Yesterday Ciklum, a major software engineering company operating globally from its main office in Kyiv (Kiev), announced an investment from Dragon Capital and AVentures Capital.
The funds acquired “a minority stake.” No substantive details of the deal were disclosed.
“I’ve known the company from the very beginning and have been serving Director of the Board in Ciklum since 2015. It was a natural decision for AVentures to invest at this round and share our confidence and belief in management and company’s future,” stated Andrey Kolodyuk, Managing Partner of AVentures Capital, a major Kyiv-based venture fund.
Ciklum was founded in 2002 by Torben Majgaard, an Danish entrepreneur who passed away last month after having become a figure of the Ukrainian IT industry.
Headquartered in London, the award-winning company has its main R&D teams in Ukraine. It also has development centers in Belarus – a former Soviet republic neighboring with Ukraine, – Poland, Spain and Pakistan.
In April last year, Majgaard himself invested a “seven-digit amount” in AVentures. The Danish businessman also became a “financial partner” of the fund.
In 2015, the Ukrainian Redevelopment Fund, a private investment vehicle launched by US businessman and philanthropist George Soros, announced the acquisition of a significant stake in Ciklum. No capital injection took place, since the fund acquired the entire stake held by Horizon Capital, a leading Ukrainian private equity fund manager, as well as an undisclosed portion of Majgaard’s stake.