Horizon Capital Catalyst Fund SCSp (FMO-65520)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Ukraine
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jan 20, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Horizon Capital
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Communications
  • Construction
  • Energy
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 11.73 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 10
Converted using 2026-01-20 exchange rate.
Loan Amount (USD)
$ 11.73 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 10
Converted using 2026-01-20 exchange rate.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ FMO website

Updated in EWS Feb 19, 2026

Disclosed by Bank Oct 14, 2025

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Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the FMO, Horizon Capital Catalyst Fund SCSp has been established to invest in asset-heavy, domestic-oriented companies and projects across various themes, including digital infrastructure, energy, construction materials, and select industrial sectors. The Fund intends to catalyze significant investment by partnering with foreign strategics and funds seeking a local partner, as well as with Ukrainian founders and operators seeking a value-add partner. The funding objective is to support the Fund in reaching its target size of EUR 300 million. FMO invested EUR 10 million at HCCF's first close.

The Fund's target sectors form the backbone of Ukraine's economy and require substantial, near-term investment to support the country's reconstruction. FMO's participation in the Fund's first closing sends a positive signal to other potential limited partners. In doing so, FMO plays a catalyzing role in helping the Fund attract additional investors - both DFIs and private investors - and achieve its target size and objectives. Through its commitment, FMO supports the Fund Manager in contributing to Ukraine's long-term economic recovery and in ensuring that local businesses and projects have access to growth capital, enabling them to remain resilient, agile, and capable of thriving despite the ongoing war. The investment qualifies under FMO's Reduced Inequalities label.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.


People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.


Investment Description
Here you can find a list of individual development financial institutions that finance the project.


Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actor Relationship
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.


Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the FMO, Horizon Capital Catalyst Fund SCSp is a private equity fund investing in Ukraine, managed by Horizon Capital. FMO has an existing relationship with Horizon Capital, having invested in all five private equity funds managed and established to date by Horizon Capital (Emerging Europe Growth Fund I, II & III and Horizon Capital Growth Fund II & IV).


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Financial Intermediary - Horizon Capital:

Website: https://horizoncapital.com.ua/ 

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism

How it works

How it works