Pluralis B.V., an impact investment fund managed by the American Media Development Investment Fund (MDIF), invested UAH 9.98 million and UAH 9.42 million as part of an increase in the authorized capital of UP Media Plus LLC and UP Media LLC, thereby becoming the owner of 13% of the Ukrainska Pravda (UP) publication.
According to data from YouControl, the contributions of the founder and head of the Dragon Capital investment group, Tomas Fiala, remained unchanged at UAH 66.79 million and UAH 63.01 million, respectively, so his share decreased from 100% to 87%.
Fiala previously noted that after Pluralis entered the capital, representatives of the fund would also join the supervisory body that would be created with them.
“Their investment is through a supplementary issue. This means that it is an injection into the company itself, not a cash-out,” the owner of UP emphasized in an interview with Forbes Business Breakfast with Volodymyr Fedorin.
According to Fiala, UP is valued at “millions of dollars”: it has grown, but not significantly – by several tens of percent – since he bought a 100% stake in May 2021.
He added that he is counting on the help of the Pluralis B.V. fund in attracting additional investments in UP. According to the media owner, it is still too early to talk about the possibility of exiting these investments, perhaps in five to seven years.
Ukrainska Pravda is one of the country’s leading independent media outlets. It was founded in 2000 and writes about politics, society, economics, sports, technology, and international events, focusing primarily on digital platforms. According to the publication, its nationwide audience exceeds 15 million readers.
In May 2021, UP’s founding editor Alona Prytula and Fiala signed an agreement under which 100% of the corporate rights to the publication and all its assets were transferred to Dragon Capital. In 2025, they were re-registered directly to Fiala.
Fiala, a Czech citizen, also owns the NV media holding, which includes the magazine, portal, and radio station of the same name, but UP and NV operate independently of each other. After the purchase of UP, an agreement on editorial independence was signed between the new owner and the publication.
According to YouControl, in the first nine months of 2025, UP Media Plus’s revenue grew by 54.0% to UAH 73.1 million, while its net loss decreased by 20.2% to UAH 24.8 million. The company’s assets at the end of this period amounted to UAH 27.3 million.
UP Media received UAH 0.2 million in revenue for nine months of last year, with a net loss of UAH 4.6 million, which roughly corresponds to the figures for the same period in 2024. Its assets as of September 30, 2025, amounted to UAH 37.6 million.
Pluralis B.V. is a Dutch company headquartered in Amsterdam. The company’s shareholders, investors, and partners include a group of leading European media companies, democracy support funds, and impact investors, including the 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.
Dragon Capital is one of Ukraine’s largest investment groups, with nearly 30 years of experience in the country’s investment and financial services sector.
