Horizon Capital

Horizon Capital is a private equity firm established in 2006 and headquartered in Kyiv, Ukraine, with an additional office in Chicago, Illinois. It specializes in buyouts, growth capital, and expansion investments, primarily focusing on later-stage opportunities in small and mid-cap companies. The firm invests in various sectors, including light manufacturing, information technology, financial services, fast-moving consumer goods, and e-commerce, with a particular emphasis on industry leaders and companies with consolidation potential. Horizon Capital manages four funds with assets exceeding $850 million and is backed by over 40 institutional investors. The firm actively seeks to partner with visionary entrepreneurs and aims to generate value through governance and operational improvements. Investments typically range from $5 million to $20 million, with a preference for acquiring control stakes, though minority interests are also considered. Horizon Capital generally seeks to exit its investments within three to five years via trade sales or initial public offerings. With a team that boasts over 75 years of regional investment experience, the firm is committed to integrity, transparency, and successful value creation.

Denis Filatov

Investment Director

Enzo Gabrielli

Executive Vice President and CFO

Valeria Ketrysh

Senior Investment Associate

Lenna Koszarny

Founding Partner and CEO

Maksym Kuznetsov

Investment Director

Solomiia Pikh

Senior Investment Associate

Liubomyr Romaniv

Investment Associate

Hanna Shuvalova

Principal

Arina Smykova

Senior Investment Associate

Denys Sychkov

Principal

Vasile Tofan

Partner

Past deals in Eastern Europe

Miratech

Private Equity Round in 2022
Miratech is an IT services and outsourcing company that provides managed IT services to large and midsize multinational organizations. Founded in 1989, Miratech has its headquarters in Stockholm and Washington, DC; and R&D centers in Poland, Slovakia, and Ukraine. Miratech serves its customers internationally, covering 560 locations. Miratech has been ranked highly in major industrial ratings, including the Global Services 100; the Software 500®; the NOA’s Outsourcing Professional Award; The Global Outsourcing 100® and Best Five Companies in Eastern Europe, by IAOP®. Miratech is ISO 9001, CMM Level 3, and ISO 27001 certified.

Liki24

Venture Round in 2020
Liki24 operates an online platform that enables users to search for and order medications and health-related products from various pharmacies. Founded in 2017 and based in Kyiv, Ukraine, the platform allows users to compare prices and availability across categories including healthy nutrition, cosmetics, medicinal products, and medical devices. Liki24's software integrates deeply with partner pharmacies, clinics, and insurance providers, facilitating logistics coordination and task management. This streamlined approach ensures that patients can easily access a wide selection of medicines and receive them conveniently at home, thereby enhancing the overall accessibility of healthcare services.

MakeUp

Private Equity Round in 2020
OOO, MAKEUP is an online retail marketplace specializing in cosmetics and perfumes, offering a diverse range of products for both men and women. Founded in 2009 and based in Kiev, Ukraine, the company provides an extensive selection that includes makeup, nail care, hair care, skincare, and fragrances, as well as accessories and health-related items. Its platform allows customers to conveniently explore and purchase products from various brands, catering to both local and international markets. By focusing on a comprehensive assortment of beauty and personal care products, OOO, MAKEUP aims to meet the diverse needs of its clientele.

Purcari

Private Equity Round in 2020
Purcari Wineries Public Company Limited is a wine and brandy producer with a presence in several countries, including Romania, the Republic of Moldova, Poland, the Czech Republic, Slovakia, and various international markets. The company offers its products under well-known brands such as Purcari, Bostavan, Crama Ceptura, and Bardar. In addition to wine production, Purcari operates a hotel featuring luxury accommodations, restaurants, and a range of leisure activities, including boating, biking, hiking, and various sports. Founded in 1827 and headquartered in Nicosia, Cyprus, Purcari aims to provide a comprehensive experience that combines quality beverages with hospitality services.

