Zubr Capital

Zubr Capital is a private equity firm that targets mid-market, fast-growing technology-enabled companies in Central Europe. The firm focuses on information technology, e-commerce, fintech, SaaS, IT services, and related digital sectors, seeking growth and expansion opportunities. With more than a decade of collective private equity experience, the team has completed over twenty investments with a track record of exits. Its investors include the European Bank for Reconstruction and Development, FMO, and Wargaming. Zubr Capital emphasizes developing capital markets and a broader financial ecosystem, and supports entrepreneurs in the region through increased access to equity investments.

Viktar Dzenisevich

Investment Director and Partner

Oleg Khusaenov

Founder and CEO

Timofei Marcinkevich

CFO

Sergey Riabuhin

Managing Partner

Nikolay Shestak

Partner

Artem Strelchenok

Investment Manager and Partner

Past deals in Belarus

Myfin Group

Private Equity Round in 2020
Founded in 2012, Myfin Group operates a platform offering online services for finding loans, deposits, currency rates, and other financial information. It is the largest marketplace of banking products in Belarus and one of the top three sites in Russia.

Mila Group

Private Equity Round in 2019
Mila Group is a retailer specializing in beauty and personal care products, headquartered in Minsk, Belarus. They offer a wide range of products including shampoos, lipsticks, eyelash care, laundry bags, travel accessories, mobile phone accessories, and baby products. The company operates both online and offline stores.

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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