Winter Capital

Winter Capital Advisors is an investment advisory firm based in Moscow, Russia, specializing in private equity and venture capital investments in Europe and Emerging Markets. With over $1 billion in assets, the firm focuses on high-growth companies across five key sectors: consumer, education, financial services, healthcare, and technology. Winter Capital typically invests between $0.5 million and $5 million for venture capital and between $10 million and $100 million for private equity, often taking minority stakes in venture investments and both minority and controlling stakes in private equity. Established in 2015, Winter Capital also offers advisory services to support the growth of its portfolio companies.

Ilia Ostrov

Associate

Ekaterina Tsvetkova

Investment Professional

Darya Varlamova

Director of Communications

Artur Zagvozkin

Investment Professional

30 past transactions

Upgrade

Series D in 2020
Upgrade is a neobank that offers credit to mainstream consumers through cards and personal loans, together with free credit monitoring and education tools that help consumers understand and manage their finances. Upgrade Card provides an innovative credit card that brings the low cost and responsible credit of installment lending to millions of retail locations in the U.S., while Upgrade Account is a mobile banking product offered to mainstream consumers.

Curefoods

Debt Financing in 2023
Curefoods democratize access to good food on a sustainable basis. Good food is honest. They are in the business of selling food. To create the best food product out there, they assemble a team of people who are absolutely crazy about food.

Pristyn Care

Series E in 2021
Pristyn Care is a Health Care Startup that is disrupting Day Care Procedures. It is founded by Ex Consultant Surgeons from Medanta, Max, Birla and ex UrbanClap, Mobikwik Strategy & Business Head. Pristyn Care's team is young and passionate, and we see massive opportunity in the healthcare industry. By leveraging technology, and a set of simple yet powerful processes and operations, we wish to build an ecosystem which can organize the world of day care procedures. We are leveraging some of the most advanced tech developments in the field of healthcare for this goal.

Particle.One

Angel Round in 2016
Particle Inc. develops and operates natural language processing for commodity price forecasting. The company through its platform collects structured and unstructured data in the network, analyzes it, and predicts the movement of raw material prices. The company was founded in 2016 and is based in San Jose, California.

Petrovax

Venture Round in 2014
Petrovax is a leading Russian company engaged in research, development and production of innovative pharmaceuticals. The company owns a portfolio of original products, including vaccines, immune system medicines and prolonged biotech drugs. The company operates a modern GMP-compliant facility in the Moscow Region with annual capacity in liquid forms well above 150mn doses. Petrovax was one of the first Russian companies to receive a European GMP certificate and remains one of the few exporters of locally developed and produced drugs into the EU and the Middle East. Today Petrovax is the largest vaccines exporter in Russia. In 2020 Petrovax deeply engaged in COVID-19 Vaccine and Medication research and development, becoming the first Russian company to receive phase 3 clinical trial approvals for both.

Docclub

Seed Round in 2021
DOCCLUB's mission is to help doctors become the best practicing specialists in Russia and provide them with the necessary tools for professional growth and development.

DocPlanner

Series C in 2016
We want patients to find the perfect doctor and book an appointment in the most easy way. The patient journey should be enjoyable, and that's why we are always next to them: to help them find the best possible care. Anytime, anywhere. We also help doctors to better manage their practice and build their online reputation. With our integrated end-to-end solution, doctors are able not only to improve their online presence, but also to devote their time to what really matters: their patients.

AUTO1 Group

Series E in 2017
AUTO1 Group is a used-car marketplace with its own certified and diversified inventory and a technology platform that allows buyers and sellers. AUTO1 is aimed primarily at the used car trade. By connecting buyers and sellers through technology the company enables consumers as well as dealers to trade seamlessly. Sourcing from all channels including OEMs and dealerships. AUTO1 Group owns business units like AUTO1.com, Autohero.com or wirkaufendeinauto.de. AUTO1 Group operates in almost 30 countries and continues to expand rapidly.

