Three Bears

What Three Bears does

Three Bears (ТОВ «Три Ведмеді») is a privately held Ukrainian manufacturer of ice cream and frozen semi-finished foods, founded in 1998 in Kyiv by Dmytro Ushmaiev. The company operates two product divisions: ice cream (sold under the Three Bears, MONACO, Kazka, MORZHO, Mishutka, Ice-Boom, POP STICKS, and LOVE&CARAMEL brands in formats including waffle cones, cups, sticks, plastic trays, and family-size tubs) and frozen foods (pelmeni and varenyky marketed under Three Bears, Mishutka, and Vid Shefa brands). Production is anchored at a reconstructed dairy plant in Berdychiv, Zhytomyr Oblast, acquired in 2007 and equipped with Ukrainian and Italian production lines, complemented by a 2-hectare facility in Boryspil. The portfolio spans approximately 100 SKUs, with recent additions including oat-based plant-based frozen desserts and collaborative flavors with the Ukrainian band KAZKA.

Three Bears generates revenue through wholesale hardware sales to national retail chains in Ukraine (including ATB and others) and exports to Israel, Georgia, Moldova (since 2016), and EU countries (since 2022). The company distributes through a national network with branches and trade teams in Dnipro, Odesa, Kharkiv, Cherkasy, Lviv, and Donetsk, supplemented by event-driven direct-to-consumer activations at festivals (Atlas Weekend, Odesa International Film Festival) and sports sponsorships (Nova Poshta Half Marathon). Key certifications include ISO 22000:2018 food safety management and Halal certification (enabling Muslim-country exports). The customer base spans Ukrainian families (primary), HoReCa partners, international distributors, and export markets.

The business model is consumer packaged goods (CPG) at scale, with revenue generated per unit sold through mass-market retail and export channels rather than direct subscriptions or licensing. Pricing is not publicly disclosed but is set in coordination with supermarket chains. Brand strategy is multi-tiered: premium (MONACO Luxury, Vid Shefa), mainstream (Three Bears, MORZHO), and family/children (Mishutka, Kazka). The Mishutka pelmeni/varenyky brand was validated as "Moms' #1 Choice" in 2024 and again in 2026 (57.9% recognition among target mothers, per Кантар Україна research). Operations have continued uninterrupted since 2022 despite the war, with new export markets opened and infrastructure investments completed in 2024.

Name

Three Bears

Legal name

ТОВ «Три Ведмеді» (Three Bears LLC)

Website

https://3bears.ua

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Three Bears is a privately held Ukrainian manufacturer of branded ice cream and frozen semi-finished foods (pelmeni, varenyky), operating since 1998 with production in Berdychiv and Boryspil, distributing through national retail chains and exporting to Israel, Georgia, Moldova, and the EU.

Ownership category

akta.pro rank

Product category

Frozen Foods and Ice Cream Manufacturing

NAICS

Ice Cream and Frozen Dessert Manufacturing (311520)

SIC

Ice Cream & Frozen Desserts (2024)

akta.pro primary industry

Ice Cream & Frozen Desserts Wholesale (AFAIAHAC)

akta.pro secondary industry

Frozen Bakery Products Manufacturing (AFAKAAAF)

Keywords

• Ice cream production
• Frozen foods manufacturing
• Pelmeni dumplings
• Varenyky pierogi
• Dairy frozen desserts

