Investors in Belarus

Belarusian Innovation Fund, Investment Arm is a venture capital arm of the Belarusian Innovation Fund specializing in investments in growth capital, seed, early, mid ventures companies. The financing tools include acquisition and subsequent alienation of debt securities of issuers of legal entities - target companies (convertible bonds, notes, bills); acquisition and subsequent alienation of shares (stakes, shares) in the authorized (collateral) capital of legal entities - target companies; provision of loans subject to participation in the capital of the target company; and provision of convertible loans. It prefers to invest in all innovation industries with a focus on the scientific and technological sector, energy, healthcare, agricultural, microelectronics, ecology, and biotechnology sectors. It seeks to make investments in companies registered in Belarus, Russian Federation and in the Commonwealth of Independent States (CIS). The firm prefers to invest up to RUB150 million ($2.5 million) in its portfolio companies whose revenues for the past year between RUB10 million ($0.16 million) and RUB300 million ($4.65 million). Belarusian Innovation Fund, Investment Arm was founded in 1998 and is based in Minsk, Belarus.

JSC Rietumu Banka is one of the largest banks in the Baltics States, specialized in corporate banking and affluent individuals. Headquartered in Riga, Latvia, the Bank is well represented in the global market, providing services to customers all over Europe, the Baltic States, Russia, Ukraine, Belarus, Kazakhstan, Romania, Armenia, and other regions.

ARALON AG is a private equity firm specializing in middle market buyout transactions including management buyouts and buy-ins, growth financing, succession solutions and spin-offs, shareholder replacement, platform strategies for market consolidation over buy and build, cross-border expansion in small and medium sized companies. The firm prefers to invest in mid-cap companies. It makes investments in healthcare, life sciences, manufacturing especially with strong aftersales element, industrial technologies and products and services, business services including logistics, consumer goods and retail, and clean technologies including environment and energy. The firm targets investments in companies based in Eastern Europe, Middle Eastern Europe, Central Eastern Europe, Switzerland, Austria, Germany, bordering the Black Sea Region including Romania, Bulgaria, Ukraine, Turkey, Baltics, Hungary; South East Europe including the countries of the former Yugoslavia, Russia, and Belarus; and the Caucasian Region and selected countries of the former Soviet Union (Commonwealth of Independent States). It makes investments between €3 million ($4.36 million) and €20 million ($29.04 million) in companies with turnover of up to €100 million ($145.19 million). The firm seeks to acquire majority ownership equity up to 100 percent. However, it may also acquire an influential minority stake. The firm prefers to be a lead investor or co-investor with others, especially if equity commitment is more than €20 million ($29.04 million). It typically, invests for a period between three and six years, though sometimes longer. It targets to achieve an annual gross IRR of more than 30 percent. The firm does not invest through third parties and does not pay dividends. ARALON AG was founded in 2005 and is based in Pfäffikon, Switzerland with an additional office in Bucharest, Romania and Egg, Switzerland.

cyber•Fund is a holding company that invests in, analyzes and develops innovative blockchain projects with the aim of creating economies of robots and self-expressive individuals.

Investment focus of the fund is technological startups at the seed stage and the growth stage (round A).As a rule, the Fund's investments are aimed at accelerated business scaling of portfolio companies.Requirements to be invested:Company registration in Russia or BelarusFund participation in equity capital (possible different venture investment methods like convertible debt and other financing instruments)Target fund share in equity from 10% to 40%Investment amount in one company up to 140 mln ₽ that depends on the stage

Zubr Capital is a private equity and venture capital firm specializing in series A,B and C. It prefers to invest in private and state-owned companies, small and middle-size enterprises, CIS, retails, fast moving consumer goods, and medium and large companies focusing on the Common Economic Space (CES). The firm seeks to invest in IT, E-commerce, Classifieds, Edutech, Fintech, Digital consumer, SaaS. It seeks to make investments in Central Europe. The firm prefers to invest between $10 million and $25 million in equity per transaction in companies with a turnover exceeding $20 million. It secures an equity holding of 25 percent in growth capital transactions and a majority stake in buyouts. It prefers to take minority stake in the companies. The firm exits from its portfolio companies within five years through an IPO or a trade sale. It considers making co-investments. Zubr Capital was founded in 2009 and is based in Saint Helier, Jersey, Minsk, Belarus.

