Kyiv-based Investment firm secures 150 million euros for Ukraine's urgent recovery
Kyiv-based investment firm Horizon Capital has secured over 150 million euros ($176 million) for its Catalyst Fund, launched last July, Lenna Koszarny, Horizon Capital Founding Partner and CEO, announced at the World Economic Forum in Davos on Jan. 20.
Horizon Capital launched the fund at the Ukraine Recovery Conference in Rome last summer intending to raise 300 million euros ($352 million) for immediate investments in Ukrainian companies, helping the country’s recovery.
Among the fund’s investors are the European Bank for Reconstruction and Development (EBRD), which committed 30 million euros, and the International Finance Corporation (IFC), which invested 50 million euros.
The announcement marks the second Ukraine-dedicated fund that Horizon Capital has launched during Russia’s full-scale invasion, and the first focused on first equity reconstruction-focused sectors.
Horizon Capital made the announcement as world leaders and business chiefs gather in Davos for the 2026 World Economic Forum. Later in the week, Ukraine and the U.S. are expected to sign a major economic agreement, although details are so far vague.
The fund comes as Ukrainian businesses have long settled into wartime operations, but battle constant challenges like labor shortages and Russian attacks.
As Russia continues to bombard Ukrainian cities, businesses, and homes, Ukrainian officials say rebuilding the country and jump-starting long-term growth will require as much as $800 billion over 10 years.
The fund carves a new avenue for foreign investors to own stakes in Ukrainian infrastructure projects and enter the country. It targets capital-heavy mid-sized Ukrainian companies and projects geared towards the domestic market, including energy, digital infrastructure, and construction.
"I think this fund is absolutely crucial for the reconstruction of the country," said Matteo Patrone, EBRD’s vice president, during the signing ceremony.
"I hope that this also sends a signal to the investor market in general, to give the confidence to be there for the second closing and reach the 300 million euro target for this fund."
While there has been some skepticism over Ukraine’s ability to raise the vast sums needed for its reconstruction, new funds launched during the war, like Horizon Capital’s Catalyst Fund, are a testament to Ukraine’s ability to attract capital, said Economy Minister Oleksii Sobolev.
"Imagine what will happen once peace comes in," he said during the ceremony.
"It is very good that both the private sector and the government move in the same way. We know what we want, what we need, and how to get there."
The other investors in the Catalyst Fund include the Swedish, Dutch, Norwegian, and French international development agencies. During the signing ceremony, the investors highlighted how the fund can support Ukraine’s energy security, as Russia pummels its energy system, including hours before the signing.
"Norway has decided to contribute 15 million euros ($17.6 million) to Horizon Capital. We, as a large energy contributor, know that today you need to repair what you have, but you also need to build for the future," Norwegian Foreign Minister Espen Barth Eide said, noting that the funding will finance a wind farm in Odesa Oblast.
"Distributed production, different sources of energy, a strong grid, and a modern management of that grid mean that you can connect different sources to the same city to be more resilient as bombing continues. But also be more prepared to be a modern industrial nation in peace," he added.
