Moldova & Ukraine — Growth Equity
The missing layer of capital for the missing middle.
Avalon Capital backs established, revenue-generating companies in Moldova and Ukraine in the €3–10M growth-equity tier that existing private equity funds do not serve — and builds them into EU-investable businesses.
€2B
Moldova's unmet MSME equity gap
IFC / World Bank CPSD, 2023
$29B
Ukraine's unmet SME financing gap per year
IOM / CSIS, 2024
2.3 / 5.0
Moldova's access-to-equity score — lowest among EU candidate and Eastern Partnership countries
OECD / EBRD SME Policy Index, 2024
0.025%
Ukrainian PE investment as a share of GDP before the war, though SMEs are 99.97% of businesses
CSIS, 2023
Where to start
Opportunity
Why equity — not debt or grants — is the binding constraint for established companies in both markets, and why the shortfall predates the war.
Read more →Investment Strategy
Target sectors, hard-stop eligibility filters, the 90-day transformation plan, and the EU exit routes we underwrite toward.
Read more →Impact
Climate adaptation, 2X gender alignment and binding IFC/EBRD standards applied as investment criteria at committee stage.
Read more →Team
A team resident in Chișinău and Lviv, built as a value-creation engine for smaller companies rather than a deal desk.
Read more →Speak with the investment team
We are glad to discuss the region, our approach, and how we work with companies.