Aurora Multimarket, one of Ukraine’s leading retail chains, together with private equity fund Horizon Capital, is launching Aurora Next, an initiative aimed at bringing capital and expertise to the development of Ukrainian retail companies. Total investment in 2026 may reach $10–20 million, with the project combining financial backing with access to Aurora’s infrastructure, technology, and operating expertise.
The idea for the initiative emerged from Aurora’s practical interaction with entrepreneurs who had approached the company for advice on scaling, building systematic processes, and securing financing. Aurora Next formalizes this expertise, offering it not only within Aurora’s own network but also to external retail businesses. At the same time, Aurora and Horizon Capital are prepared to provide capital in exchange for a controlling stake in a company, while preserving the founders’ role in managing the business. The model is not a classic M&A approach — it is structured as a partnership in which the entrepreneur remains an active participant in the process, with real skin in the game.
The project’s financial component is combined with access to the infrastructure and resources of a large retail network. Partners will be able to use Aurora’s logistics, IT systems, analytics, supplier network, and digital tools. In particular, the new Westgate Logistics hub, whose construction cost tens of millions of euros, will also be available to partner businesses. Aurora Next is positioned as “smart money,” where capital is paired with technological and operational support. Horizon Capital, in turn, will help companies make their businesses investment-transparent and attractive for further development and potential future transactions.
The project is aimed at retail chains with 25 or more stores, annual turnover of $5 million to $50 million, and strong growth potential of at least 30% per year. The main criterion is the pace of scaling, while sector restrictions are minimal. Potential segments include food retail, pet products, and other mass-market retail formats, although priority is given to the ambition and entrepreneurial drive of the owners.
The partnership model provides that Aurora Next initially acquires a controlling stake of more than 50%, with the option of subsequently buying out the founders’ remaining stake after several years. This allows the founder to retain a leadership role while also offering a transparent exit strategy, something still rare in the Ukrainian market. The model combines the capital and technologies of a large company with the motivation and managerial experience of the entrepreneur, creating conditions for accelerated growth.
Horizon Capital and Aurora view the first stage of the project as a test of the model. In 2026, they plan to complete two to three pilot deals with investments of $5–10 million each. The program is expected to scale further after the model’s effectiveness is successfully validated. At the initial stage, deal selection and support will be handled by Horizon, while a dedicated team within Aurora is expected to be created later.
The project is also part of Aurora’s strategy to increase its capitalization ahead of a potential IPO. The presence of partner businesses in its portfolio will help demonstrate the company’s growth and enhance its valuation at the time of a stock market listing. Experts identify the integration of new businesses and the need to retrain teams due to differences in corporate cultures as the main risk, although the company plans to work only with businesses whose values and approaches are compatible with Aurora’s corporate culture.
Overall, Aurora Next is positioned as an instrument for attracting direct investment into Ukrainian retail, enabling companies to accelerate growth through capital, technology, and infrastructure while minimizing the risks associated with scaling.
