Horizon Capital Successfully Secures €150M for Ukraine's Catalyst Fund, Aiming for €3B

Horizon Capital's Milestone in Ukraine's Reconstruction

Horizon Capital, based in Kyiv, has achieved a significant milestone in its mission to support Ukraine's economic recovery through its newly established Catalyst Fund. The fund recently completed its first round of financing, raising over €150 million in just six months, which is more than half of its target of €300 million. This swift progress is aimed at mobilizing a much larger amount, specifically €3 billion, directed toward crucial sectors in Ukraine, including energy, digital infrastructure, and construction.

At the heart of the Catalyst Fund's strategy is the focus on minority investments alongside leading partners, addressing the urgent need for equity capital in Ukraine's economy. This initiative comes in response to the severe impact of the ongoing conflict, presenting a unique opportunity for both local and international investors to participate in the recovery and growth of the nation.

The Catalyst Fund's successful first closing took place on January 20, 2026, at Ukraine House Davos during the World Economic Forum, marking a pivotal moment for Horizon Capital, especially significant as the firm celebrates its 20th anniversary. The fund was launched at the Ukraine Recovery Conference in Rome last July, demonstrating the growing global support for Ukraine's economic prospects amidst challenging times.

Key players and representatives from influential investment bodies such as the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), and several other institutional investors participated in this venture, which sends a strong message of confidence in the long-term growth potential of the Ukrainian economy. Their partnership signifies a commitment to investing in high-impact sectors that contribute significantly to Ukraine's GDP and employ vast numbers of people.

Lenna Koszarny, the founding partner and CEO of Horizon Capital, emphasized the importance of this initiative, stating, “The launch of the Catalyst Fund is a significant milestone for Horizon Capital in our 20th anniversary year.” She highlighted that the fund aims to invest in sectors that account for more than 10% of Ukraine's annual GDP and employ over 650,000 individuals, reflecting the urgent need for investment even during ongoing crisis situations.

The Catalyst Fund intends to function not only as a source of capital but as a catalyst for establishing partnerships between global investors and Ukrainian entrepreneurs. By focusing on building scalable, world-class businesses in strategic sectors, Horizon Capital is committed to facilitating the entry of international investors into the Ukrainian market alongside local partners.

Dmytro Boroday, partner at Horizon Capital and head of the Catalyst Fund, reiterated the fund's objectives, aiming to deploy between €20 million and €50 million per transaction, while also providing substantial co-financing opportunities for investors. The anticipated impact of the fund is substantial, intending to increase bankable transactions in Ukraine, accelerate capital mobilization, and channel up to €3 billion in follow-on investments into critical economic sectors that will drive recovery and growth.

Horizon Capital stands as a leading private equity firm within emerging European markets, managing over $1.8 billion from investors with a vast capital base exceeding $700 billion. This latest initiative reaffirms the firm's commitment to fostering visionary entrepreneurs in Ukraine and Moldova as they navigate the complexities of scaling their businesses amid difficult circumstances. In the past ten years, Horizon Capital has successfully raised over $1 billion for Ukraine, underscoring its role as an integral player in shaping the country’s economic landscape.

In conclusion, the Catalyst Fund is a beacon of hope for Ukraine, offering not just financial support but also a promise of renewed stability and growth. With the backing of robust institutional partners and a clear strategy for engagement, Horizon Capital is poised to make a meaningful impact on Ukraine's economic recovery journey, propelling critical sectors forward and creating lasting opportunities for the future.