Pluralis B.V., an impact investment fund managed by the U.S.-based Media Development Investment Fund (MDIF), has entered the capital of Ukrainska Pravda, becoming a minority shareholder of the outlet. The transaction concerns the companies UP Media Plus LLC and UP Media LLC, which publish the media outlet. Until recently, 100% of Ukrainska Pravda was owned by Tomas Fiala, founder of the Dragon Capital investment group.
The deal is symbolic: it marks the first institutional investment in independent Ukrainian media since the start of Russia’s full-scale invasion. According to Fiala, the partnership with Pluralis will contribute to the further development of Ukrainska Pravda in line with high international journalism standards. In particular, two representatives of the fund will join the outlet’s supervisory board, strengthening corporate governance and oversight.
Pluralis was established by a consortium of leading European media companies, democracy-supporting foundations, and impact investors. The fund specializes in investments in independent news media that deliver high-quality journalism across Europe. Prior to the deal with Ukrainska Pravda, Pluralis had already invested in media outlets in three Central and Southeast European countries, making this its first investment in Ukraine.
Ukrainska Pravda is one of the country’s leading independent media outlets. Founded in 2000, it covers politics, public affairs, the economy, sports, technology, and international events, with a primary focus on digital platforms. Its nationwide audience exceeds 15 million readers.
The financial performance of the publishing companies shows growth and gradual improvement. According to YouControl data, in the first nine months of 2025, UP Media Plus increased revenue by 54% to UAH 73.1m, while its net loss decreased by 20.2% to UAH 24.8m. The company’s assets totaled UAH 27.3m at the end of the period.
Over the same period, UP Media reported revenue of UAH 0.2m and a net loss of UAH 4.6m, in line with the previous year, with assets amounting to UAH 37.6m.
MDIF CEO Harlan Mandel said that thanks to its strong digital presence and a brand associated with courage and integrity, Ukrainska Pravda has all the prerequisites for further growth and will play an important role in Ukraine’s future. He noted that the outlet’s strong local market position and high-quality journalism make the investment justified from both a mission-driven and investment perspective.
MDIF also emphasized that the fund has been investing in independent Ukrainian media for 28 years and has continued both its investment activities and emergency support for newsrooms during the war.
Ukrainska Pravda’s Executive Director Andrii Boborykin expressed hope that the partnership with Pluralis would help accelerate the outlet’s development by strengthening its reader revenue model, improving products and technologies, and expanding opportunities for watchdog journalism and accountability.
Tomas Fiala recalled that he decided to invest in Ukrainska Pravda 12 years ago, in the final days of the Revolution of Dignity, viewing it as a contribution to the fight against authoritarianism. Since then, the outlet has implemented international governance practices, established independent supervisory bodies, and strengthened institutional resilience. Since May 2021, when Fiala became the owner of Ukrainska Pravda, the team has grown from 70 to 200 employees, while the outlet has significantly expanded its product portfolio and audience.
Until August 2025, Dragon Capital was formally listed as a shareholder of Ukrainska Pravda, but following a restructuring of the ownership structure, Fiala became the direct shareholder of the outlet.
Pluralis B.V. is registered in the Netherlands and headquartered in Amsterdam. Its shareholders and partners include leading European media companies, democracy-supporting foundations, and impact investors, including the King Baudouin Foundation, Tinius Trust, Oak Foundation, Mediahuis, Erste Bank, MDIF, SEDF, as well as a number of family offices.
MDIF, in turn, invests in independent media worldwide, helping them build sustainable business models in countries where free journalism is under threat. The fund was established as a nonprofit organization and combines financial support with strategic expertise.
Ukrainska Pravda was founded by journalist Heorhii Gongadze, who was murdered in 2000—a crime later determined by the court to have been committed by Interior Ministry officers. In 2021, UP’s founding editor Olena Prytula transferred 100% of the corporate rights in the outlet to Dragon Capital. Despite the fact that Fiala also owns the NV media holding, Ukrainska Pravda and NV operate independently, and a separate agreement on editorial independence was signed following the transaction.
