Zubr Capital

Zubr Capital is a private equity firm based in Belarus, established in 2009 by the management team of Atlant-M Holding. It is the first professional private equity firm in the country, focusing on mid-market investments, particularly in growth-stage companies across various sectors including consumer products, information technology, financial technology, manufacturing, and e-commerce. The firm launched its inaugural fund, Zubr Capital Fund I, in June 2016, which has a target size of USD 50 million, with notable backing from the European Bank for Reconstruction and Development as the anchor investor. Zubr Capital aims to leverage its expertise to drive the growth of its portfolio companies in Belarus and the broader Central European region. The firm is led by Chief Executive Officer Oleg Khusaenov.

Andrei Filon

Senior Investment Manager

Oleg Khusaenov

Founder, Partner & Chief Executive Officer

Timofei Marcinkevich

Managing Partner and Finance Director

Sergey Riabuhin

Managing Partner

Nikolay Shestak

Partner

Past deals in Belarus

Myfin Group

Private Equity Round in 2020
Myfin Group is a financial technology company based in Minsk, Belarus, established in 2012. It operates a comprehensive online platform that provides users with access to a variety of banking products and financial information. The platform facilitates the comparison of loans, deposits, credit cards, bonds, and currency rates, enabling clients to make informed decisions based on their specific needs. By leveraging technology, Myfin Group fosters communication between the banking sector, consumers, and businesses, ensuring a constructive dialogue that enhances the overall user experience in navigating financial services.

MilaGroup

Private Equity Round in 2019
MilaGroup owns and operates stores through which it offers beauty and personal care products. It also sells products through online. It provides products for babies and mothers, fashion, health and healthy living, laundry and care, housekeeping and care, household products, mens care, convenience goods, and animal care products. The company was founded in 1998 and is based in Belarus.

mediacube

Private Equity Round in 2019
Mediacube is a YouTube Multichannel network and influencer marketing agency. We work with creators from 68 countries, the total audience of our partners is more than 200 million people, help creators to earn more. In 2019 mediacube paid its partners $25 million. Mediacube develops innovative IT products for influencers and influencer marketers that make it easier for brands and creators to earn more. Among them: - Express payments (bank crediting for creators) - Anton (IT product for influencer marketing) - Ezzy - Stats (a system that contains data on 35 million channels, thanks to which we can provide great analytics, successfully target advertising campaigns, etc)

av.by

Acquisition in 2017
av.by is an online automotive advertising platform based in Minsk, Belarus, established in 2001. It facilitates the sale, purchase, and maintenance of cars, light trucks, tires, and spare parts by connecting private customers, auto centers, and advertisers. The platform serves as a crucial first point of contact between sellers and buyers, ensuring that proposals remain relevant and responsive to user inquiries. With approximately 360,000 monthly users and 140 million page views, av.by provides a comprehensive range of information and services essential for its users in the automotive market.

21vek.by

Private Equity Round in 2017
Operator of an online hypermarket portal based in Minsk, Belarus. The company's platform offers products ranging from furniture, tires and plumbing equipment to baby products, sports equipment and tools as well as provides installation, configuration, maintenance, warranty and service equipment facilities, enabling clients to enjoy the benefits of workflow automation and direct supply in the absence of expensive salesrooms.

SoftClub

Private Equity Round in 2014
SoftClub occupies a leading position in the market of automated banking services in Belarus. SoftClub's portfolio includes more than 30 products. The company receives revenue from the development, installation, support of programs, as well as the sale of licenses. Number of employees: about 400 people. Offices: Minsk, Vilnius, Alma-Ata, Ashkkhabad.

Atlant Telecom

Venture Round in 2011
Atlant Telecom and TeleSet are the leading privately owned fixed-line operators in Belarus and deliver fixed-line broadband, IPTV and cable TV, as well as a video and audio library.

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.