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Ukrainian tech gets $58.5 million boost from global backers

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Ukrainian tech gets $58.5 million boost from global backers
Tech illustration. (Jakub Porzycki/NurPhoto via Getty Images)

Ukrainian venture capital firm Flyer One Ventures has announced the first closing of its new 50 million euros ($58.5 million) fund, Fund V, with significant backing from the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).

The new fund is set to support early-stage technology companies across Ukraine as well as central and eastern Europe.

"With this new fund we can double-down on the next wave and help them scale globally faster," Oleksii Yermolenko, Flyer One Ventures co-founder and partner, said. "We’re the first Ukrainian venture capital firm supported by both IFC and EBRD. It's a big responsibility, and an even bigger honor."

For this initial closing, the European Bank for Reconstruction and Development has committed 6.5 million euros ($7 million), with a potential increase to 10 million euros (approximately $10.8 million) at a later date. The International Finance Corporation has committed 5 million euros (approximately $5.4 million), which includes up to $3 million, or its euro equivalent, from Japan through the IFC’s Economic Resilience Action Program.

Established in 2018, Flyer One Ventures invests up to $1.5 million in software startups at pre-seed and seed stages. The firm, led by General Partner Vital Laptenok, who also co-founded the technology company Genesis, along with partners Oleksii Yermolenko and Olena Mazhuha (both recognized in Forbes' 30 Under 30 Europe), has already deployed nearly $45 million across more than 90 startups.

Flyer One Ventures' portfolio features companies like Fintech Farm, a developer of digital banks in emerging markets; Liki24, which improves last-mile delivery of health products; Jome, an artificial intelligence platform for simplifying new home purchases; and Mate academy, a trainer of individuals for global technology jobs.

The Ukrainian firm has also achieved two successful exits, including a video creation and editing app, Vochi, acquired by Pinterest in 2021, and Greenscreens, pricing intelligence and business insights targeted for the logistics and freight industry, which was acquired by Triumph Financial earlier this year.

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Olena Goncharova

Head of North America desk

Olena Goncharova is the Head of North America desk at The Kyiv Independent, where she has previously worked as a development manager and Canadian correspondent. She first joined the Kyiv Post, Ukraine's oldest English-language newspaper, as a staff writer in January 2012 and became the newspaper’s Canadian correspondent in June 2018. She is based in Edmonton, Alberta. Olena has a master’s degree in publishing and editing from the Institute of Journalism in Taras Shevchenko National University in Kyiv. Olena was a 2016 Alfred Friendly Press Partners fellow who worked for the Pittsburgh Post-Gazette for six months. The program is administered by the University of Missouri School of Journalism in Columbia.

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