Ayr Financial is a private equity and venture capital firm specializing in growth capital, early venture, mezzanine financing, consolidation, venture debt, distressed, and expansion investments. the firm also invests in venture capital funds and real estate funds. The firm typically invests in FMCG, energy, real estate, infrastructure, agriculture, business services, manufacturing, and banking sectors. It primarily invests in the CIS region, united states of America, as well as in Eastern and Western Europe with a focus on United Kingdom, Spain, Germany, Austria, Latvia, Lithuania, Belarus, and Russia. It also provides financial advisory services. the firm invests through its own personal capital. Ayr Financial was founded in 2014 and is based in Moscow, Russia.

SMOK Ventures invests in early stage startups in Central and Eastern Europe. Our key geography is Poland, but we’ve invested in founders from all over the CEE region: Poland, Ukraine, Belarus, Serbia, Bulgaria, Croatia, Latvia, Bosnia and Czechia.We prefer to invest in Delaware C-Corp companies with a significant business or workforce in the CEE. We are happy to invest directly in any CEE country that is part of the European Union as well. So far out of 37 investments, 18 are headquartered in Poland, 12 are Delaware C-Corps, 2 are in Estonia and 5 are in other CEE countries.We are not interested in startups without a significant connection to CEE, i.e. no workforce in CEE, none of the founders is of CEE-origin, and startup is not based in CEE.Working with an investor is a long-term partnership. We need to be sure we will be able to communicate, help each other out and build awesome things together.

Bulba Ventures is a venture capital firm specializing in startup and early stage investments. The firm focuses on Belarusian and ready-to relocate to Minsk startups with a strong competitive edge and technical excellence. It concentrates on machine learning startups at the intersection of real economy and IT, health and life science. The firm invests Belarus, Latvia, Lithuania, Ukraine, Russia, Poland regions. Bulba Ventures was founded in march 2018 and is based in Limassol, Cyprus.

Asadel Venture Holding is a venture capital fund managed by Asadel Partners. The fund is located in Almaty, Kazakhstan, and will invest in Southeast Asia, Belarus, Moldova and Ukraine. The fund targets to invest in information technology sector and prefers investment ranging from USD 500 thousand to USD 5 million per company.

SwanLake Capital is an ambitious team of professionals that, within 5 years of working in the market, was able to become a real leader in the field of investment consulting. Our company provides a full range of high-quality services in its field: investment banking, investment attraction, business sale, support for foreign investors - and develops various analytical products.The key advantages of SwanLake Capital are independence, customer orientation, and uniqueness of professional experience. A wide network of personal contacts with the management of investment companies and banks, investment funds, business owners and top managers of large companies, as well as knowledge of the specifics of the CIS and CEE market – that's what helps our company to provide a favorable experience for its clients.

Zabolis Partners is a venture capital, venture debt, private equity, and real estate investment firm. It specializes in growth capital investments, bridge financing, middle market, PIPEs, mezzanine financing, distressed/vulture investments industry consolidations, recapitalizations, and buyouts. The firm seeks to invest in incubation, seed/startup, early venture, turnaround, and emerging growth stages. It typically makes private equity investments in retail, real estate, energy generation, ed-tech, clean-tech, digital transformation, urban development, financial services and intermediaries, retail operations, Semiconductor industries, sustainable energy, and renewable energy generation, e-commerce and financial technology sectors. The firm seeks to make real estate investments in retail properties and large single-tenant and power centre properties. It prefers to invest in the Baltic Region and Eastern Europe. The firm invests between $0.125 million and $30 million. Zabolis Partners was founded in 2002 and is based in Vilnius, Lithuania with additional offices in Riga, Latvia; Minsk, Belarus; London, United Kingdom; and Kaunas, Lithuania.

4i Capital Partners is a private equity investment firm managing investments in Ukraine, Belarus and Moldova. The company’s principals have been making buyouts, expansions, restructurings and realizations in the region for nearly two decades. 4i Capital Partners was founded in March 2016 with the aim to capitalize on the opportunities resulting from the fundamental overhaul of Ukraine, one of the largest European countries. The investment team currently manages Europe Virgin Fund, with instrumental support from the international finance institutions such as the European Bank for Reconstruction and Development, the Black Sea Trade and Development Bank or the Swiss Investment Fund for Emerging Markets.