Dobrobut

Private Equity Round in 2019
Dobrobut is a network of clinics and medical institutions located in Kyiv and the surrounding region, dedicated to providing essential healthcare services to patients in Ukraine. The organization operates a variety of facilities, including children's clinics, polyclinics, and inpatient clinics, offering specialized services such as therapy, allergology, and neurology. Staffed by qualified professionals and equipped with modern medical technology, Dobrobut focuses on delivering reliable and quality care. Additionally, the company invests in the digitalization of its business processes, featuring a mobile platform that allows patients to schedule and pay for their appointments online, enhancing accessibility and convenience in healthcare services.

Ajax Systems

Series A in 2019
Ajax Systems Inc. is a manufacturer of smart security systems and sensors designed for residential use. Founded in 2011 and based in Kyiv, Ukraine, the company provides a range of products including wireless window and door opening sensors, movement sensors, leak detectors, fire detectors, and glass protectors. Ajax Systems also offers hubs that enable clients to integrate and manage multiple devices within their security systems, ensuring comprehensive protection for homes across Europe.

Yarych Confectionery

Private Equity Round in 2018
Yarych Confectionery LLC, founded in 1986 and based in Lviv, Ukraine, specializes in the production of semi-sweet biscuits, crackers, and various types of packaged long cookies. The company offers a range of branded products, including Maria biscuits, petit beurre, and The Crackers. As a notable player in the packaged biscuits market, Yarych Confectionery focuses on delivering quality baked goods to retail customers. Since October 2018, it has operated as a subsidiary of Dilbeta Investments Limited and Sermola Holdings Limited.

Intellias

Private Equity Round in 2018
Intellias Ltd. is a custom software engineering company founded in 2002 and headquartered in Lviv, Ukraine, with additional offices in Kyiv, Odesa, and Berlin. The company specializes in providing software development services across several industries, including automotive, financial technology, location-based services, retail, IoT, and energy. Intellias offers a range of services, such as Automotive R&D, SaaS and platform development, data science, IoT and embedded solutions, UX/UI design, mobile app development, and DevOps. With a workforce of over 1,600 professionals, the company supports leading technology firms from Europe and North America by building and managing engineering teams in Eastern Europe. Intellias has gained recognition for its rapid growth, being listed among the fastest-growing privately held companies in Europe and earning accolades as a top employer in the IT sector. Its commitment to quality and productivity has established Intellias as a prominent player in the software engineering landscape.

DataGroup

Acquisition in 2016
Datagroup PJSC is a prominent telecommunications service provider in Ukraine, catering to both corporate clients and residential customers. Founded in 2000 and headquartered in Kiev, the company offers a wide range of services, including fixed-line and digital telephony, internet access, data transmission, video conferencing, and surveillance solutions. Datagroup also operates data centers and provides IT infrastructure services, making it a key player in the telecommunications market. The company serves diverse sectors, including corporate businesses, banks, hospitality, education, and government, ensuring tailored solutions that support their operational needs. Notably, Datagroup leads the VSAT satellite communication segment in Ukraine and holds significant market shares in various telecommunications segments, reflecting its extensive network and commitment to enhancing communication services across the region.

Rozetka

Private Equity Round in 2016
Rozetka is the largest online retailer in Ukraine, specializing in electronics, clothing, and various household products. The company's online platform features user-friendly tools that facilitate the selection of goods based on technical specifications. In addition to a diverse product range, Rozetka provides shipping and after-sale services, ensuring a comprehensive shopping experience for its customers.

Biofarma

Private Equity Round in 2012
Biofarma operates as a pharmaceutical manufacturer. Biofarma manufactures medicinal products made of donated human blood, recombinant preparations and drugs based on spore-forming bacteria.

Tinkoff

Series D in 2012
Tinkoff Bank is a prominent online retail financial services provider in Russia, established in 2006 and headquartered in Moscow. It operates a branchless banking model, offering a diverse range of products including transactional and savings accounts, credit cards, consumer loans, personal insurance, and investment services. Tinkoff Bank also provides payment and money transfer services, alongside mortgage products and mobile banking solutions. With a strong focus on digital engagement, the bank serves its customers primarily through online channels and a call center, supported by approximately 2,500 representatives across the country. It aims to reach a broad customer base, including those in underserved regions, by leveraging cutting-edge technology to facilitate seamless banking experiences. Tinkoff Bank is a subsidiary of TCS Group Holding PLC and has garnered significant market presence in the credit card sector, with millions of cards issued and substantial assets under management.

