Palta is a health and well-being venture studio founded by Alexey Gubarev and Yuri Gurski. Designed as a new type of venture firm, Palta focuses on partnering with entrepreneurs to build and scale market-leading products in the European ecosystem. The company has a strong track record of successful exits, including the sale of the neural network platform Matter to Google in 2017 and the virtual try-on technology provider Wannaby to Farfetch in 2022.
Palta's current portfolio features top-tier digital health apps such as Simple, a mindful nutrition tool, and Flo. Flo, the world's leading period-tracking service for women, surpassed a $1 billion valuation in 2024 following a $200 million Series C funding round led by General Atlantic.
Social
Alexey has funded several social projects, including new schools, non-profit organizations, and community parks, to improve the lives of people in local community. He has also created skateparks and other recreational facilities to promote healthy activities and positive youth development.
TechIsland
The TechIslandTechIsland is the largest non-profit IT Association in Cyprus, comprising over 350 member companies that collectively employ more than 20,000 people locally and over 41,000 internationally. Its mission is to establish Cyprus as a world-class destination for global talent.
The Association has set an ambitious goal to make the tech industry the primary driver of GDP growth and job market expansion by 2030. A critical milestone in this vision is to generate several companies with valuations exceeding $1 billion. To achieve this, TechIsland is focusing on building a supportive ecosystem that fosters such growth. As a founding member, Alexey is dedicated to this mission, supporting innovation, creating spaces for collaboration, and developing next-generation educational opportunities for the future of the tech sector in Cyprus.
City Skate Park
PolitisCity Skate Park was opened in Limassol in December 2023. Alexey and Anna Gubarev were the authors of the visionary concept and realisation of this project, which was gifted to the city with the financial support of other individuals and companies from Cyprus.
The 5,000-square-meter park is free to the public and ranks among the top 10 largest skateparks in Europe. Built to Olympic standards, it is the first professional facility in Cyprus capable of hosting large-scale competitions. Featuring over 36 elements, including a bowl and pump track, the park offers a dynamic space for all skill levels while maintaining strict safety protocols for children.
Pareklisia Park
Limassol TodayAddressing a gap in public recreational spaces in the eastern coastal area of Limassol, Alexey Gubarev partnered with fellow philanthropists in 2021 to create a unique park in the Pareklisia area. This 3,000-square-meter park was a purely private initiative, with the group fully covering the €240,000 construction costs and continuing to fund the monthly maintenance.
Overlooking the sea, the park stands out for its exclusive planting of Cypriot flora, with aromatic plants as a dominant element. It features a playground for children, paved pathways, and benches, providing a vital green space for the community.
City Friends Club
City Friends ClubCity Friends Club is an environmental charity founded by Anna Gubareva — a family initiative that grew into one of Cyprus’s leading environmental community projects. The idea was born during COVID, when Anna and Alexey’s children began cleaning the neighbourhood around their home.
Alexey Gubarev supported the project from the very beginning, and thanks to the initial capital he provided, City Friends Club was able to launch its first operations, open its first office, and purchase the vehicles needed for daily work. He continues to support the organisation today, recognising the importance of its environmental mission for Cyprus and local communities.
Today, City Friends Club is a registered charity and the first environmental organization in Cyprus operating under ISO 14001 international certification. The company combines daily street cleaning, volunteer and corporate cleanups, environmental education, and digital tools aimed at making cities cleaner and more sustainable.
Since 2021, City Friends Club has continued to grow across Cyprus, with increasing numbers of volunteers, partners, and cleanup initiatives helping create a stronger environmental impact on the island.
Michael Cacoyannis Monument
Cyprus MailIn May 2024, the world's first monument to the celebrated Cypriot film and theater director Michael Cacoyannis was unveiled in Limassol. Located by the sea near the Amathus hotel, the sculpture stands as a tribute to a luminary who left an indelible mark on the cultural landscape.
The idea for the monument belongs to Alexey and Anna Gubarev. The sculptural composition, created by the outstanding artist Philippos Yiapanis, features the figure of Michael Cacoyannis standing behind a camera with an outstretched hand, accompanied by several film reels.