-money valuation €17.5M
Minimum ticket €100K
Committed (soft) €1.2M (34%)
Target close Q3 2025
Round progress 34%
Express Interest →
Farmer Network
10,240
Direct relationships across 24 Ukrainian regions
Production Hub
1
HIDRON Turbo — Poltava · 70% advance paid · online Q4 2025
PCT Patents
5
Dynamic Blending™, HIDRON process, Carbon Passport™
Telegram Reach
1,504
Organic · @swapware_ua · built without paid acquisition
Market Size (TAM)
€3B
CEE fertilizer spend · growing 8% CAGR
Platform Modules
12
Exchange · AI · Analytics · Index Suite · all live
The Problem

Eastern Europe's €3B fertilizer market runs on 1995-era infrastructure

While Western Europe trades nitrogen as derivatives and uses precision AI, Ukrainian farmers still procure by phone calls and Excel sheets — with zero price transparency, zero benchmarking, and zero verified supply chain.

01 — Price Opacity
Zero transparent pricing across 10,000+ farms
Ukrainian fertilizer market has no Bloomberg, no Argus, no index. Farmers get quotes by individual phone calls. Price spreads between regions reach 8-12% without anyone knowing.
▲ Avg overpay per farm: €15,000–40,000/year
02 — Middleman Tax
3-5 intermediaries between producer & farmer
OSTCHEM → regional trader → district distributor → local dealer → farmer. Each layer adds 4-7% margin. Total markup: 20-30% above producer price.
▲ Hidden cost: €600M/year across UA market
03 — Import Dependency
Ukraine imports 40% of nitrogen products
Post-2022, OSTCHEM utilization dropped to 55-65%. Import parity breakdowns create €200/t arbitrage gaps — but no platform captures them.
▲ Lost GDP from inefficiency: €180M/year
04 — Carbon Regulation Gap
EU CBAM enters force 2026 — Ukraine unprepared
Ukrainian fertilizer exports face EU Carbon Border Adjustment. Zero producers have verified CO₂ passports. Export revenues at risk.
▲ At-risk exports: €450M/year
The Solution

A vertically integrated AgTech platform

SWAPWARE combines physical infrastructure (decentralized production hubs) with digital infrastructure (marketplace, AI, index) — owning both the supply chain and the data layer.

Flagship
🏭
HIDRON Turbo — decentralized production hubs
Proprietary Dynamic Blending™ technology (5 PCT patents). Producing KAS-32, NPK custom blends, AdBlue at-source. Hub 1 Poltava — 70% advance paid, Q4 2025 online. 8 additional hubs in pipeline across Ukraine & CEE.
Revenue
⚡
SWAPWARE Exchange
Verified counterparty marketplace with escrow. 2.5% take-rate on completed deals. Forward contracts 30/60/90d.
Moat
🤖
Solomia AI™ — agronomic OS
Claude Vision field scanner, ML price forecasting, automated fertilization plans. Pro tier ₴399/mo drives SaaS recurring revenue.
Data moat
📊
Index Suite
7 proprietary fertilizer indices. Banks: $5K/mo. Media: free with attribution. Argus-killer playbook.
ESG
🌿
Carbon Passport™
CO₂ footprint certification per tonne. EU CBAM ready. Premium +5% for low-carbon fertilizer in export.
Viral
🤝
Group Buying Club
Farmers pool demand → tender to producers → 5-8% group discount. Network effect: more farmers = more savings.
Market Opportunity

€3B CEE fertilizer spend · we target 8% in 5 years

Eastern European agriculture represents one of Europe's largest underserved digital markets. Ukraine alone accounts for €1.8B in annual fertilizer consumption.

TAM
€3.0B
CEE fertilizer market
SAM
€1.8B
Ukraine · digital-addressable
SOM 2030
€240M
8% capture
Ukraine
€1.8B fertilizer spend · 41M ha arable
World's 5th largest exporter of nitrogen products. 27M farmers and agribusinesses active.
Poland
€720M · 15M ha · Phase 2 (Q1 2026)
CEE's largest agri-economy. High tech adoption. Sentiro partner entity established.
Romania + Bulgaria
€480M · Phase 3 (2026-2027)
Post-CBAM rollout. Combined addressable: 12M ha arable land.
Business Model

Six revenue streams. One platform. High gross margins.

Unit economics improve with scale. Mix shifts from transaction-based to SaaS + data licensing over 5 years.

