Pluralis B.V. invests in leading Ukrainian media company Ukrainska Pravda
The investment marks the first institutional investments in independent Ukrainian media during the full-scale war.
Pluralis, founded by a group of prestigious European media companies, democracy-supporting foundations and impact investors, invests in news companies that provide independent, quality reporting in countries in Europe where a plural media is at risk. With investments in three other Central/South-East European countries, this will be its first investment in Ukraine.
Ukrainska Pravda is one of Ukraine’s leading independent news outlets, known for its public-interest journalism and accountability reporting. Founded in 2000, UP covers politics, society, economy, sports, tech and international affairs, with a strong digital-first approach and a national audience of over 15 million people.
“For 25 years, Ukrainska Pravda has played a profound role in Ukraine’s public discourse, and we welcome the opportunity to invest in its next chapter,” said Harlan Mandel, CEO of Media Development Investment Fund (MDIF), which manages Pluralis. “Since its founding by Heorhiy Gongadze, Ukrainska Pravda has been at the forefront of Ukraine’s political life, covering every defining moment from the Orange Revolution and Maidan, to Russia’s invasions and today’s wartime period. With its strong digital presence and a brand long associated with courage and integrity, we believe the company is well positioned for growth and will continue to play a pivotal role in Ukraine’s future.”
“UP has a stellar reputation, serving 15 million Ukrainians with quality news and information every year,” said Mr Mandel. “With an excellent position on the local market underpinning its uncompromised, high-quality journalism, UP is an excellent investment for Pluralis from both a mission and investment perspective.”
MDIF has invested in Ukrainian independent media for 28 years. It has continued to invest and to provide emergency support to independent media during the war.
“Exactly 12 years ago, in the final days of Ukraine’s Revolution of Dignity, I decided to make a contribution to ensure that Ukraine would no longer stand on the edge between democracy and authoritarianism. At the time, most media outlets were funded by oligarchs or Russia, and access to objective and reliable information was severely limited,” said Tomáš Fiala, founder of Dragon Capital, shareholder of Ukrainska Pravda. “Together with colleagues and journalists, over the past years we have significantly expanded the space for freedom of speech — a foundation without which Ukraine could not aspire to membership in the European Union. During this time, we actively drew on international expertise, established independent advisory boards, and implemented best practices for independent media.
Since May 2021, when we became the owners of Ukrainska Pravda, the team has grown from 70 to 200 employees, and the publication has significantly expanded its range of products and readership. Partnering with Pluralis will support Ukrainska Pravda’s further development in line with the highest international standards of journalism, including through the participation of two representatives on the supervisory board.”
"Pluralis’s investment in Ukrainska Pravda is a landmark moment for the entire Ukrainian media industry,” said Andriy Boborykin, Ukrainska Pravda Executive Director. “It’s a clear sign that international, mission-driven capital recognises Ukrainian independent journalism as an institution worth investing in and as a sustainable, scalable business that matters. A globally respected impact investor choosing to back a Ukrainian publisher also sets a precedent that can unlock a healthier investment culture for independent media in our region. This partnership will help us accelerate what we’ve been building: stronger reader revenue, better products and technology, and even more capacity for accountability journalism."
About Pluralis B.V.
Pluralis B.V. is a Dutch limited liability company duly organised under the laws of the Netherlands with its seat in Amsterdam. The company’s shareholders, investors and partners are a group of prestigious European media companies, democracy-supporting foundations and impact investors, including: King Baudouin Foundation, Tinius Trust, Oak Foundation, Mediahuis, Erste Bank, Media Development Investment Fund and SEDF, as well as other impact investors and family offices.
About Media Development Investment Fund
Media Development Investment Fund (MDIF) invests in independent media around the world that provide diverse news and facilitates the exchange of information and views people need to build free, thriving societies. Founded as a not-for-profit investment fund, MDIF’s financing and strategic advice help media in countries where reliable news and information is under threat to build robust, sustainable businesses, strong enough to hold governments to account, expose corruption, and provide a platform for debate.
About Ukrainska Pravda
Ukrainska Pravda (UP) is one of Ukraine’s leading independent news outlets, known for its public-interest journalism and accountability reporting. Founded in 2000, UP covers politics, society, economy, sports, tech and international affairs, combining breaking news with in-depth investigations, analysis, interviews, and explainers. With a strong digital-first approach and a large national audience of over 15 million people, Ukrainska Pravda’s mission is to inform citizens, scrutinize power, and strengthen democratic resilience through high-quality, fact-based reporting.
About Dragon Capital
Dragon Capital is one of the largest investment groups in Ukraine, operating in the investment and financial services sector. The story of Dragon Capital began in 2000 at the initiative of Tomáš Fiala. The company has close to 30 years of successful experience in direct investments in leading Ukrainian manufacturing and service companies, as well as in landmark residential and commercial real estate projects. Dragon Capital was a shareholder of Ukrainska Pravda until August 2026. Following a restructuring of the ownership structure, Tomáš Fiala became a direct shareholder of the publication.