Waarde Capital

Waarde Capital is a private equity and venture capital firm founded in 2012 and based in Amsterdam, with additional offices in Moscow and Laren. The firm specializes in management buyouts, successions, restructuring, and various stages of venture capital investments, including seed and early-stage funding, as well as growth capital for middle-market companies. Waarde Capital invests across a range of sectors, including financial services, high-tech, telecommunications, software development, biotechnologies, and retail. The firm targets companies with revenues between $3 million and $100 million and typically invests between $0.2 million and $50 million, while also providing debt financing when necessary. With three active funds under management, Waarde Capital focuses on strategic development and often takes a lead role in its investments. The management team combines extensive entrepreneurial experience with investment expertise, allowing them to effectively identify and support promising companies globally, particularly in Europe, the United States, Israel, Russia, and Southeast Asia.

Stanislav Dzhavrunov

INVESTMENT DIRECTOR

Maxim Kunakovsky

Investment Director and Head of the Netherlands office

Andrey Mushkin

Investment Director

Ays Sharaev

Co-Founder & Managing Partner

20 past transactions

KOKO Networks

Funding Round in 2022
KOKO Networks is an international venture-backed technology company with offices in East Africa and India. KOKO provides a platform for smart commerce in urban Africa. Our unique suite of technologies connects suppliers, retailers, and customers, enabling delivery of a range of consumer and business solutions that improve life in Africa’s cities.

Bartini

Seed Round in 2020
Bartini Aero specializes in the development of electric vertical take-off and landing aircraft. The company was founded in 2015 and is based in Cupertino, California.

Sabi Am

Seed Round in 2021
Sabi Am is a category agnostic B2B network for informal trade focused on accelerating the velocity of commerce by enabling stakeholders in the informal sector to access and offer value amongst each other.

Bioxis Pharmaceuticals

Convertible Note in 2013
Bioxis Pharmaceuticals SAS develops, manufactures, and supplies biomaterials for regenerative medicine. Its products include MTI-12, which is a monophasic tissular inductor for aesthetic dermatology and Cytosial, which is monophasic hyaluronic acid to reduce signs of aging. The company sells its products through retail outlets in France. Bioxis Pharmaceuticals SAS was formerly known as Cytosial Biomedic, S.a.s. and changed its name to Bioxis Pharmaceuticals SAS in July 2016. The company was incorporated in 2010 and is based in Lyon, France.

Utilight

Venture Round in 2016
Utilight Ltd provides pattern transfer printing technology to utilize the suns renewable energy. It offers laser 3D technology for solar cell and electronics. Utilight Ltd was founded in 2008 and is based in Yavne, Israel.

Gauzy

Series B in 2016
Gauzy is currently a leading provider of turnkey liquid crystal glass projects, installing laminated LC films in different applications such as home appliances, architecture, construction, automotive industry and many other segmented markets. Their patent pending innovative control technologies enable us to handle glass like never before – Dim glass with numerous stages of transparency, create in-glass blinds, insert transparent solar cells into glass windows, and achieve various glass related innovations in the automotive and aviation industries.

GetGoing

Convertible Note in 2014
GetGoing is a venture-backed San Francisco startup changing the way people travel by making it more fun and affordable. Our goal is to help leisure travelers discover new getaways, save big (up to 40%) and travel more. We are working with major airlines and hotels to revolutionize the travel industry while delivering the best experience and prices to our users. Currently, we fly to over 2000 destinations worldwide. Our proprietary pricing method helps airlines fill unsold seats (up to 20% of available seats) by selling to discretionary, price-sensitive leisure travelers. To purchase a ticket on our website, customers need to select two destinations and commit to a non-refundable purchase. During the flight selection process, customers can choose arrival and departure times, flight duration, and the number of stops. GetGoing selects one of the destinations, revealing it to the customer after processing the booking and payment. Since our model requires destination flexibility, we ensure that our sales exclude business travelers, those visiting friends and family, and non-flexible leisure customers. We have eight U.S. and international patents and keep expanding our intellectual property portfolio with innovative pricing, search and customer segmentation methods.

Gauzy

Convertible Note in 2023
Gauzy is currently a leading provider of turnkey liquid crystal glass projects, installing laminated LC films in different applications such as home appliances, architecture, construction, automotive industry and many other segmented markets. Their patent pending innovative control technologies enable us to handle glass like never before – Dim glass with numerous stages of transparency, create in-glass blinds, insert transparent solar cells into glass windows, and achieve various glass related innovations in the automotive and aviation industries.

Octonic

Seed Round in 2021
Octonic's software transforms any fitness treadmill into a VR adventure, allowing you to enjoy exercise like never before, without leaving your home or gym.

MAX

Series B in 2021
Metro Africa Xpress, Inc., also known as MAX.ng, provides on-demand package pickup and delivery services for customers in Lagos. It offers same day delivery, three hours delivery, and next day delivery services. The company offers a mobile application that provides last mile delivery service option coupled with a ride hailing service. The company was incorporated in 2015 and is based in Lagos, Nigeria.

Sabi Am

Convertible Note in 2021
Sabi Am is a category agnostic B2B network for informal trade focused on accelerating the velocity of commerce by enabling stakeholders in the informal sector to access and offer value amongst each other.

