Ukrainian venture capital firm Flyer One Ventures has launched Fund V, a €50 million fund, with significant backing from the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD). This fund will focus on early-stage tech companies in Ukraine and Central and Eastern Europe (CEE).
The EBRD has initially committed €6.5 million, with the potential to increase to €10 million, while the IFC is contributing €5 million, which includes up to $3 million from Japan’s Economic Resilience Action (ERA) Program.
Flyer One Ventures typically invests up to $1.5 million in pre-seed and seed-stage software startups. They have invested nearly $45 million in over 90 startups addressing key industry challenges. Notable portfolio companies include Fintech Farm (developing neobanks), Liki24 (enhancing last-mile health product delivery), Jome (an AI-driven home-buying platform), and Mate Academy (providing tech job training).
Founded in 2018, the firm has achieved successful exits with VOCHI (acquired by Pinterest) and Greenscreens (acquired by Triumph Financial). Led by General Partner Vital Laptenok, along with partners Oleksii Yermolenko and Olena Mazhuha, both recognized in Forbes’ 30 Under 30 Europe, the firm provides support in marketing, hiring, public relations, and fundraising. Over half of their portfolio companies have secured Series A funding and beyond.
KEY QUOTES:
“Founders across CEE — and Ukrainians in particular — have already shown they can build world-class products under the hardest conditions. With this new fund we can double-down on the next wave and help them scale globally faster.”
“We’re the first Ukrainian VC supported by both IFC and EBRD. It’s a big responsibility, and an even bigger honor.”
F1V co-founder and partner Oleksii Yermolenko
“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 of banking Matteo Patrone
“Our investment in F1V’s new fund is an important step in supporting Ukraine’s digital entrepreneurship. 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.”
Ines Rocha, IFC’s division director for Europe
