The European Bank for Reconstruction and Development (EBRD) is committing €30 million to the Horizon Capital Catalyst Fund (HCCF), a fund focused on investing in Ukrainian companies to support the country’s reconstruction. This marks an important step in strengthening private-sector investment during a critical period for Ukraine. HCCF has already secured more than €150 million in commitments, surpassing half of its €300 million target. The achievement was formally marked with a signing ceremony at Ukraine House Davos during the World Economic Forum’s Annual Meeting. Current investors include the International Finance Corporation, as well as the Swedish, French, Norwegian and Dutch development and investment agencies Swedfund, Proparco, Norfund and FMO.
The fund was first launched at the Ukraine Recovery Conference in Rome in July 2025. Its goal is to channel much-needed capital into Ukrainian businesses, helping them remain resilient and continue growing despite the ongoing challenges. HCCF aims to attract international investors to Ukraine, encourage private-sector participation and support the broader recovery and long-term development of the economy. HCCF will focus on domestic-oriented, capital-intensive mid-cap companies, mainly in the energy, digital infrastructure and construction sectors. Its investments in the energy sector are expected to strengthen Ukraine’s energy security and improve the resilience of its power systems.
EBRD Vice President for Banking, Matteo Patrone, said the Bank’s €30 million investment reflects its strategic commitment to backing private equity initiatives that promote innovation, competitiveness and job creation. He noted that supporting HCCF aligns with the EBRD’s wider efforts in infrastructure development, energy projects and financial-sector reforms in Ukraine. Horizon Capital’s Founding Partner and CEO, Lenna Koszarny, described the launch of the Catalyst Fund as a major milestone for the firm, coinciding with its twentieth anniversary.
She highlighted that this is the second Ukraine-focused fund launched since the full-scale invasion and that Horizon Capital has now raised more than $1 billion for Ukraine over the past decade. She added that the strong backing from investors will allow the fund to begin deploying capital into Ukrainian businesses without delay. HCCF will continue working with existing and potential investors to reach its full €300 million target, which will help ensure sustained support for Ukrainian enterprises and contribute to a durable and inclusive economic recovery.
The EBRD has a well-established partnership with Horizon Capital and has invested in all Horizon-managed funds raised since 2017. Recent collaboration includes support for Horizon Capital Growth Fund IV, which helped provide expansion capital to fast-growing technology and export-oriented companies. The EBRD is currently Ukraine’s largest institutional investor. Since the Russian invasion in 2022, the Bank has invested more than €9 billion in the country, supporting energy security, essential infrastructure, food supply, trade and the private sector.
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