Banki.ru

Private Equity Round in 2020
Banki.ru, according to all rating systems in Russia, is the number one bank information website which is profitable and growing rapidly. The Company was founded in 2005. Today, the Company focuses on building a database for deposit information, mortgages, credit cards, consumer loans, car loans, business loans and others. This is the key value proposition for the visitor as he does not need to search different websites but can find all the information he needs in one place. Users can send a request for all types of loans to the bank through the Banki.ru. The database is regularly monitored and updated every month. Banki.ru gives an opportunity to the visitors to write reviews about banks - Public Rating of Banki.ru, popular among Russians, consists of 30,000 clients' reviews. Banks in their turn quickly respond to the customers complaints in Public Ranking, solve their problems and answer the questions by means of Hot lines. Audience of Banki.ru is equal to over 1 million unique visitors per month. About 150-200 Russian banks place an advertisment on Banki.ru per year. In 2010 Russian investment fund Finam Capital invested Banki.ru, but its original founders still have a majority interest. In 2011 Banki.ru aquired Ukrainian site Banki.ua The auditor of the Company is Grant Thornton Russia.

Curefoods

Venture Round in 2023
Curefoods democratize access to good food on a sustainable basis. Good food is honest. They are in the business of selling food. To create the best food product out there, they assemble a team of people who are absolutely crazy about food.

Uolo

Series A in 2022
Uolo Edtech Private Limited develops and operates a platform that enables schools and parents to communicate with each other. Its platform allows teachers to send text, video, and images to parents. The company's platform enables live online classes with recordings; sharing of videos made by teachers; and allows teachers to give assignment, get submissions, and share feedback. Its platform offers applications for English speaking, listening, math, logic and computational thinking, moral science, values, and general awareness. Uolo Edtech Private Limited was founded in 2020 and is based in Delhi, India.

Osome

Series B in 2022
OSOME is an online assistant that provides company incorporation, corporate secretary, accounting, and immigration services in Singapore, Hong Kong, UK. It combines experience and personal care with the efficiency of artificial intelligence. Through automation, the company’s business model drives a step-change in both efficiency and customer satisfaction that leads to a high potential for growth and profitability. OSOME was founded in 2017 and is headquartered in Singapore, also has a presence in the United Kingdom, as well as Hong Kong.

Rabbit Care

Series C in 2022
Rabbit Care is your first choice for insurance and banking advise. We provide great customer experience through our digital platform and customer care center.

Money view

Series E in 2022
Money View is an application that is able to track and organize expenses, bills, and account balances. It is able to derive finance information from SMSs. Money View enables its users to set and follow budgets, view their bank account balance, obtain reminders about bills, and spit bills with the other users. It also facilitates Savings+ and TaxSaver+ that allows its users to save money. Money View was founded in April 2014 by Sanjay Aggarwal. It is based in Bangalore, Karnataka.

Innova Partners S.a.r.l.

Merger/Acquisition in 2017
Innova Partners S.a.r.l. develops, owns, and operates children's game parks in the United States, Canada, Russia, and France. Its edutainment parks provide children aged 4-14 with an opportunity to emulate professional experience in activities. The company is based in Luxembourg City, Luxembourg.

Money view

Series D in 2022
Money View is an application that is able to track and organize expenses, bills, and account balances. It is able to derive finance information from SMSs. Money View enables its users to set and follow budgets, view their bank account balance, obtain reminders about bills, and spit bills with the other users. It also facilitates Savings+ and TaxSaver+ that allows its users to save money. Money View was founded in April 2014 by Sanjay Aggarwal. It is based in Bangalore, Karnataka.

Udemy

Series F in 2020
Udemy, Inc. provides online courses for students in the United States and internationally. It offers online courses in the areas of development, business, finance and accounting, IT and software, office productivity, personal development, design, marketing, lifestyle, photography, health and fitness, music, and teaching and academics. The company also provides solutions for corporate learning. Udemy, Inc. was founded in 2010 and is based in San Francisco, California. It has additional offices in Ankara, Turkey; Dublin, Ireland; São Paulo, Brazil; Denver, Colorado; and Gurgaon, India.