Revenue Stream Pricing Gross Margin Year 1 Year 3 Year 5
🏭
HIDRON Hub production
KAS-32, AdBlue, NPK
 B2B wholesale 24% €1.8M €12M €42M
⚡
Exchange commission
Marketplace transactions
 2.5% take rate 78% €120K €2.4M €9.6M
💎
SaaS (Pro + Business)
Solomia AI + Analytics
 ₴399 – ₴1,499/mo 82% €80K €1.8M €6.2M
🏦
Index licensing
Banks, media, regulators
 $500 – $5,000/mo 92% €20K €720K €3.4M
🌿
Carbon Passport™
CBAM compliance SaaS
 €2/tonne certified 88% €0 €840K €4.8M
🤝
Group Buying commission
Collective procurement
 1.5% of pool value 71% €15K €540K €2.1M
Total revenue Blended 38% → 54% → 67% €2.0M €18.3M €68.1M
Competitive Landscape

No one else does all of this.

Existing players own one piece — production, data, marketplace, or AI. SWAPWARE is the only platform combining all layers with CEE focus.

Capability
SWAPWARE
Yara Digital
FBN (US)
Argus Media
Physical production hubs
✓ HIDRON hubs
✓
✗
✗
Verified marketplace
✓ Exchange + escrow
✗
✓ (US only)
✗
AI agronomy tools
✓ Solomia AI
✓
Partial
✗
Price index publication
✓ 7 indices
✗
✗
✓
CBAM Carbon Passport
✓ Patented
✗
✗
✗
CEE farmer network
10,000+
Small
✗
✗
Group buying engine
✓ Live
✗
✓
✗
Traction & Roadmap

Built in 12 months. Here's what's next.

✓
Q2 2024
Company founded
Privatstiftung + SWAPWARE GmbH Austria structure
✓
Q3 2024
5 PCT patents filed
Dynamic Blending™, HIDRON process, Carbon Passport™ in UA/RO/PL/DE/US
✓
Q4 2024
Hub 1 contract signed · 70% advance
Poltava HIDRON Turbo — construction underway
✓
Q1 2025
Platform MVP live · 12 modules
Exchange, Community, Analytics Terminal, Solomia AI, iOS app built
●
Q2 2025 · Now
Series Seed raise · IFC/EBRD engaged
€3.5M round open · €1.2M soft-committed
Q3 2025
Hub 1 online · first production
Poltava hub starts KAS-32 blending
Q4 2025
1,000+ paying customers
Pro subscribers · first Index Suite enterprise clients
Q1 2026
Poland launch · Series A prep
Sentiro PL entity · €10–15M Series A for CEE rollout
Active farmers
10,240
Direct network · 24 regions · 20+ years relationships
Platform modules
12
Live · production-grade · mobile-optimized
Patents pending
5
PCT · 5 jurisdictions · defensible IP moat
Soft-committed
€1.2M
34% of Seed round · angel syndicate
Institutional engagement
IFC (World Bank)TERM SHEET REVIEW
EBRD UkraineACTIVE DD
Cogito Capital (PL)INITIAL CALL
SHAPE Capital (AT)WARM INTRO
Team & Advisory

Operators who built this before.

Combined 50+ years in CIS/CEE agri-commodities, petrochemicals, and EU institutional finance. Unique dual-role access: operating within OSTCHEM Group + building SWAPWARE independently.

OM
Oleksandr Mykutskyi
Founder · CEO · Chairman
De-facto COO of OSTCHEM (Group DF) — 20+ year operator in Ukrainian fertilizer production and distribution. Direct producer relationships: Rivneazot, Cherkasy Azot, Dniproazot. Built 10,000+ farmer network over 20 years.
CEO · COOFertilizer ops 20yAustria-based
OR
Oleksandr Romanyshin
Advisor · EU Institutional Lead
Former senior Ukrainian government official. Primary architect of the Ukrainian Facility (EU €50B recovery program). Direct relationships with IFC, EBRD, EIB, and EU Commission. Lobbying lead for SWAPWARE institutional funding.
IFC · EBRDEU €50B programGov relations
AT
AuroCraft Team
CTO Partner · Product Development
Dedicated engineering arm building Solomia AI, platform modules, and Index Suite. Proven delivery — 12 modules shipped in 12 months. Existing clients, revenue, team of senior engineers across Ukraine.
Dev teamSolomia AI12 mo delivery
NT
Nitro Trade · Partner
Commercial Arm · Trading & Logistics
Ukrainian trading partner with option to become wholly-owned. Handles physical deliveries, KYC'd counterparty flow, direct producer contracts. Weekly reporting rhythm. 500+ tonnes position capacity.
Trading partnerUA logisticsProduction JV
Strategic Advisors & Counterparties
Butkevych
Granite quarry · EU CRMA asset
Maxim Voronin
TiFast/Leonardo · EU IPCEI
Citco
Luxembourg SCSp fund admin
Austrian legal & patent
Vienna law firm · patent attorney
Use of Funds

Where the €3.5M goes

Focused allocation to execution milestones with measurable KPIs. No frills, no office overhead ballooning — CEE-appropriate cost structure.

