DAVOS, Switzerland — January 20, 2026 — In a resounding vote of confidence for Ukraine’s economic resilience, Kyiv-based powerhouse Horizon Capital has announced the first close of its new Horizon Capital Catalyst Fund (HCCF).
Unveiled at the Ukraine House Davos during the World Economic Forum, the firm has raised over €150 million—more than 50% of its €300 million target—in a record-breaking six months since the fund’s inception in Rome in July 2025.
With over $1.8 billion in assets under management, Horizon Capital is pivoting to address a critical gap in private capital, targeting strategic, capital-intensive sectors vital for the nation’s recovery: energy, digital infrastructure, and construction.
The Multiplier Effect: Turning Millions into Billions
The Catalyst Fund is designed to be exactly what its name implies—a spark. Horizon Capital’s strategy isn’t just about deploying its own €300 million; it is about leverage.
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The Goal: To mobilize approximately €3 billion in capital for Ukraine.
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The Strategy: Providing the first “catalytic” equity to companies with high tangible assets.
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The Multiplier: An expected 10x effect, achieved by partnering with international strategic investors to fast-track their entry into the Ukrainian market.
This approach builds on the firm’s proven blueprint, most notably the landmark Datagroup-Volia-lifecell deal—Ukraine’s largest M&A transaction in a decade—which facilitated the market entry of global tech visionary Xavier Niel, with Horizon Capital serving as the local minority partner.
A Coalition of Heavyweights
The first close was backed by a stellar lineup of institutional investors who are choosing to invest now, rather than waiting for the cessation of hostilities. This list includes:
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IFC (International Finance Corporation)
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EBRD (European Bank for Reconstruction and Development)
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Proparco (France)
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Swedfund (Sweden)
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Norfund (Norway)
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FMO (Netherlands)
This backing allows Horizon Capital to immediately execute on a pipeline of over 30 potential deals. The first four alone, totaling €110 million, are expected to unlock over €1 billion in additional capital for the Ukrainian economy.
Voices from Leadership
Lenna Koszarny, Founding Partner and CEO of Horizon Capital, highlighted the significance of this launch during the firm’s 20th anniversary year.
“The launch of Catalyst Fund is a landmark event for Horizon Capital… This is the second fund focused on Ukraine that we have launched since the full-scale invasion, bringing total capital raised by Horizon Capital for Ukraine to over $1 billion in the last decade”, stated Koszarny.
“Catalyst Fund opens opportunities for investment in high-impact, labor- and capital-intensive sectors that contribute over 10% of Ukraine’s GDP and create over 650,000 jobs, at a time when access to private capital remains limited”.
Dmytro Boroday, Partner at Horizon Capital and Lead Partner of the Catalyst Fund, emphasized the collaborative nature of the new vehicle.
“Catalyst Fund is designed to build partnerships. We aim to collaborate with leading global investors, accelerating their entry into the Ukrainian market with Horizon Capital as their local partner, as well as with top Ukrainian entrepreneurs and management teams”, said Boroday.
He added that the fund targets ticket sizes between €20 million and €50 million per deal: “By providing catalytic equity, we aim to increase the number of bankable deals in Ukraine… and attract up to €3 billion in follow-on investment in the form of private and debt financing”.
The Bigger Picture
While Horizon Capital is renowned for its Growth Funds targeting tech and export-oriented businesses, the Catalyst Fund expands this focus to greenfield projects and sectors essential for long-term well-being. It serves as a bridge, connecting global capital with the on-the-ground reality of rebuilding a modern, resilient European Ukraine.
