AVentures Capital enlarges investment focus, backs IT outsourcing company CoreValue

On February 26, AVentures Capital, a major early-stage venture capital fund based in Ukraine, announced that it acquired a minority stake in CoreValue, a Ukraine-based IT outsourcing company. The amount of the deal has not been disclosed.

“We are glad to partner up with the leading salesforce developer in CEE and one of the fastest growing outsourcing companies in the region,” said Yevgen Sysoyev, managing partner of AVentures Capital, who joined the Board of Directors at CoreValue.

In the span of twelve years, CoreValue has opened its R&D offices in seven regions of Ukraine and Poland. The company has grown to 350 employees “contributing to delivery of advanced technology solutions for both large and medium enterprises from the US and Europe.”

“CoreValue, the premier technology provider in the area of public and private cloud, will benefit from working with AVentures’ expertise and contacts in the industry, as we continue our growth,” commented Igor Kruglyak, CEO and co-founder of CoreValue.

CoreValue claims a high-level expertise in application development “demonstrating consistent capabilities and commitment to customers in pharmatechnology, fintech and healthcare verticals.”

CoreValue is the second growth stage company in AVentures’ portfolio. The deal has marked the transformation of the fund into “a stage-agnostic investment firm targeting companies from late seed stage, to Series A, to growth or buy-out stage,” said Sysoyev.

In late 2017, the fund invested $500,000  in Bookimed, a Kyiv-(Kiev-) based healthcare service operating globally.

This past autumn, AVentures Capital injected an undisclosed amount in TeamFusion, a Los Angeles-based B2B startup which delivers “simple, effective and highly personalized” staff training to companies using Microsoft Office 365.

Source: AVentures Capital

Topics: Finance, IT services, News, Venture/Private equity
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