US-based Horizon Capital, a private equity firm, announced on Friday, February 23, the successful closing of its latest Ukraine-focused fund — the Horizon Capital Growth Fund IV (“HCGF IV”).
The fund has raised $350M (approximately €323M) in commitments during its final closing held in Tokyo on February 19, 2024, surpassing its initial target size of $250M (approximately €230M) by 40 per cent.
The firm’s assets under management (AUM) now stand at $1.6B.
Who backed Horizon Capital Growth Fund IV?
Horizon Capital Growth Fund IV is backed by investors with a combined capital base of over $700B. It includes international financial institutions IFC, EBRD, and EIB through its EU for Ukraine Fund, DFC, DEG, FMO, JICA, Proparco, SIFEM, Swedfund, Finnfund, WNISEF, and IFU.
The fund has also received backing from global institutional investors, foundations, and family offices.
The private investors contributing to this project include funds managed by abrdn Private Equity, Blue Earth Capital, and Zero Gap Fund.
Additionally, there is an impact investing collaboration between The Rockefeller Foundation and the John D. and Catherine T. MacArthur Foundation, Marcin Zukowski (the Co-Founder of Snowflake), Andy Kurtzig (the Founder and CEO of JustAnswer), as well as investors and philanthropists George and Rayla Myhal, and other esteemed Limited Partners.
Made three investments
Additionally, the equity firm completed three investments during fundraising, providing growth capital to expand its R&D platforms in Ukraine and enhance its international reach. The Fund’s first three investments are:
- Preply: transforms language learning by connecting learners with tutors via its online platform.
- GoIT: offers specialised IT education programs to address the tech industry’s skill shortage.
- Viseven: supports pharmaceutical companies in accelerating their digital transformation.
Lenna Koszarny, founding partner and CEO of Horizon Capital, says, “This historic fund is dedicated to the visionary entrepreneurs of Ukraine. Your strength, courage, and resilience in the face of adversity are inspiring, and motivating our team to contribute our utmost at this critical time. We are truly honoured that President of Ukraine Volodymyr Zelenskyy participated in two HCGF IV closings, commending our investors for backing the country at this pivotal moment, providing capital to support economic renewal and job creation when it is needed most, and signalling their firm belief in Ukraine’s future victory.”
“We extend our deepest gratitude to our esteemed investors – your trust and partnership have made this fund possible and enabled our team to experience firsthand, the global support and admiration for Ukrainians who are defending their country, powering its economic resilience, and using resources provided to maximum effect. From Washington to Tokyo, London to New York, Luxembourg to Copenhagen, Paris to Cologne, Bern to Helsinki, Stockholm to the Hague, Edinburgh to Toronto, this fundraising journey has enabled us to witness the steadfast support for Ukraine, and unwavering commitment to its future recovery, revitalisation and renewal,” adds Koszarny.
Horizontal Capital: What you need to know
Horizon Capital is a private equity firm in Emerging Europe with over $1.6B in assets from investors with a capital base exceeding $700B, raising over $800M in growth capital to back visionary entrepreneurs from Ukraine and Moldova in just over five years.
The Horizon Capital managed funds have invested in over 170 companies employing more than 80,000 people in the region.
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