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

Past deals in Belarus

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.

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.

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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