Ciklum

Venture Round in 2012
Ciklum ApS is a digital solutions company founded in 2002 and based in Kyiv, Ukraine, specializing in IT outsourcing and software development. It serves a diverse clientele, including Fortune 500 companies, by offering a range of services such as application development, research and development, quality assurance, big data analytics, Internet of Things solutions, and DevOps. With development centers across Ukraine, Poland, Spain, Belarus, and Pakistan, Ciklum also maintains sales offices in various countries including Denmark, Israel, and the United States. The company employs over 1,700 IT specialists and supports clients through a unique business model that combines human resources with IT expertise, facilitating scalability and flexibility. Ciklum is recognized for its innovative approach, having received several awards for its contributions to the technology sector and its commitment to fostering productive work environments for clients.

UkrFinance

Private Equity Round in 2011
UkrFinance is a debt purchasing and collection agency. UkrFinance works with debt portfolios, as well as purchases distressed debts.

Vitmark

Private Equity Round in 2010
Vitmark operates as a manufacturer of non-alcoholic beverages. Vitmark brands include well-known Jaffa and Nash Sik. It currently operates two production sites in the Odessa region, processing plant in Rakhny and a nation wide distribution network with 12 regional sales offices. Jaffa and Nash Sik brands cover both premium and middle market segments.

Fortis Life Insurance Ukraine

Acquisition in 2010
Fortis Life Insurance Ukraine provides life insurance services. Fortis Life Insurance Ukraine insurance products, which include life insurance products for children's education, weddings, and retirements.

DataGroup

Private Equity Round in 2010
Datagroup PJSC is a prominent telecommunications service provider in Ukraine, catering to both corporate clients and residential customers. Founded in 2000 and headquartered in Kiev, the company offers a wide range of services, including fixed-line and digital telephony, internet access, data transmission, video conferencing, and surveillance solutions. Datagroup also operates data centers and provides IT infrastructure services, making it a key player in the telecommunications market. The company serves diverse sectors, including corporate businesses, banks, hospitality, education, and government, ensuring tailored solutions that support their operational needs. Notably, Datagroup leads the VSAT satellite communication segment in Ukraine and holds significant market shares in various telecommunications segments, reflecting its extensive network and commitment to enhancing communication services across the region.

Bostavan

Acquisition in 2010
Bostavan engages in the production and sale of wine and spirits. Bostavan is state-of-the-art outfit and runs more the 800 hectares of young vineyards. Moreover, Bostavan Wineries Group owns one of the most famous Moldovan wine brands Rosu de Purcari and Negru de Purcari.

Evrotek

Venture Round in 2008
Evrotek is a holding company for a recently formed Ukrainian food retail chain operating under the trade name Fresh. Evrotek offers a wide range of products: food and non-food groups, own-produced goods and a full range of additional services.

Purcari

Private Equity Round in 2008
Purcari Wineries Public Company Limited is a wine and brandy producer with a presence in several countries, including Romania, the Republic of Moldova, Poland, the Czech Republic, Slovakia, and various international markets. The company offers its products under well-known brands such as Purcari, Bostavan, Crama Ceptura, and Bardar. In addition to wine production, Purcari operates a hotel featuring luxury accommodations, restaurants, and a range of leisure activities, including boating, biking, hiking, and various sports. Founded in 1827 and headquartered in Nicosia, Cyprus, Purcari aims to provide a comprehensive experience that combines quality beverages with hospitality services.

FinComBank

Private Equity Round in 2007
FinComBank provides a wide range of financial services to local and foreign clients, including private individuals, small and medium businesses and large enterprises. FinComBank engages in issuing and servicing debit and credit banking cards.

MTBank

Private Equity Round in 2007
MTBank provides various banking services. MTBank is a member of the Association of Belarusian Banks, the Community of Worldwide Interbank Financial Communications (SWIFT), international payment systems VISA International and MasterCard.
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