Horizon Capital

Horizon Capital is a private equity firm based in Kyiv, Ukraine, with an additional office in Chicago, Illinois. Established in 2006, the firm focuses on investing in later-stage companies, primarily in small to mid-cap enterprises across sectors such as light manufacturing, information technology, financial services, consumer goods, and e-commerce. Horizon Capital targets industry leaders in fast-growing sectors and companies with consolidation potential, while also identifying opportunities in more mature industries for buyouts. The firm typically invests between $5 million and $20 million, acquiring control stakes or minority interests in its portfolio companies. With a strong emphasis on governance and value creation, Horizon Capital aims to liquidate its investments within three to five years through trade sales or public offerings. Backed by over 40 institutional investors, the firm manages assets exceeding $1.1 billion and focuses on export-oriented businesses in Ukraine and the surrounding regions.

Bogdan Svyrydov

Investment Director

Vasile Tofan

Partner

Past deals in FSU

Miratech

Private Equity Round in 2022
Miratech is an IT services and outsourcing company that specializes in managed IT services for large and midsize multinational organizations. Established in 1989, it is headquartered in Stockholm and Washington, DC, with R&D centers located in Poland, Slovakia, and Ukraine. The company supports the digital transformation of enterprises by offering a diverse array of services, including customer experience consulting, engineering process improvement, software engineering, quality assurance, managed security services, and big data analytics. Miratech serves clients across various sectors, such as financial services, healthcare, technology, debt management, government, and telecommunications, helping them enhance their operations. The company has been recognized in several industry rankings and holds certifications in quality management and information security.

Liki24

Venture Round in 2020
Liki24 is a logistics company that operates an e-commerce pharmacy platform aimed at enhancing healthcare accessibility. The platform offers a comprehensive selection of medicines by analyzing prices and availability across numerous partner pharmacies. It facilitates seamless integration and coordination among pharmacies, clinics, and insurance companies, allowing patients to efficiently connect with pharmacies. By utilizing advanced software for logistics team coordination, task management, and data management, Liki24 enables the delivery of medications directly to patients' doorsteps.

MakeUp

Private Equity Round in 2020
MakeUp is a distributor and online retail marketplace specializing in a wide array of cosmetic products for both men and women. The company offers a diverse selection that includes shampoos, hair conditioners, face creams, face masks, dermatocosmetics, and nutritional supplements. In addition to skincare and hair care items, MakeUp provides perfumes, nail care products, and makeup kits from various brands, allowing customers to conveniently shop for their beauty needs in one place.

Purcari

Private Equity Round in 2020
Purcari operates as a wine producing company. The Wine Days were the days were the days when Chateau Purcari organized a very nice party.

Dobrobut

Private Equity Round in 2019
Dobrobut is a network of clinics and medical institutions in Kyiv and Kyiv region, offering essential services to patients in Ukraine. The company owns a wide network of clinics and hospitals, staffed by strong professionals and equipped with modern medical equipment, providing quality care to their patients. The company continuously invests in digitalization of business processes, including mobile platform that allows patients to plan and pay for their visits online.

Ajax Systems

Series A in 2019
Ajax Systems manufactures smart security systems and sensors for homes. It offers wireless window and door opening sensors and movement sensors. The company was founded in 2011 and is based in Kyiv, Ukraine.

Yarych Confectionery

Private Equity Round in 2018
Yarych Confectionery LLC, established in 1986 and based in Lviv, Ukraine, specializes in the production of semi-sweet biscuits and crackers. The company offers a variety of products, including its branded Maria biscuits, petit beurre, and several flavors of packaged long cookies and crackers. As of October 2018, Yarych Confectionery operates as a subsidiary of Dilbeta Investments Limited and Sermola Holdings Limited, focusing on delivering quality baked goods to the retail market.

Intellias

Private Equity Round in 2018
Intellias Ltd. is a custom software engineering company established in 2002 and headquartered in Lviv, Ukraine, with additional offices in Kyiv, Odesa, and Berlin. The company specializes in various sectors, including automotive, location-based services, and financial technology. Intellias offers a broad range of services, such as Automotive R&D, FinTech solutions, SaaS and platform development, data science, Internet of Things (IoT), UX/UI design, mobile app development, and DevOps. By leveraging its expertise in emerging technologies and deep industry knowledge, Intellias partners with organizations to create innovative digital products and enhance their technological capabilities, thereby supporting their digital transformation efforts.

