Western NIS Enterprise Fund intends to invest at least $5 million in Ukrainian IT projects
The Western NIS Enterprise Fund (WNISEF), which was created with U.S. government funds, intends to invest at least $5 million into commercial start-ups in the IT-sector of Ukraine. It was announced by Yaroslava Z. Johnson, WNISEF President and CEO. "We received permission to establish a new fund for startups in the IT-sector," she told reporters.
Yaroslava Johnson specified that WNISEF, since its inception in 1994, has already completed most of the investments. However, due to unfavorable market conditions, there are still four projects left in its portfolio. According to her, the Fund will realize these investments and is able to spend half of the proceeds on new commercial projects in the IT-sector.
The WNISEF President stated that since March 2015, the Fund has carried out a program of technical assistance to Ukraine and Moldova totaling $35 million over the past three years. Since its launch, WNISEF has invested about $10 million in approximately 20 projects in Ukraine. In particular, Ukraine's first 1991 Open Data Incubator project was created. Two more 1991 Open Data Incubators at universities and one urban incubator are planned to be launched by 2018. After that, the program will expand to Moldova where they plan to fund six projects.
The Western NIS Enterprise Fund is the first $150 million regional private equity fund in Ukraine and Moldova, funded by the U.S. government via the U.S. Agency for International Development (USAID) in 1994. During this time, the fund has invested $168 million in 118 companies.