Zubr Capital

Zubr Capital, established in 2009, is a technology-focused growth equity firm based in Limassol, Cyprus. It specializes in mid-market investments across Central Europe, with a particular focus on Belarus. The firm invests in growth-stage companies across various sectors, including IT, fintech, e-commerce, and SaaS, typically taking minority equity stakes. Zubr Capital has a 10+ year track record in private equity, with over 20 successful investments and exits. Its key investors include the European Bank for Reconstruction and Development (EBRD) and FMO (Dutch Development Bank). The firm aims to foster capital market development, create a robust financial ecosystem, and promote equity investments in the region.

Viktar Dzenisevich

Investment Director and Partner

Oleg Khusaenov

Founder, Partner and CEO

Timofei Marcinkevich

CFO

Nikolay Shestak

Partner

Artem Strelchenok

Investment Manager and Partner

20 past transactions

Larixon Classifieds

Private Equity Round in 2024
Larixon Classifieds is a network of classified advertising platforms in some of the world’s fastest-growing internet markets. They are currently operating market-leading general classifieds and auto verticals in Mongolia, Tajikistan and Cyprus with more markets and categories in the pipeline. They appreciate the fact that classified advertising is the “winner takes all” industry. That’s why all their assets enjoy absolute leadership in their countries. Not only do they run countries’ leading marketplaces, but their projects are also the biggest local websites in their countries, sharing their place in the Top Ten with Google, Facebook, Youtube, Wikipedia and other global brands. They believe that by creating marketplaces of such scale, they enrich local economies and people by providing them with an opportunity to trade with each other in a more efficient way. They give them a tool which never existed before and which enables them to reach out to anyone in their country.

Placy

Pre Seed Round in 2024
Placy is a technology company that leverages artificial intelligence to transform real estate transactions. It offers a free AI assistant for property buyers and sellers, accessible via popular messaging platforms like WhatsApp and Telegram. Additionally, Placy Pro, a white-label SaaS tool, caters to real estate professionals, integrating advanced AI models for personalized user experiences and streamlined workflows across various communication channels.

Zing

Series A in 2024
Zing Coach™ is an interactive mobile application designed to deliver a personalized training experience for users seeking customized workout programs. The platform utilizes advanced technology to offer individual trainer guidance and immediate feedback, ensuring users achieve tangible results. By leveraging immersive AI capabilities, Zing enables fitness tailored to individual needs, making it accessible for everyone to engage in effective and enjoyable workouts.

OroCommerce

Series B in 2023
Oro Inc., founded in 2012 by industry leaders in open-source business application development, is the company behind OroCRM, OroCommerce, and OroPlatform. OroCRM, which was launched in 2014, has rapidly established itself as a disruptive force in the CRM market. The platform’s open-source nature gives multi-channel businesses the inherent flexibility they need to tailor the product to their specific business requirements, helping them achieve a true 360-degree view of their customers. OroCRM, delivered as SaaS or on-premise, offers robust customer management tools, detailed analytics and a broad spectrum of third party software integrations for all types of businesses, from retail conglomerates to marketing and customer service organizations. OroCommerce, a pioneering B2B-focused e-Commerce software platform, will redefine the benchmarks for best-in-class customer experience practices. By providing a diverse range of capabilities, such as personalization, localization, intelligent marketing tools, powerful reporting, and ground breaking segmentation, OroCommerce is the only true B2B eCommerce platform. Oro’s founding team consists of Yoav Kutner, Co-Founder and former CTO of Magento; Jary Carter, former VP of Sales and Channel of Magento; and Dima Soroka, former Lead Architect for Magento. Through many years of experience in commerce and CRM, Oro is committed to delivering innovative solutions that will further disrupt the customer experience.

EffectiveSoft

Private Equity Round in 2021
EffectiveSoft is an outsourcing software development company based in San Diego, California, specializing in providing tailored services to various industries, including fintech, healthcare, and e-commerce. The firm offers a comprehensive range of services, such as business analysis, system specification, and software development, aimed at enhancing client operations. With a focus on innovation, EffectiveSoft supports clients in areas like interface design and closed-loop modeling, ensuring that their solutions meet the specific needs of each sector. The company combines local and offshore resources to deliver effective and efficient software solutions.

