Flyer One Ventures Starts €50M Fund to Support Startups in Ukraine and Central Eastern Europe

The new Fund V will focus on helping early-stage tech startups in Ukraine and other parts of Central and Eastern Europe (CEE).

"Founders across CEE — and Ukrainians in particular — have already shown they can build world-class products under the hardest conditions," says F1V co-founder and partner Oleksii Yermolenko.

"With this new fund, we can double down on the next wave and help them scale globally faster."

The EBRD has already invested €6.5 million in Fund V, with a chance to increase it to €10 million later. The IFC has added €5 million.

Part of the IFC's funding—up to $3 million (in euros)—comes from Japan through the IFC's Economic Resilience Action (ERA) Program.

"We're the first Ukrainian VC supported by both IFC and EBRD. It's a big responsibility, and an even bigger honor," adds Yermolenko.

F1V invests up to $1.5 million in early-stage software startups.

So far, it has invested nearly $45 million in over 90 startups that solve real problems in important industries.

Some of the companies in its portfolio are Fintech Farm, which creates digital banks for growing markets; Liki24, which makes delivering health products easier; Jome, an AI platform that helps people buy new homes; and Mate Academy, which trains people for tech jobs worldwide.

"We are proud to support F1V's new fund and, in doing so, help local founders turn their ideas into reality. This partnership will help promising companies to take the next step — and that's exactly what innovation needs. It's what the whole region needs," EBRD vice president, banking, Matteo Patrone.

"Our investment in F1V's new fund is an important step in supporting Ukraine's digital entrepreneurship," says Ines Rocha, IFC's division director for Europe.

"By strengthening the local venture capital market, we hope to help keep talented people in Ukraine and draw more private investment into its growing technology sector."

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