Horizon Capital’s EEGF III acquires a minority stake in MAKEUP Group

Horizon Capital Investment Fund (EEGF III) has acquired a minority stake in MAKEUP Group, the largest Ukrainian online retailer in the beauty segment.

Details of the deal are not disclosed, but the website of EEGF III says that it invests $5 million to $20 million in mid-cap private companies. This is the first such investment in the company.


MAKEUP, founded in 2009, today is one of the largest online cosmetics and perfume stores in Ukraine. MAKEUP Group’s websites contain more than 200,000 product items from more than 2,000 suppliers.

According to the company, hundreds of thousands of customers use its service daily. Last year, about 200 million unique users visited the company’s websites, and it became the top 20 global online beauty e-commerce platform. Annually, this figure is increasing by 75%.

MAKEUP has its own warehouse management system, which provides storage of goods, automated fulfillment, and delivery planning systems using artificial intelligence, which work around the clock.

MAKEUP operates in 14 markets, including Austria, Belarus, Bulgaria, Czech Republic, Germany, Hungary, Italy, Kazakhstan, Moldova, Poland, Romania, Russia, Slovakia, and Ukraine. The company also plans to launch in the European Union: France, Spain, Portugal, UK, Switzerland, Benelux, and the Balkans.

About Horizon Capital

Horizon Capital is a U.S. private equity firm with an office in Kyiv. Its Ukrainian portfolio includes, among others, Genesis, Intellias, Rozetka, Datagroup, Jooble, AirSlate (formerly PDFFiler). Despite the coronavirus crisis, Horizon Capital intends to invest about $100 million in companies in the region.