Ukrainian venture capital firm Flyer One Ventures has announced its new €50 million fund backed by the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).
The new Fund V will focus on supporting early-stage tech companies from Ukraine and across 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.”
EBRD and IFC have already committed €6.5 million (to be potentially increased to €10 million at a later date) and €5 million respectively to the first closing of Fund V. IFC's commitment includes up to $3 million — or its euro equivalent — from Japan through 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 software startups at pre-seed and seed stages. To date, it has invested nearly $45 million across more than 90 startups that solve real-world challenges in key industries.
Its portfolio includes Fintech Farm, which builds neobanks in emerging markets, Liki24, which improves last-mile delivery of health products, Jome, an AI platform that simplifies buying new homes, and Mate academy, which trains people in tech for global jobs.
The Ukrainian VC firm has already seen two exits: VOCHI (acquired by Pinterest) and Greenscreens (acquired by Triumph Financial).
“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.”
Founded in 2018, F1V is led by General Partner Vital Laptenok, who also co-founded tech company Genesis, alongside partners Oleksii Yermolenko and Olena Mazhuha, both featured in Forbes' 30 Under 30 Europe.
Beyond capital, F1V provides hands-on support in marketing, hiring, PR, business development, and fundraising. While the fund invests in early-stage companies, more than half of its portfolio companies have already successfully raised Series A rounds and beyond.
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