DataGroup

Acquisition in 2016
Datagroup is a leading company in the telecommunications market. Customers of the company receive exactly the services that are needed for the active, dynamic development of their business. The history of the company began in 2000, since the development of Datagroup has become a serious player in the market of telecommunication technologies. The company is the leader in the VSAT satellite communication segment in Ukraine (85%) and the CIS. According to the results of 2012, Datagroup owns 40% of the total revenue in the telecommunications market for corporate clients. In the inter-operator segment of the market, the company occupies 25% of the market in the revenue structure. The company has set up a national network throughout Ukraine with a special rate on the regions and has become one of the leaders in the geography of the provided communication services.

Rozetka

Private Equity Round in 2016
Rozetka operates an e-commerce retailer that sells goods and services.

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 is an online financial ecosystem designed to meet the needs of both individuals and businesses. It provides a comprehensive array of financial services, including consumer lending, savings, investments, mortgages, insurance, and travel services, all accessible through its mobile app and website. Tinkoff emphasizes lifestyle banking, allowing customers to manage personal spending, earn loyalty rewards, and book various services seamlessly. Operating without physical branches, the company employs a network of smart couriers for product delivery across Russia and offers customer support through online platforms and call centers. Tinkoff leverages artificial intelligence and machine learning to enhance customer interactions, with AI handling a significant portion of inquiries. The bank's technological foundation is robust, with the majority of its staff specializing in IT, enabling the development of its products and systems in-house. Tinkoff has been recognized with multiple awards for innovation and excellence in digital banking, affirming its position as a leader in the financial technology sector.

Ciklum

Venture Round in 2012
Ciklum is a Danish IT outsourcing company founded in 2002, specializing in nearshore software development primarily in Eastern Europe, including Ukraine and Belarus. The company offers a range of services such as software development, quality assurance, IoT, big data analytics, and engineering consulting. Ciklum's business model combines technical expertise with a focus on client collaboration, allowing companies to enhance their IT processes and sustain growth through scalable resources. With a workforce of over 1,700 IT specialists, Ciklum supports more than 150 global clients and provides both project-based services and short-term resource solutions for specific tasks. The company operates six development offices in Ukraine, one in Belarus, and two in Pakistan, with additional representative offices across several European countries. Ciklum has received multiple accolades for its innovation and service quality, including recognition as a top IT employer in Ukraine and awards for its contributions to technology in the EMEA region.

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 is a leading company in the telecommunications market. Customers of the company receive exactly the services that are needed for the active, dynamic development of their business. The history of the company began in 2000, since the development of Datagroup has become a serious player in the market of telecommunication technologies. The company is the leader in the VSAT satellite communication segment in Ukraine (85%) and the CIS. According to the results of 2012, Datagroup owns 40% of the total revenue in the telecommunications market for corporate clients. In the inter-operator segment of the market, the company occupies 25% of the market in the revenue structure. The company has set up a national network throughout Ukraine with a special rate on the regions and has become one of the leaders in the geography of the provided communication services.

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 that manages a food retail chain in Ukraine operating under the brand name Fresh. The company runs a network of supermarkets, mini-markets, and home-based stores, offering a diverse selection of products that includes food and non-food items, as well as its own produced goods. In addition to these products, Evrotek provides a variety of additional services to enhance the shopping experience for its customers.

Purcari

Private Equity Round in 2008
Purcari operates as a wine producing company. The Wine Days were the days were the days when Chateau Purcari organized a very nice party.

FinComBank

Private Equity Round in 2007
FinComBank S.A. is a prominent financial institution in the Republic of Moldova, offering a comprehensive range of commercial and retail banking services to private and corporate clients. Established in 1993 and headquartered in Chisinau, the bank provides various deposit products such as current accounts, savings deposits, and term deposits. Its lending portfolio includes consumer loans, business loans, mortgages, car leasing, revolving credit, and bank guarantees. Additionally, FinComBank issues and services debit and credit cards, facilitates the encashment of travel cheques, and processes utility payments through multiple channels, including ATMs and online platforms. The bank also offers foreign trade services, currency exchange, money transfer services, and investment opportunities in state securities, alongside auto and property insurance products. With a network of 17 branches and 82 representative offices, FinComBank caters to a diverse clientele, ranging from private individuals to small and medium-sized enterprises and large corporations.

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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