FMO and Gazelle Finance announced the signing of a blended financing investment in Mercury LLC, the leading electric mobility (e-Mobility) company in both Ukraine and Georgia, which combines two brands: Scroll and Qari Electric. The purpose of the financing is to support the Ukrainian operations of the company during war time, including retaining staff in Kyiv, the temporary relocation of some staff to Tbilisi, and the development of a proprietary software program. The source of funding for this project comes from the Ukraine Bridge Facility, which is supported by two Dutch investors, FMO and the Dutch Good Growth Fund, and the United States International Development Finance Corporation (DFC).
“FMO’s contributions to this technical assistance facility with Gazelle Finance provides direct economic support to companies like Scroll and Qari Electric, whose businesses have been decimated by the war,” said FMO Porfolio Manager Jeroen Harteveld. “This intervention provides Mercury LLC with the necessary resources to not only retain Ukrainian staff, but also employ additional Ukrainian IT professionals during this difficult period for the country”.
Since Russia’s war in Ukraine started, more than 50,000 Ukrainians have relocated to Georgia, many of whom are highly skilled professionals who work remotely for leading Ukrainian companies, particularly in the technology sector. Georgia has a rank of #7 in the World Bank’s Ease of Doing Business rating and a highly favorable tax regime. This combined with the information technology cluster that has emerged in the South Caucasus region, including Tbilisi, makes this a natural market for companies like Mercury LLC (Scroll and Qari Electric) who are market leaders in the eMobility space.
“Even during war time, and the resulting energy crisis, Scroll continues to provide an environmentally friendly mass transportation solution to the citizens of Ukraine” said Jeffrey Liebert, CEO of Gazelle Finance. “This investment in eMobility infrastructure would not be possible without the generous support of our investors FMO, DGGF, and DFC.
“With the generous support of Gazelle Finance, our company can continue to maintain our operations in Ukraine providing a much-needed transportation service to the people of Ukraine at a time of severe energy shortages”, said George Tugushi, CEO of Scroll and Qari Electric. “We are bullish on the long term prospects of the Ukraine market, so investing in the development of our own in-house technology using Ukrainian IT professionals will make us stronger in the long-run to scale our business when the market stabilizes.”
About Ukraine Bridge Facility
The purpose of Ukraine Bridge Facility is to identify companies relocating from Ukraine to Georgia/Armenia to continue the viability of their businesses. The Ukraine Bridge Facility is supported by two Dutch investors, FMO and the Dutch Good Growth Fund, and the United States International Development Finance Corporation (DFC).
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