MacPaw invests $1M in Promprylad.Renovation

The Ukrainian company MacPaw has invested $1 million in the Promprylad.Renovation Innovation Center in Ivano-Frankivsk, Ukraine, as reported to AIN.Capital by MacPaw representatives.

  • The funds will go to revitalize buildings A, B, and B1. There are plans to create a business support center, offices of innovative companies, a large co-working space, reading promotion center, a food market, and an art center there.
  • The project will be implemented in stages, considering what is a priority in war conditions. The project’s representatives say that it is planned to create 3,500 jobs on the territory of the innovation center, as well as a hotel and co-living hostel for teams and specialists.
  • MacPaw has been supporting Promprylad since 2019. With the new round of funding, the company has increased the total amount of its investment in the project to $1.5 million.
  • On the eve of Russia’s full-scale military invasion, part of the MacPaw team moved to Ivano-Frankivsk and continued working in the Promprylad co-working space.

“During the war, Promprylad became a refuge for teams of Ukrainian companies that were forced to move due to difficult conditions. I believe in the potential and mission of the project. ‘Make an impact’ is one of MacPaw’s core values and Promprylad.Renovation changes not only the region but also influences the development of the entire country. Together, we want to create the conditions for talented and creative people to stay in Ukraine and for companies to resume their activities and strengthen the economic front. This project will help rebuild the country’s economy faster and build the Ukraine of the future,” says Oleksandr Kosovan, founder & CEO at MacPaw.

“MacPaw has been our strategic partner since the beginning of the project’s development. The company supported us with a very important funding both during the plant buyout phase and now — during the war. It is also important for us that MacPaw is an example of a new Ukrainian company with a highly intelligent product conquering global markets. It is exactly the kind of company that is already starting to be born and, hopefully, will grow to such success in the Promprylad.Renovation ecosystem,” shares Yuriy Fylyuk, CEO of Promprylad.Renovation.

About Promprylad.Renovation

Promprylad.Renovation is an innovation center of 38,205 m² on the premises of an old plant in Ivano-Frankivsk. It focuses on four areas of regional development: new economy, urbanism, contemporary art, and informal education. There are resident companies, a co-working space, a contemporary art gallery, an urban laboratory, a dance school, as well as events and conferences held on the territory of the plant.

Promprylad is an example of impact investing that means that investors invest money in a social project, become its co-owners, and get dividends. According to the center’s representatives, the project has raised $12,5 million from 1,186 private investors and companies from Ukraine and other countries. As of May 26, there is still $2,5 million left to raise.

The Innovation Center team says the project’s goal is “to create conditions and opportunities for Ukrainian companies, entrepreneurs, and professionals from various sectors to stay and work in Ukraine, and thus support the country’s economy during the war and it recovery after the victory.”

About MacPaw

MacPaw is a Ukrainian product company that creates and distributes software for macOS and iOS. Among its products are CleanMyMac X, Setapp, The Unarchiver, etc. MacPaw has over 30 million users.