Palta

Series B in 2021
Palta is a health and well-being technology company focused on preventive healthcare solutions. It develops and offers a range of consumer mobile applications, including Flo, Simple, and Zing, designed to empower users to make informed health decisions. The company's platform features a comprehensive suite of health-tech products, including an AI-powered fitness coach that helps customers monitor their progress and receive personalized guidance to achieve their health goals. Through its innovative approach, Palta aims to support health-aware individuals worldwide in enhancing their overall well-being.

OHI-S

Private Equity Round in 2021
OHI-S is a prominent organization dedicated to the education and career development of dentists worldwide. It specializes in providing a comprehensive range of dental training resources, both online and offline, available in six languages. The company collaborates with dental professionals from over 140 countries, offering courses that encompass webinars, seminars, practical workshops, and large-scale congresses. In 2022, OHI-S achieved accreditation from WADA CERP, making it a certified provider of dental training in the United States. Through its diverse offerings, OHI-S aims to enhance the skills and knowledge of dentists, supporting their professional growth and the advancement of the dental industry.

3DLOOK

Series A in 2021
3DLOOK, LLC is a technology company specializing in artificial intelligence-driven solutions for body scanning and measurement, primarily serving the apparel industry. Founded in 2016 and headquartered in San Mateo, California, with additional offices in Odessa and Kiev, Ukraine, 3DLOOK offers products such as SAIA Perfect Fit and SAIA 3D, which create precise 3D models of the human body. The company aims to enhance personalized shopping experiences by providing brands with actionable body data analytics, enabling them to retarget shoppers based on accurate measurements. This technology not only facilitates improved customer engagement and conversion rates but also helps to reduce return rates and apparel waste, thus promoting more sustainable business practices. Recognized for its innovative contributions, 3DLOOK has received accolades such as the LVMH Innovation Award and the IEEE Retail Digital Transformation Grand Challenge.

3DLOOK

Series A in 2021
3DLOOK, LLC is a technology company specializing in artificial intelligence-driven solutions for body scanning and measurement, primarily serving the apparel industry. Founded in 2016 and headquartered in San Mateo, California, with additional offices in Odessa and Kiev, Ukraine, 3DLOOK offers products such as SAIA Perfect Fit and SAIA 3D, which create precise 3D models of the human body. The company aims to enhance personalized shopping experiences by providing brands with actionable body data analytics, enabling them to retarget shoppers based on accurate measurements. This technology not only facilitates improved customer engagement and conversion rates but also helps to reduce return rates and apparel waste, thus promoting more sustainable business practices. Recognized for its innovative contributions, 3DLOOK has received accolades such as the LVMH Innovation Award and the IEEE Retail Digital Transformation Grand Challenge.

Myfin Group

Private Equity Round in 2020
Myfin Group is a financial technology company based in Minsk, Belarus, founded in 2012. It operates the largest marketplace for banking products in Belarus and ranks among the top three platforms in Russia. The company provides a comprehensive online platform that allows consumers to easily find and compare various financial products, including loans, deposits, currency rates, and more. By offering technology-driven digital solutions, Myfin Group enables clients to identify the best financial products that meet their needs while fostering communication between the banking community and end-users.

Mila Group

Private Equity Round in 2019
Mila Group is a retailer based in Minsk, Belarus, specializing in beauty and personal care products. The company provides a diverse range of items, including shampoos, lipsticks, eyelash care products, and various household goods. In addition to beauty and personal care, Mila Group offers products for babies and fashion, as well as health-related items. The company operates both online and offline stores, facilitating convenient shopping experiences for its customers.

MediaCube

Private Equity Round in 2019
Mediacube Solutions Inc., established in 2015 and headquartered in Vancouver, Canada, specializes in developing financial technology solutions tailored to video creators and musicians. The company's core offering, MC Pay, is a pioneering app designed to facilitate comfortable, quick, and secure money management for content creators. Key features include daily and flexible payouts, advances, multi-payment options including cryptocurrencies, and instant peer-to-peer transfers. Mediacube also provides channel management services, such as channel analysis, income monetization, and brand support, to help creators enhance their revenue and online presence. With over $100 million in partner income processed in the past year, Mediacube continues to refine its services to ensure ease, speed, convenience, and security for its users.

