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Ukrainian Flyer One Ventures Announces $54M Fund to Support Tech Startups in Eastern Europe
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Ukrainian venture capital firm Flyer One Ventures (F1V) has announced the launch of its $54 million Fund V, supported by the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), they reported on July 11.
The new fund will focus on backing early-stage tech startups in Ukraine and across Central and Eastern Europe (CEE), with a particular emphasis on Ukrainian founders.
“Founders across CEE—and Ukrainians in particular—have already shown they can build world-class products under the hardest conditions,” said Oleksii Yermolenko, co-founder and partner at F1V.
“With this new fund, we can double down on the next wave and help them scale globally faster,” he continued.
Both EBRD and IFC have committed significant funding to Fund V. EBRD has pledged $7.6 million (potentially increasing to $12 million), while IFC has contributed $6 million. The IFC's investment includes up to $3 million (or the euro equivalent) from Japan through its Economic Resilience Action Program.
“We’re the first Ukrainian VC supported by both IFC and EBRD. It's a big responsibility, and an even bigger honor,” Yermolenko added.
F1V primarily invests up to $1.5 million in pre-seed and seed-stage software startups. To date, the firm has invested nearly $45 million across more than 90 startups focused on solving real-world challenges in industries such as fintech, health tech, and AI.
Notable companies in its portfolio include Fintech Farm, a company that builds neobanks in emerging markets, Liki24, which streamlines last-mile delivery of health products, Jome, an AI platform for simplifying home-buying, and Mate Academy, which trains tech professionals for global jobs.
F1V has already seen two successful exits: VOCHI, which was acquired by Pinterest, and Greenscreens, acquired by Triumph Financial.
EBRD Vice President for Banking, Matteo Patrone, expressed strong support for the fund, stating, “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.”
Ines Rocha, IFC’s Division Director for Europe, added, “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 attract more private investment into its growing tech sector.”
Founded in 2018, F1V is led by General Partner Vital Laptenok, who co-founded tech company Genesis, along with partners Oleksii Yermolenko and Olena Mazhuha, both featured in Forbes' 30 Under 30 Europe list.
Beyond capital, F1V offers hands-on support in areas such as marketing, hiring, PR, business development, and fundraising. While the fund focuses on early-stage companies, more than half of its portfolio companies have already successfully raised Series A rounds and beyond.
Earlier, it was reported that Ukraine is preparing to host a record-breaking global summit on defense tech and battlefield AI.
