Redcliffe Partners advises Hurma System on attracting equity financing from Pragmatech Ventures

08 October 2020

Redcliffe Partners has acted as legal counsel to leading Ukrainian HR tech product manufacturer Hurma System on attracting seed financing from the European venture capital firm Pragmatech Ventures. This is a pioneering investment for Pragmatech Ventures, which is intended to help Hurma System to enter international markets.

Volodymyr Fedak, CEO and Founder of Hurma System, said that the company has ambitious plans with regard to further development of the product and entering new markets, and that "investments, as well as Pragmatech's expertise, will help us move confidently on our chosen course". According to Yevhen Sergeev, Founder and General Partner of Pragmatech Ventures, the HR technology market is extremely promising, and Yevhen is sure that "the Ukrainian product will be competitive and will find customers outside Ukraine".

"We are proud to continue assisting Ukrainian IT/Tech businesses with attracting financings, and we hope that this new investment will significantly contribute to Hurma's further growth and international expansion", said Zoryana Sozanska-Matviychuk, who led the Redcliffe Partners project team.

Redcliffe Partners' role included advising Hurma System on a wide range of transactional matters, including on the structuring of the investment, preparation and negotiation of transactional documentation, and advising on IP-related matters.

Redcliffe Partners' team included Zoryana Sozanska-Matviychuk (Partner, Head of M&A) and Vlad Zakon (Junior Associate). Maria Koval (Counsel, Head of IP) advised on intellectual property rights matters.

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Hurma System is a Ukrainian start-up that operates in the field of HRM/HRIS (Human Resource Management / Human Resources Information System) and specialises in the automation of HR and recruitment processes of businesses.

Pragmatech Ventures is a European venture capital firm that invests in early-stage B2B SaaS and Marketplace projects in the CEE region and focuses on start-ups in the field of Enterprise Software, prioritizing HR Tech, Bio Tech, Property Tech and Sales & Marketing Tech. Pragmatech Ventures' Founder and General Partner is Yevhen Sergeev, known as the Co-Founder of iDeals Solutions, a leading provider of secure business collaboration software, and of Genesis, one of the largest European consumer internet conglomerates.