Targetprocess

Series A in 2018
Targetprocess, established in 2006 and headquartered in Amherst, New York, specializes in agile project management software. It offers a user-friendly, visual interface to streamline software development projects, fostering collaboration among teams. The platform supports various agile processes, including Scrum and Kanban, and integrates with other development tools like source control and bug tracking systems. Targetprocess also provides extensive online help resources and has been recognized with Jolt Productivity Awards in 2006 and 2008.

Noventiq Holdings

Venture Round in 2017
Noventiq Holdings is a global provider of digital transformation and cybersecurity solutions and services. Operating in over 60 countries, the company offers a range of services including software and cloud solutions, hardware provision, and a comprehensive suite of cybersecurity services. Its service solutions, which encompass future workplace, IT infrastructure management, multi-cloud deployment, and digital solutions, have been a significant revenue driver.

Av.by

Acquisition in 2017
Av.by is an online automotive advertising platform based in Minsk, Belarus, that facilitates the sale, purchase, and maintenance of cars, light trucks, tires, and spare parts. Established in 2001, the platform serves as a crucial point of contact for private customers, autocenters, and advertisers, allowing users to connect efficiently. With approximately 360,000 monthly users and 140 million page views, Av.by actively monitors the relevance of its listings and responds promptly to user inquiries. This comprehensive service provides individuals with the necessary information and tools to navigate the automotive market effectively.

Uniflex

Private Equity Round in 2017
Uniflex is one of the largest printing companies in the flexographic industry in the CIS countries and Eastern Europe. Uniflex is a current member of the Flexographic Technical Association (FTA).

21vek.by

Private Equity Round in 2017
21vek.by is an online hypermarket based in Minsk, Belarus, specializing in a wide range of products including household appliances, electronics, furniture, and various goods such as tires, plumbing equipment, and baby products. The e-commerce platform aims to streamline the shopping experience by offering direct supply and workflow automation, eliminating the need for costly physical salesrooms. In addition to product sales, 21vek.by provides services such as installation, configuration, maintenance, warranty, and equipment servicing, enhancing customer convenience and satisfaction.

SoftClub

Private Equity Round in 2014
SoftClub Ltd. is a software development company that specializes in creating solutions for the banking and finance industries. Founded in 1993 and headquartered in Minsk, Belarus, it offers an extensive portfolio of over 30 products, including core banking systems, retail banking solutions, and remote banking applications. Notable offerings include SC-BANK NT, a real-time core banking system; SC-RETAIL, a centralized retail banking system; and SC-ANALITICA, a management information system. SoftClub also provides electronic document management systems and solutions for personnel management, payments, and accounting of valuables. Its products are implemented in more than 40 banks and financial institutions across various countries, including Russia, Belarus, Ukraine, and Kazakhstan. The company generates revenue through software development, installation, support services, and license sales, ensuring that clients benefit from advanced technology and high operational flexibility. In addition to its headquarters, SoftClub maintains offices in multiple locations, including Moscow, Warsaw, and Almaty.

Atlant Telecom

Venture Round in 2011
Atlant Telecom is a prominent privately owned telecommunications provider in Belarus, specializing in fixed-line broadband services. The company offers a comprehensive range of services, including internet access, broadband data transmission, local network maintenance, as well as cable television and IPTV. Atlant Telecom further enhances its offerings with public Wi-Fi networks, cloud-based video surveillance services, and licensed antivirus protection, catering to both residential and commercial customers. With a focus on delivering high-quality connectivity and entertainment solutions, Atlant Telecom plays a vital role in the telecommunications landscape of Belarus.

MTBank

Private Equity Round in 2007
MTBank provides various banking services. MTBank is a member of the Association of Belarusian Banks, the Community of Worldwide Interbank Financial Communications (SWIFT), international payment systems VISA International and MasterCard.
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