Horizon Capital raised $200 million for the third fund for Ukraine, they will invest in IT
The Horizon Capital direct investment fund, which is investing in companies in Ukraine and the near region, has announced the collection of $200 million for its third fund Emerging Europe Growth Fund III, L.P. (EEGF III).
The size of the fund exceeded the initial target of $150 million. Both existing and new investors took part in it. The new fund was launched thanks to the anchor investment of the Western NIS Enterprise Fund and investments from the EBRD, FMO, IFC, PROPARCO, DEG, IFU. Existing investors contributed more than 55% of the capital, 35% of the capital was provided by investors from the USA and Europe.
In total, Horizon Capital currently manages over $850 million, and the total capital of the fund’s investors exceeds $350 billion. Horizon Capital funds invested more than $650 million in 140 companies with more than 46,000 employees in Ukraine and the region.
“A substantial excess of the initial goal is a powerful signal of the huge opportunities in Ukraine for those investors who look beyond the media headlines. Since the completion of the first stage of attracting funds last year through the new fund, we have made six attractive investments and will close many new deals in the coming years,” says the founder and executive director of the fund, Olena Kosharnaya.
EEGF III is focused on companies that are growing rapidly and are export-oriented, using a competitive Ukrainian platform to generate global revenues, primarily in IT, light industry, food industry and agriculture. The fund is also interested in e-commerce, health care and pharmaceuticals, financial services. The size of investments will be from $5 million to $20 million, which will be invested over the course of 2-3 years.
EEGF III has already made six investments. One of the last: an investment in the Ukrainian IT-company Intellias, the deal was announced last September.