Private equity firm Horizon Capital has attracted $350 million to support Ukrainian businesses through the Horizon Capital Growth Fund IV (HCGF), the company announced on Feb. 23.
Horizon Capital launched HCGF in 2022 with an initial target of raising $250 million.
HCGF has since become “the first and largest flagship fund raised since the start of the full-scale invasion, becoming a source of not only profit, but also impact for investors,” Horizon Capital said.
International financial institutions such as the European Bank for Reconstruction and Development (EBRD), the U.S. International Development Finance Corporation (DFC), and the Dutch Entrepreneurial Development Bank (FMO) “joined forces with global institutional investors, funds and family offices” to support the fund, Horizon Capital said.
HCGF will predominantly provide capital for fast-growing technological and export-oriented businesses, Horizon Capital said.
The fund has already invested in three Ukrainian technology companies, namely Preply, GoIT, and Viseven, “focusing on expanding their research platforms in Ukraine and increasing their international presence.”
“This is especially important, given the growing importance of the IT sector for the economy of Ukraine and the increase in the inflow of foreign currency,” Horizon Capital said.
President Volodymyr Zelensky met with top executives of the world’s leading financial funds at the sidelines of the World Economic Forum in Davos on Jan. 16, where he underscored the importance of attracting private capital to reconstruction projects in Ukraine.
Zelensky also attended the “CEOs for Ukraine” meeting at the forum’s sidelines, asking the world’s business leaders “to boost investment in Ukraine and support our economy.”
Read also: World Bank to disburse $500 million for Ukrainian businesses in 2024
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