Exon Lab

Venture Round in 2017
ExonLab is a company dedicated to developing solutions for cloud, blockchain and IoT. ExonLab has co-developed Containerum Platform for managing applications in Kubernetes. ExonLab provides Kubernetes installation and support services for B2B and B2C customers in the Russian market and develops Kubernetes as a Service solutions for data centers.

HyPoint

Convertible Note in 2022
HyPoint, Inc. is developing the next generation hydrogen fuel cell system with zero CO2 emissions and game-changing energy performance for the air transportation and urban air mobility market. Our solution increases operational time by 5X and utilization rate by 10X while decreasing TCO of any flying platform by 90%.

Gauzy

Series D in 2022
Gauzy is currently a leading provider of turnkey liquid crystal glass projects, installing laminated LC films in different applications such as home appliances, architecture, construction, automotive industry and many other segmented markets. Their patent pending innovative control technologies enable us to handle glass like never before – Dim glass with numerous stages of transparency, create in-glass blinds, insert transparent solar cells into glass windows, and achieve various glass related innovations in the automotive and aviation industries.

GetGoing

Private Equity Round in 2012
GetGoing is a venture-backed San Francisco startup changing the way people travel by making it more fun and affordable. Our goal is to help leisure travelers discover new getaways, save big (up to 40%) and travel more. We are working with major airlines and hotels to revolutionize the travel industry while delivering the best experience and prices to our users. Currently, we fly to over 2000 destinations worldwide. Our proprietary pricing method helps airlines fill unsold seats (up to 20% of available seats) by selling to discretionary, price-sensitive leisure travelers. To purchase a ticket on our website, customers need to select two destinations and commit to a non-refundable purchase. During the flight selection process, customers can choose arrival and departure times, flight duration, and the number of stops. GetGoing selects one of the destinations, revealing it to the customer after processing the booking and payment. Since our model requires destination flexibility, we ensure that our sales exclude business travelers, those visiting friends and family, and non-flexible leisure customers. We have eight U.S. and international patents and keep expanding our intellectual property portfolio with innovative pricing, search and customer segmentation methods.

Bioxis Pharmaceuticals

Private Equity Round in 2012
Bioxis Pharmaceuticals SAS develops, manufactures, and supplies biomaterials for regenerative medicine. Its products include MTI-12, which is a monophasic tissular inductor for aesthetic dermatology and Cytosial, which is monophasic hyaluronic acid to reduce signs of aging. The company sells its products through retail outlets in France. Bioxis Pharmaceuticals SAS was formerly known as Cytosial Biomedic, S.a.s. and changed its name to Bioxis Pharmaceuticals SAS in July 2016. The company was incorporated in 2010 and is based in Lyon, France.

GetGoing

Convertible Note in 2013
GetGoing is a venture-backed San Francisco startup changing the way people travel by making it more fun and affordable. Our goal is to help leisure travelers discover new getaways, save big (up to 40%) and travel more. We are working with major airlines and hotels to revolutionize the travel industry while delivering the best experience and prices to our users. Currently, we fly to over 2000 destinations worldwide. Our proprietary pricing method helps airlines fill unsold seats (up to 20% of available seats) by selling to discretionary, price-sensitive leisure travelers. To purchase a ticket on our website, customers need to select two destinations and commit to a non-refundable purchase. During the flight selection process, customers can choose arrival and departure times, flight duration, and the number of stops. GetGoing selects one of the destinations, revealing it to the customer after processing the booking and payment. Since our model requires destination flexibility, we ensure that our sales exclude business travelers, those visiting friends and family, and non-flexible leisure customers. We have eight U.S. and international patents and keep expanding our intellectual property portfolio with innovative pricing, search and customer segmentation methods.

Bioxis Pharmaceuticals

Convertible Note in 2014
Bioxis Pharmaceuticals SAS develops, manufactures, and supplies biomaterials for regenerative medicine. Its products include MTI-12, which is a monophasic tissular inductor for aesthetic dermatology and Cytosial, which is monophasic hyaluronic acid to reduce signs of aging. The company sells its products through retail outlets in France. Bioxis Pharmaceuticals SAS was formerly known as Cytosial Biomedic, S.a.s. and changed its name to Bioxis Pharmaceuticals SAS in July 2016. The company was incorporated in 2010 and is based in Lyon, France.

Xplenty

Series A in 2014
Xplenty’s cloud-based, easy-to-use, data integration service makes it easy to move, process and transform more data, faster, reducing preparation time so businesses can unlock insights quickly. With an intuitive drag-and-drop interface it’s a zero-coding experience. Xplenty processes both structured and unstructured data and integrates with a variety of sources, including SQL data stores, NoSQL databases and cloud storage services.

Xplenty

Venture Round in 2016
Xplenty’s cloud-based, easy-to-use, data integration service makes it easy to move, process and transform more data, faster, reducing preparation time so businesses can unlock insights quickly. With an intuitive drag-and-drop interface it’s a zero-coding experience. Xplenty processes both structured and unstructured data and integrates with a variety of sources, including SQL data stores, NoSQL databases and cloud storage services.