Impact Fund Denmark is a private equity and venture capital firm specializing in financing in the form of equity, mezzanine, loans, debt and guarantees. It makes socially conscious investments. It makes directly & indirectly investments. Under directly investing, it invests in early stage & growth capital investments. Under indirectly investments, it invests in venture capital funds. It specializes in establishing new companies, setting up joint ventures between Danish companies and local business partners and in acquiring existing companies. It provides financing to private-sector projects in the developing countries. The firm can only invest in countries whose 2008 GNI capita income is below $0.03 million with an exemption granted to South Africa, Botswana, and Namibia. Also, the host countries of investments must be on the OECD’s DAC list of development aid recipients. It invests where private sector financing is unavailable or insufficient. It invests in sustainable growth and high-impact solutions in developing markets/countries. It does not invest in Forced labor or child labor, Ozone depleting substances, PCB's (Polychlorinated Biphenyls) and other specific, hazardous pharmaceuticals, pesticides/herbicides or chemicals, wildlife or products regulated under the Convention on International Trade in Endangered Species or Wild Fauna and Flora (CITES), Unsustainable fishing methods, Cross-border trade in waste and waste products, unless compliant with the Basel Convention and the underlying regulations, Destruction of High Conservation Value areas, Radioactive materials and unbounded asbestos fibres, Pornography and/or prostitution, Racist and/or anti-democratic media, Alcoholic Beverages (except beer and wine), Tobacco, Weapons and munitions, Gambling, casinos and equivalent enterprises, Standalone fossil fuelled power plants, Drilling, exploration, extraction, refining and sale of crude oil, natural gas and thermal coal, Storage, supporting infrastructure (pipelines etc.), transportation and logistics, and services primarily related to fossil fuels, Any business using captive coal for power and/or heat generation, Electricity generation from peat and activities leading to deforestation, Investments and/or other projects that aim to produce or make use of agricultural or forestry products, Biomaterials and biofuel production, Export-oriented agribusiness mod, Meat and dairy industries. It prefers investing in commercial services and supplies, biofuels, electric power by solar and wind energy and irrigation systems sector. The firm seeks to invest in climate and Agribusiness. It focuses its investments in Green energy & infrastructure with focus on Clean, affordable renewable energy, Waste recycling and management, Energy efficiency, Water access and management; Financial Services with focus on Microfinance, MSME financing, Development banks and Insurance; Sustainable food systems with focus on Climate farming, Storage and distribution, Processing, Forest and land; Healthcare with focus on Hospitals and clinics, Pharmacy chains, Diagnostic services, Pharmaceuticals & medical equipment. The firm prefers to invest in companies based in Africa focusing on North Africa, Sub-Saharan Africa, South America, Central America, Middle East and Algeria, Angola, Benin, Botswana, Jordan, Denmark, Senegal, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo (Brazzaville), Democratic Republic of Congo, Côte d'Ivoire, Djibouti, Egypt, Arab Rep., Eritrea, Ethiopia, The Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Senegal, São Tomé and Principe, Sierra Leone, Somalia, South Africa, Sudan, South Sudan, Swaziland, Tanzania, Togo, Tunisia, Uganda, Zambia, Zimbabwe; Asia focusing on Afghanistan, Bangladesh, Bhutan, Cambodia, China, Fiji, India, Indonesia, Iran, Iraq, Brazil, Malaysia, Turkey, Mexico, Kiribati, Laos, South Korea, North Korea, Kyrgyzstan, Maldives, Federal States of Micronesia, Mongolia, Myanmar, Nepal, Marshall Islands, Pakistan, Papua New Guinea, Philippines, Western Samoa, Solomon Islands, Sri Lanka, Syria, Tajikistan, Thailand, East Timor, Tonga, Turkmenistan, Tuvalu, Uzbekistan, Vanuatu, Vietnam, West Bank and Gaza, Yemen; Europe focusing on Albania, Russia, Armenia, Azerbaijan, Caucasus, Belarus, Balkans, Bosnia & Herzegovina, Bulgaria, Croatia, Montenegro, Romania, Slovenia, Georgia, Kosovo, Macedonia, Moldova, Serbia, Ukraine; and Latin America with a focus on Belize, Bolivia, Colombia, Cuba, Dominican Republic, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras Nicaragua, Paraguay, Peru, Saint Lucia, Saint Vincent and The Grenadines, Suriname, Ecuador, and Jamaica and North Asia, United States of America, Latin America and parts of Europe. It seeks to invest between from DKK15 million ($2.32 million) and DKK500 million ($77.52 million). The firm can invest up to DKK350 million ($51.34 million) per company. The firm seeks to co-invest with Danish businesses in projects based in developing countries. It prefers to take minority stake between 10% to 30% and up to 49 per cent in small projects. It prefers to take a board membership. The firm prefers to exit its investments within five to seven years when the loan has been repaid or the shares have been sold. The firm also offers special assistance to small and medium-sized enterprises which employs less than 300 employees, with an annual revenue of up to DKK 300 million ($53.16 million) and has a positive result in two out of three latest financial years. It also provides advisory services to business investments in developing countries. The firm makes two thirds of its investments in partnership and can also provide additional financing. Impact Fund Denmark was founded in 1967 and is based in Copenhagen, Denmark with additional offices across Asia, Europe, South America, and Africa.