Udemy

Series F in 2020
Udemy, Inc. provides online courses for students in the United States and internationally. It offers online courses in the areas of development, business, finance and accounting, IT and software, office productivity, personal development, design, marketing, lifestyle, photography, health and fitness, music, and teaching and academics. The company also provides solutions for corporate learning. Udemy, Inc. was founded in 2010 and is based in San Francisco, California. It has additional offices in Ankara, Turkey; Dublin, Ireland; São Paulo, Brazil; Denver, Colorado; and Gurgaon, India.

Skyeng

Private Placement in 2020
Skyeng - an interactive online school learning English, which helps people set themselves the specific life goals, achieve them in the learning process. We are aiming to make learning convenient and efficient, interesting and fascinating to our students. In order to realize all our ideas, we put together a bright team in which each participant makes an important contribution to the development of the school.

Informatsionnoe Agentstvo Banki.ru OOO

Merger/Acquisition in 2020
Informatsionnoe Agentstvo Banki.ru OOO owns and operates B2C independent financial portal that provides financial supermarket, information agency, analytical center, rating center, and discussion forum services. The company's portal offers products from the banking, insurance, and investment markets; data on banks, microfinance organizations, insurance companies, and stock brokers; analytical reports on credit institutions; news and media resources on banks; and discussion forum on topics related to the work of banks, insurance, and telecommunications companies. Informatsionnoe Agentstvo Banki.ru OOO was incorporated in 2004 and is based in Moscow, Russia.

CollegeDekho

Series B in 2021
Collegedekho.com is a Student’s Partner, Friend & Confidante, To Help Him Make a Decision and Move On to His Career Goals.

Skyeng

Venture Round in 2020
Skyeng - an interactive online school learning English, which helps people set themselves the specific life goals, achieve them in the learning process. We are aiming to make learning convenient and efficient, interesting and fascinating to our students. In order to realize all our ideas, we put together a bright team in which each participant makes an important contribution to the development of the school.

ivi

Private Placement in 2019
Ivi is a Russia-based video-on-demand platform that brings the traditional television experience online with a free video player that is secure, scalable, portable (accessible by any internet connected computer), and flexible for both broadcasters and viewers. Ivi creates opportunities for desktop and independent content producers to create live streaming channels. ivi also provides mainstream broadcasters with new audiences and revenue opportunities.

ivi

Series C in 2019
Ivi is a Russia-based video-on-demand platform that brings the traditional television experience online with a free video player that is secure, scalable, portable (accessible by any internet connected computer), and flexible for both broadcasters and viewers. Ivi creates opportunities for desktop and independent content producers to create live streaming channels. ivi also provides mainstream broadcasters with new audiences and revenue opportunities.

Algorithmics

Private Equity Round in 2021
Algorithmics is a set of courses and an IT platform for teaching children programming. All methods and solutions developed by us are aimed at ensuring that children learn conveniently and comfortably, and the classes are held as efficiently as possible.

CollegeDekho

Series B in 2022
Collegedekho.com is a Student’s Partner, Friend & Confidante, To Help Him Make a Decision and Move On to His Career Goals.

Curefoods

Series C in 2022
Curefoods democratize access to good food on a sustainable basis. Good food is honest. They are in the business of selling food. To create the best food product out there, they assemble a team of people who are absolutely crazy about food.

Arrival

Venture Round in 2020
Arrival is a technology company that develops a generation of two electric vehicles. It develops software, materials, components, and scalable skateboard platforms and its micro-factories allow them to make vehicles and adapt to any mobility ecosystem. It is a zero-emission solution for cities and a human-centered, intelligent design to revitalize public transportation. The company’s new method uses low CapEx, rapidly scalable Microfactories that can be placed anywhere in the world to serve the regions they are located in. It was founded in 2015 and is headquartered in London, England.