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Horizon Capital Attracts $125M at First Closing of Its Ukraine-Focused Fund To Back High-Growth Tech and Export-Oriented Companies

The Rockefeller Foundation’s Zero Gap Fund makes ninth investment to catalyze private sector solutions to solve the world’s most pressing challenges

Image is of Representatives attend the Horizon Capital signing ceremony, 26th Sept 2022.
Representatives attend the Horizon Capital signing ceremony, September 26th, 2022. (Photo courtesy of Dave Bird/Raccoon)

LONDON | September 26, 2022 – Horizon Capital, a U.S. private-equity firm investing in fast-growing tech and export-oriented companies in Ukraine and the near region, announced the launch of Horizon Capital Growth Fund IV, L.P. (“HCGF IV”, the “Fund”), with $125 million raised as of first close. Horizon Capital is the leading private equity firm in Emerging Europe with over $1.2 billion in assets from investors with a capital base exceeding $570 billion, raising over $580 million in growth capital to back visionary entrepreneurs from Ukraine and Moldova (the “Region”) in just over 5 years. Horizon Capital-managed funds have invested in over 160 companies employing more than 77,000 people in the Region.

With the launch of HCGF IV, Horizon Capital has achieved a record high first closing, reaching 50% of its $250 million target, and the highest first close result in the firm’s history. The Fund’s first closing was backed by the European Bank for Reconstruction and Development (“EBRD”), the International Finance Corporation (“IFC”), Deutsche Investitions- und Entwicklungsgesellschaft (“DEG”) and a subsidiary of KfW Group, the Dutch Entrepreneurial Development Bank (“FMO”), the Swiss Investment Fund for Emerging Markets (“SIFEM”), the Western NIS Enterprise Fund, and the Zero Gap Fund, an impact investing collaboration between The Rockefeller Foundation and the John D. and Catherine T. MacArthur Foundation. The official signing ceremony took place today at IFC’s London office, and included top representatives from these esteemed institutions, together with Horizon Capital’s Founding Partner and CEO Lenna Koszarny, and Senior Partner, Vasile Tofan.

“We are honored to make history by launching the first fund for Ukraine and Moldova since February 24th, and the first to back these countries since they achieved well-deserved and hard-won EU Candidate Status in June”, said Lenna Koszarny, Horizon Capital’s Founding Partner, and CEO. “We dedicate this Fund to the people of Ukraine, who inspire the world with their bravery and tenacity in defending their homeland, thus ensuring a future where Ukraine assumes its rightful place among European nations. Ukraine needs partners who believe in the country, who stand shoulder-to-shoulder with its people, who are ready and willing to lead the way, and leave no stone unturned to ensure that investment capital is available right now, not when hostilities end. Ukrainians must have access to sufficient resources to lead the economic rebound, renewal and revitalization of their country. Horizon Capital has stood with Ukraine since 2006, stands with Ukraine today and for years to come. We are immensely grateful to our esteemed Limited Partners for committing capital which may be deployed now, for their steadfast belief in our team, our track record, our strategy and our vision, and for this strong signaling effect to the market. We are confident that this historic fund will be a resounding success, delivering both returns and impact.”

Vasile Tofan, Senior Partner continued “I am proud of my fellow compatriots in Moldova for welcoming more Ukrainian refugees per capita than any other country, as well as their strength and resilience throughout. This spirit of resilience is also demonstrated by technology companies throughout the Region, especially in Ukraine, where the tech sector fuels a high pace of innovation and digitalization, expanding 23% YoY during the first half of 2022 and delivering record-high export revenues of $3.74 billion, with over $8 billion forecast for 2022. The new Fund will continue to focus on tech and export-oriented companies, led by visionary entrepreneurs with a proven track record of leveraging competitive platforms to succeed globally, building on the success of our vintage 2017 US$ 200 million fund, whose stellar results are driven by the outstanding performance of the underlying companies and their talented founders and management teams. We look forward to continuing to back founders with an average of $10-30 million in growth capital, as well as the strong value-add contribution of our team.”

“At a moment when Ukraine is fighting for its freedom, The Rockefeller Foundation is proud to support, through our Zero Gap Fund, the Ukrainian businesses that have proven critical to the nation’s resilience and will prove critical to its future” said Dr. Rajiv J. Shah, President of the Rockefeller Foundation. “Given the war’s continued ramifications on global markets, as well as the billions whose access to food has been upended by the crisis, keeping Ukraine running and getting it back up to speed are essential to our institution’s century-long commitment to lifting up humanity.”

About Horizon Capital

Horizon Capital ( is the leading private equity firm in Ukraine, backed by over 40 institutional investors with over $1.2 billion under management in six funds. Horizon Capital is a value-added investor, backing visionary entrepreneurs leading transformational businesses in Ukraine and the near region.

About The Rockefeller Foundation

The Rockefeller Foundation is a pioneering philanthropy built on collaborative partnerships at the frontiers of science, technology, and innovation that enable individuals, families, and communities to flourish. We work throughout the world to promote the well-being of humanity and make opportunity universal and sustainable. Our focus is on scaling renewable energy for all, stimulating economic mobility, and ensuring equitable access to health care and nutritious food. For more information, sign up for our newsletter at and follow us on Twitter @RockefellerFdn.

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