Flashpoint Venture Capital invests in software companies founded by entrepreneurs from Central and Eastern Europe, Israel, Finland, Baltics, Armenia, Belarus, Russia and Ukraine. Our sweet spot is business-to-business software-as-a-service solutions in the initial revenues stage (round “A”). However, we also invest in business-to-consumer applications. Founded in 2012, Flashpoint is an international technology investment firm that manages venture equity, debt and secondary funds with over $350m assets under management. Flashpoint funds invest in software companies launched by teams originating from the Eastern Europe and Israel. The sweet spot is business-to-business SaaS solutions, however, the company also invests in compelling B2C applications being sector and business model agnostic. We are happy to learn about any innovative software solutions, even in pre-revenue stages.

The Untitled Ventures is an early-growth venture capital firm specializing in deep technology investments. Established to assist technology startups in transforming advanced technologies into real-world products, the firm focuses on B2B innovations such as artificial intelligence (AI), computer vision, robotics, agritech, medtech, and data management. Operating from Luxembourg, The Untitled Ventures leverages its strategic location to access leading European startup events and maintain strong connections within investor communities. Since its inception in 2014, the firm has invested in a growing number of technology startups, many of which have successfully expanded into international markets, delivering consistently robust portfolio growth. The firm's first fund achieved a Total Value to Paid-In (TVPI) multiple of 10.9, reflecting its effective investment strategy and commitment to fostering innovation., The Untitled is a venture capital firm specializing in seed stage, startup, later stage, growth capital, round A and early-stage companies. The firm seeks to invest in companies operating across all sectors with a focus on retail performance, brand performance, new media performance, marketplace performance, Telco performance, social performance, and new retail format projects, advertising media, and digital technologies in offline-, online- and omni-retail, advertising, and fashion in Russia. It seeks to invest in companies from Eastern Europe, Russia, Belarus, and Ukraine. It also seeks to invest in companies from Western Europe, but have not yet developed a true presence in the market. It considers investments in companies that entering a new market with a new product and invests the first rounds only in projects that have a finished product or a working prototype with proven hypotheses and metrics that are at the operational payback stage or in the next few steps from it. It focuses on innovative technology projects structured in Russian, English law and American law. The firm makes investment directly into the company equity and/or are raised in the form of a loan. The firm invests $0.15 million in seed companies in return for 25 % 30% minority stake. It makes from $1 million to $2 million investments in early, mid- and late stage companies resulting in a 15 percent to 25 percent minority stake. The firm typically invests between RUB5 million (USD0.8 million) and RUB15 million (USD0.25 million) in companies estimated at between RUB50 million (USD0.83 million) and RUB150 million (USD2.50 million). It offers different investment programs. Through the Untitled seed program, it implies average investment of $0.08 million $0.15 million. Through The Untitled club program, it implies average syndicated investment of $0.05 million to $0.5 million. Through The Untitled money program, it implies average investment of $0.08 million to $0.15 million or a loan of 0.08 million to $0.8 million dollars. Through the U growth program, it implies round A investment between $1 million to $3 million. The Untitled was founded in 2011 and is headquartered in Riga, Latvia with additional offices in Moscow, Russia and London, United Kingdom.The Untitled Ventures is a principal investment firm and is based in Riga, Latvia.