Sayenko Kharenko has acted as legal counsel to Promprylad.Renovation, the largest impact-investment enterprise in Ukraine.
Promprylad.Renovation is a unique and rapidly growing project aimed at creation of an ecosystem of collaboration between businesses, social initiatives, artists, and educators within the premises of Promprylad, a revitalized Soviet-era plant in Ivano-Frankivsk. The project has already raised more than USD 5 million from 409 investors, and the figures keep growing. Based on the social return of investment measurement, it is projected that each USD 1 invested into the project should contribute an additional USD 5 to the whole community of Ivano-Frankivsk in the course of project implementation.
On 3 February 2020, Promprylad.Renovation completed the buy-out of plant facilities, opening up the next page of the project development strategy: creation of more than 37,000 m² for lease, including office and co-working spaces, hotels, R&D center, exhibition center etc.
Promprylad.Renovation is a hot topic abroad as well. Numerous foreign partners contributed to its development including BMW Foundation Herbert Quandt, the Swiss Agency for Development and Cooperation, and SRI International.
In the absence of flexible legal regulation of crowdfunding in Ukraine, Promprylad.Renovation pioneered an innovative set-up enabling investments from a wide number of individuals, corporate investors and social donors in the most simple and cost-efficient way. Sayenko Kharenko provided complex structuring advice, assisted with drafting of key corporate documents, and supported the project team on key stages of project implementation.
One of the founders, CEO and visionaries of Promprylad.Renovation, Yuriy Fylyuk, comments: “At the beginning of the project, we knew that we were about to face a challenging exercise to design a corporate set up that was entirely new for the Ukrainian market. Yet, we didn’t initially realise the task would be that difficult. The whole development stage took 2 years, which is why we highly appreciate the professional excellence and flexible approach to solving non-standard problems demonstrated by our legal partners – Bridges Consulting, Sayenko Kharenko and Moris Group. Sayenko Kharenko’s role in the project was of particular importance to us. Their extensive experience let us effectively test the most daring hypotheses and find optimal and balanced solutions.”
Sayenko Kharenko’s project team was led by partner Oleksandr Nikolaichyk with support from associates Oksana Daskaliuk, Yurii Dmytrenko and Sviatoslav Kozak.