PIFC and EBRD back €50M Flyer One Ventures fund
Category: Startup Investment Tags: startup, investment, Ukraine
PIFC and EBRD Commit Capital to Flyer One Ventures’ €50M Fund V for Early-Stage Startups in Ukraine and Central Eastern Europe
A new chapter is opening for early-stage innovation in Ukraine and Central and Eastern Europe (CEE), as Flyer One Ventures (F1V) secures strategic institutional support from the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) for its latest initiative — Fund V, a €50 million vehicle targeting emerging technology ventures.
The announcement marks a historic moment: Fund V is the first Ukrainian venture capital fund backed by both the EBRD and the IFC, signaling strong international confidence in the region’s startup ecosystem despite geopolitical turbulence. With Ukraine under sustained pressure from war, this vote of confidence comes as a lifeline to hundreds of resilient entrepreneurs building globally relevant companies under extraordinary conditions.
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The EBRD has already committed €6.5 million, with potential expansion to €10 million. The IFC, part of the World Bank Group, is contributing €5 million, including up to $3 million in Japanese funds via its Economic Resilience Action (ERA) program, which aims to strengthen digital entrepreneurship in conflict-affected regions.
Flyer One Ventures, founded by Oleksii Yermolenko and now headquartered in Kyiv and London, has already proven its mettle. The firm has deployed nearly $45 million across 90+ startups, including standout names such as Fintech Farm, Liki24, Mate Academy, and Jome. Its most visible exits include VOCHI, a video-editing app acquired by Pinterest in 2021, and Greenscreens.ai, acquired by Triumph Financial in the U.S.
Fund V will continue Flyer One’s focus on pre-seed to Series A technology startups, particularly in software, B2B SaaS, edtech, and fintech verticals. The typical ticket size will range up to $1.5 million, with strategic support also offered to portfolio companies seeking expansion across the EU, UK, and North America.
The fund has already begun its deployment, having quietly backed several stealth startups in AI infrastructure and dev tools, reflecting the region’s pivot toward deeptech and vertical AI solutions. In parallel, the team is also scouting opportunities in digital health and cybersecurity — two sectors seeing rising institutional interest due to both geopolitical and demographic shifts in the region.
“Founders in Ukraine and CEE have shown unmatched resilience and creativity. Even under siege, they are building world-class tech,” said Yermolenko. “With Fund V, we aim to give them the runway to scale fast and globally.”
Matteo Patrone, EBRD Vice President for Banking, added, “Backing Flyer One is part of our broader strategy to catalyze innovation ecosystems in Eastern Europe. By supporting homegrown funds, we help bridge the gap between local ingenuity and global capital.”
Meanwhile, IFC Europe Director Ines Rocha highlighted the developmental mission: “This investment reflects our commitment to retaining talent in Ukraine and unlocking private sector growth through technology.”
While Fund V is an economic venture, its political relevance is impossible to overlook. As CEE navigates war, migration, inflation, and digital transformation all at once, VC funds like Flyer One are becoming architects of resilience — enabling not only GDP growth but also long-term human capital preservation.
