• The EIB has committed €24.7 million from the EU for Ukraine (EU4U) Fund to Horizon Capital Growth Fund IV, aimed at strengthening small and medium-sized enterprises in Ukraine and Moldova.
  • The EIB’s contribution is intended to provide growth capital to around 20 companies as the war continues.
  • The EU4U Fund has catalysed additional capital for Ukraine and Moldova with the fund reaching over €300 million in commitments to date.

At a ceremonial signing during today’s EIB Group Forum in Luxembourg, the European Investment Bank (EIB) reaffirmed its €24.7 million commitment to Horizon Capital Growth Fund IV (HCGF IV). This investment, financed through the EIB’s EU4U Fund, marks a crucial step, demonstrating the Bank’s firm support for visionary tech and export-oriented entrepreneurs in Ukraine and Moldova.

This funding aims to support the growth and development of about 20 companies, and HCGF IV has already made investments in its first three innovative tech companies, focusing on expanding their research and development platforms in Ukraine and enhancing their international reach. This is particularly significant as the IT sector becomes increasingly vital for Ukraine’s economy and foreign currency inflows. The investments include:

  • Preply, which transforms language learning by connecting learners with tutors worldwide through its online platform.
  • GoIT, which offers specialised IT education programs to address the tech industry’s skill shortage.
  • Viseven, which helps pharmaceutical companies accelerate their digital transformation.

These investments underscore the EIB’s commitment to fostering innovation, supporting gender-smart entrepreneurship and catalysing economic growth in the region. The backing of the EIB’s EU4U Fund has been pivotal in enabling HCGF IV to increase financial resources available immediately and attract new capital.

EIB Vice-President Teresa Czerwińska, responsible for operations in Moldova and Ukraine, said: “I’m happy to see the rapid progress of our first project under the EU for Ukraine Fund. The EIB’s investment in HCGF IV represents significant, tangible support for Ukraine’s private sector. This is particularly crucial as IT becomes a vital export sector for Ukraine, bringing in much-needed foreign currency. We are honoured to work with Horizon Capital, a firm that is providing growth equity to visionary entrepreneurs in Ukraine and Moldova during these critical times.”

Founding Partner and Chief Executive Officer of Horizon Capital Lenna Koszarny commented: “The EIB’s investment in HCGF IV, a historic fund which is the first and largest fund raised for Ukraine over the past two years, is more than a financial commitment. It is a vote of confidence in visionary Ukrainian and Moldovan entrepreneurs leading fast-growing tech and export-oriented companies in the region. It also recognises, and responds to, the need to ensure that talented and deserving entrepreneurs from Ukraine and Moldova have access to capital and the tools they need to grow their businesses, thus powering digital transformation, sustainable development, job creation and the ongoing resilience of these economies.”

HCGF IV is the first project under the EU4U Fund. The EU4U Fund is a part of the broader EU for Ukraine initiative, which aims to quickly address Ukraine’s urgent needs and bolster economic stability. The fund has so far gathered around €420 million in pledged contributions from the EU Member States that have demonstrated interest in supporting it — Belgium, Bulgaria, Croatia, Cyprus, Denmark, Estonia, Finland, France, Ireland, Italy, Latvia, Lithuania, Luxembourg, the Netherlands, Poland, Slovakia and Spain — and it is set to expand with additional contributions. Its main goal is to facilitate the recovery and rebuilding of Ukraine by supporting both public and private sector projects, including initiatives specifically designed to simplify access to finance for Ukrainian SMEs, enabling their growth and development in these challenging times.

Background information


Since the start of Russia’s full-scale invasion of Ukraine in 2022, the EIB has offered immediate relief to Ukraine, disbursing €2 billion of financing and helping finance emergency repairs to the country’s ravaged infrastructure. The EU bank also provided a €4 billion credit line to support the integration of refugees from Ukraine in EU countries. Through the EU for Ukraine initiative and its fund, coupled with the Ukraine Facility, the Bank remains committed to stepping up its activities in Ukraine, in line with the mandate given by EU leaders and in close cooperation with the European Commission, the European Parliament, EU Member States and international partners.

Horizon Capital

Horizon Capital is the leading private equity firm in Ukraine with $1.5 billion in assets from investors with a capital base exceeding $630 billion, raising over $750 million in growth capital. The firm backs visionary entrepreneurs leading fast-growing, primarily tech and export-oriented businesses in Ukraine and Moldova. Its funds managed have backed over 170 companies employing around 80 000 people to date.