Horizon Capital invests in MAKEUP. We find out the deal amount and the size of the stake

On May 29, Ukrainian online retailer MAKEUP and Horizon Capital’s EEGF III fund announced the transaction. The parties did not disclose the details of the deal, having said just that “Horizon Capital has acquired a significant minority stake.”

However, the AIN.UA team managed to find out what was the size of the stake acquired by Horizon Capital and how much it paid for it. The team also found out about Igor Mazepa and Concord Capital’s stake in MAKEUP.

According to AIN.UA, Horizon Capital acquired about 18% of the company. The deal amount totaled $8 million.

Horizon Capital’s stake

AIN.UA managed to find details about MAKEUP stakeholders in the Cyprus state registry. According to the extract from the register, there are 4 shareholders in the company MINRAN LIMITED (a Cypriot legal entity which, according to YouControl, owns a 99% stake in MakeUp).

DEALBETA INVESTMENTS LIMITED is among them. It is a Cyprus fund managed by EEGF III of the investment company Horizon Capital, through which it carries out its deals. As stated in the document, Dealbeta owns 257 shares of Minran (the company has issued 1,401 shares in total). Thus, Horizon Capital acquired an 18.3% stake in MAKEUP.

The editors also managed to study the financial part of the investment round, which is documented in the same Cypriot extracts from the registers. The total amount of the deal was €7,179,600 ($8 million).

Thus, currently, the total valuation of MAKEUP Group is about 39 million euros ($43.5 million).

Concorde Capital’s stake

AAnother shareholder of MAKEUP (or rather MINRAN) is DARTLEM HOLDINGS LIMITED. It is linked to Igor Mazepa, the founder of Concorde Capital (or his full namesake). Dartlem owns 28 shares, which is less than 2% of the company. Previously, in an interview with Liga.net, Mazepa said that the fund has a stake in MAKEUP, but did not specify the figures.

Screenshot from YouControl

Founders’ Stakes

The remaining two shareholders of MINRAN are KLARIANTALE LIMITED and BELIORID LIMITED. BELIORID LIMITED is linked to the full namesake of one of the co-founders of MAKEUP, Yevgen Maliev.

Screenshot from Opendatabot

According to Panama Papers data, the shareholder of KLARIANTALE LIMITED is Serhii Volobuiev, the second co-founder of MAKEUP (or his full namesake, registered at the same address in Ukraine).

Maliev controls almost 48% of the company, while Volobuiev controls just under 32%.

As all transactions were registered in offshore countries, there are no changes in the Ukrainian TOV MAKEUP registers yet, as well as in the registers of subsidiaries.