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News from 2022-10-04 / DEG

DEG: USD 20 million for financing tech companies in Ukraine

Jaap Reinking, FMO, Hassan El Khatib, EBRD, Lenna Koszarny, Horizon Capital, Makhtar Diop, IFC, Maria Kozloski, the Rockefeller Foundation and Roland Siller, DEG, at the signing (left to right).

DEG is investing USD 20 million in the Horizon Capital Growth Fund IV (HCGF IV). With the investment in the private equity fund managed by Horizon Capital, Ukrainian tech companies in sectors such as e-commerce, IT services and financial technology will be supported. This will create local jobs and offer support to businesses affected by the war. In addition, the fund will provide growth capital to technology and export-oriented mid-sized companies in neighbouring Moldova.

Horizon Capital and DEG have been cooperating for several years. In 2017, DEG invested in the Emerging Europe Growth Fund III (EEGF III) managed by Horizon Capital to promote Ukrainian SMEs.

In addition to DEG, the first-close investors in the HCGF IV include IFC, EBRD, FMO, SIFEM, Western NIS Enterprise Fund and Zero Gap Fund. DEG acted as lead investor. The target volume for the first close of USD 100 million was exceeded by USD 25 million, reaching USD 125 million. For the final close, the fund is aiming for a target volume of USD 250 million.

The high-profile signing ceremony took place in London with the Ukrainian President Volodymyr Zelensky joining in.

Lenna Koszarny, Horizon Capital’s Founding Partner and CEO, thanked the initial investors at the signing ceremony and said: “Together, we are ensuring that innovative entrepreneurs from Ukraine and Moldova have access to capital to fuel growth, to contribute to the renewal and revitalisation of their countries, to create well-paying jobs, pay taxes, be socially responsible, and provide a strong signal to others that the time to invest is now. We are confident that this historic fund will be a resounding success, delivering both returns and impact.”

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