Total raise
€3.5M
18-month runway
HIDRON Hub 1 scale-up40%
Complete Poltava hub, start production, working capital
€1.4M · CapEx + inventory
Platform & AI engineering25%
ML forecasting team, Index Suite commercialization
€875K · 18 months runway
Go-to-market · Ukraine20%
Sales team, marketing, onboarding to paid tiers
€700K · target 5,000 paying users
Poland launch prep10%
Sentiro PL entity, localization, initial BD
€350K · soft launch Q1 2026
Legal, IP, reserves5%
Patent prosecution, Austria/LUX compliance
€175K · regulatory buffer
Financial Forecast

Path to €68M revenue by Year 5

Conservative bottom-up model. Year 1 driven by Hub 1 production. Years 2-3 platform economies. Years 4-5 CEE expansion.

€ thousands Y0 (2024) Y1 (2025) Y2 (2026) Y3 (2027) Y4 (2028) Y5 (2029)
Revenue02,0357,40018,30038,20068,100
COGS0(1,385)(4,220)(8,440)(14,080)(22,470)
Gross profit06503,1809,86024,12045,630
Gross margin—32%43%54%63%67%
OpEx (S&M + R&D + G&A)(420)(1,480)(3,400)(7,200)(13,800)(22,100)
EBITDA(420)(830)(220)2,66010,32023,530
EBITDA margin—-41%-3%15%27%35%
Cash position EOY1802,6702,4505,11015,43038,960
Break-even
Year 3
EBITDA positive from 2027
Revenue CAGR Y1→Y5
141%
Compound annual growth
Target exit multiple
6–10×
Revenue multiple · 2029-2030
FAQ

Expected investor questions

Why hasn't OSTCHEM or Yara built this themselves?
Incumbent producers face structural conflict of interest: transparent pricing erodes their margin. OSTCHEM specifically benefits from distribution opacity. SWAPWARE's founder, as de-facto COO of OSTCHEM, has inside visibility into why internal build-out is politically impossible. We operate independently with NDA-free consultant status, unlocking the opportunity. Yara Digital exists but is a closed system for Yara's own customers only — not an open marketplace.
What happens to SWAPWARE if the war escalates in Ukraine?
Holding structure is fully EU-based (Austria Privatstiftung → SWAPWARE GmbH). IP and platform technology reside in EU jurisdiction. Ukrainian entity Nitro Trade operates under Profit Participation Agreement with call option for 100% acquisition at €1 — making relocation economically trivial if needed. Platform is built mobile-first and can operate from anywhere. Poland market (Phase 2) acts as natural hedge.
How defensible is the Dynamic Blending™ technology?
5 PCT patents filed across UA, RO, PL, DE, US — protecting the core blending process, HIDRON Turbo equipment design, and Carbon Passport methodology. Beyond patents, network effects from 10,000-farmer base compound with every new user, and price index publication creates data-network moat (Argus-style). Physical hubs add capital-intensive barrier to entry: €1-2M per hub site.
What's the relationship with Firtash / OSTCHEM?
Founder holds consultant status with OSTCHEM (Group DF) — no NDA, no non-compete. This is a deliberately structured dual-role: maintaining operational intelligence from inside the industry while building SWAPWARE as an independent venture. Documented three-phase conversation strategy with OSTCHEM leadership. SWAPWARE is NOT a spin-off — it's fully independent with separate cap table and equity.
Why €3.5M and not smaller/larger?
€3.5M funds 18 months to Break-even Year 3 milestone, at which point Series A (€10-15M) is sized for CEE expansion. Smaller raises force us to cut Hub 1 scale-up or AI/Index investment — both critical moats. Larger raises dilute founder more than necessary pre-traction. Round is structured as SAFE with 20% discount converting at Series A.
Exit strategy?
Three realistic paths: (1) Strategic acquisition by European fertilizer major (Yara, Fertiberia, CF Industries) seeking CEE digital footprint — precedent: Nutrien acquiring agronomy platforms at 6-10× revenue. (2) Agri-tech IPO once revenue exceeds €100M (2029-2030). (3) Acquisition by commodity data player (S&P, Argus, Platts) for Index Suite asset alone — standalone valuation €50-150M at maturity.

Let's talk about shaping CEE AgTech.

Full data room available on request. Investor Zoom calls scheduled within 48 hours. Institutional LPs — direct warm intros via Romanyshin (IFC/EBRD).

📨 Email Oleksandr Mykutskyi 📥 Download Full Deck (PDF) 📊 Access Financial Model
📧 o.mykutskyi@swapware.at 🏢 Blaasstrasse 24, 1190 Wien 🔗 swapware.at