The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) have committed €11.5 million as anchor investors.
The announcement was made by F1V co-founder and partner Oleksii Yermolenko. The new fund will invest in 30–35 startups across Central and Eastern Europe over the next 5–7 years, with a focus on early-stage technology companies. It is the first Ukrainian fund to receive simultaneous backing from both the EBRD and IFC.
Analysts view the participation of these two leading international institutions as a strong vote of confidence. “It’s a powerful signal to future LPs — EBRD and IFC involvement indicates that the fund has passed a rigorous due diligence process,” noted Denys Sychkov, Principal at Horizon Capital.
Founded in 2018 as part of tech company Genesis, F1V has invested over $45 million in more than 90 startups to date, including Fintech Farm, Liki24, Mate Academy, and Jome. The previous F1V fund is now nearly fully deployed.
The EBRD has committed €6.5 million to the new fund (with the potential to increase to €10 million), while the IFC has allocated €5 million, including €3 million provided by the Government of Japan through the ERA program.
F1V aims to close the fund at €50 million by the end of 2025. According to Yermolenko, preliminary agreements have already been made with both existing and new investors. Typically, fund closings take between 12 and 18 months.
Despite positive momentum, raising capital for VC funds in Ukraine remains challenging amid the ongoing war, and negotiations with new investors may take longer than usual.
Still, Flyer One Ventures has shown solid performance. Over 50% of its portfolio companies have secured follow-on funding, and two startups have successfully exited: Vochi was acquired by Pinterest, and Greenscreens by Triumph Financial. The value of F1V’s first fund portfolio has increased 3.5 times.
“Support from institutions like the EBRD and IFC is not only about reputation — it reflects resilience and discipline, which institutional LPs value most,” added Sychkov.