Headquarters

HQ city

Kyiv

HQ country

Ukraine

HQ region

Europe

Offices3 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Ice Cream Sales: Sale of branded ice cream products under Three Bears, MONACO, Kazka, Mishutka, and MORZHO brands across multiple retail formats (cones, cups, sticks, trays, packaging). Revenue generated through national supermarket chains and retail outlets across Ukraine.
2. Frozen Semifinished Products (Pelmeni and Varenyky) Sales: Sale of frozen pelmeni and varenyky products under Three Bears, Mishutka, and Vid Shefa brands. Products sold through the same retail distribution network as ice cream.
3. Export Revenue: Export of ice cream and frozen products to international markets including Israel, Georgia, Moldova, and EU countries. First export shipments began in 2016. Halal certification enabled access to Muslim country markets.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Three Bears is a Ukrainian national production and trading company that manufactures and sells branded ice cream and frozen foods (pelmeni dumplings and varenyky pierogi). The company operates a large-scale production facility in Berdychiv with cold storage and produces approximately 100 SKUs across sub-brands including Three Bears, MONACO, Mishutka, Kazka, MORZHO, and Vid Shefa, distributed through national retail chains in Ukraine and exported to Israel, Georgia, Moldova, and EU countries.

Product overview

Three Bears is a national production and trading company and one of the most well-known producers of ice cream and frozen foods in Ukraine. The company operates two main product divisions: ice cream (featuring brands Monaco Three Bears, Казка, MORZHO, and the core Three Bears ice cream line) and frozen foods (pelmeni/dumplings and varenyky/pierogi). Ice cream products are offered in multiple formats including waffle cones, sticks, plastic cups, family-size tubs, and polyethylene bags, with approximately 100 ice cream SKUs. Frozen foods are sold under Three Bears, Мішутка (Mishutka), and Від Шефа (Vid Shefa) brands, with the latter two representing premium and family-oriented sub-segments respectively.

Differentiator

Problem solved

Functional benefit

Brands

• Monaco Three Bears: Premium ice cream sub-brand featuring innovative and trendy flavors including Napoleon Cake, Tiramisu, Macaron-Yuzu, Mango-Meringue, and various dessert-inspired varieties in waffle cones and cups.
• Мішутка (Mishutka)
• Казка (Kazka)
• МОРЖО (MORZHO)

Products and services

• MONACO Three Bears Ice Cream Premium ice cream sub-brand featuring innovative, trendy dessert-inspired flavors such as Napoleon Cake, Tiramisu, Macaron-Yuzu, Berry Millefeuille, and Blueberry Tart, offered in waffle cones and cups for consumers seeking upscale ice cream experiences.
• Kazka (Казка) Ice Cream

Quantifiable outcome

• Mishutka brand ranked as 'Moms' #1 Choice' with 57.9% brand recognition among target mothers in Ukraine (2026 research by Кантар Україна)

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

15 partnerships are on record, tiered core and minor.

• KAZKA (Ukrainian music group)coreGTM or Marketing Partner · 1 January 2021Collaboration with popular Ukrainian band KAZKA to create co-branded ice cream flavors. Products included 'Blue Raspberry' flavor and 'Forest Berry' flavor. The partnership included loyalty program 'KAZKA VR' with ATB retail chain and featured KAZKA branding on ice cream products.
• MAFIA Restaurant NetworkcoreStrategic or Co-development Partner · 1 January 2021Three Bears provided frozen foods (varenyky, pelmeni) for hot meals program serving medical workers during COVID-19 pandemic. Over 78,000 meals delivered to hospitals in Kyiv, Kharkiv, Dnipropetrovsk, and Mykolaiv regions. Joint social initiative #ПідтримуюЛікарів.
• Biopharma-PlasmaminorStrategic or Co-development Partner · 1 January 2021Partnership with Biopharma-Plasma for Donor Week 1.0 blood donation campaign among students. Joint CSR initiative supporting healthcare.
• Donor Young (NGO)minorStrategic or Co-development Partner · 1 January 2021Donor Week 1.0 initiative organized by Donor Young with Three Bears support, aimed at promoting blood donation among students.
• Ukraine Without Trash (NGO)minorStrategic or Co-development Partner · 1 January 2021Environmental partnership including 'Green Office' project for eco-friendly office solutions, waste sorting, and reduction of waste. Joint 'Happy Sorting Festival' (Свято веселого сортування) at KACHELI family recreation space on VDNG.
• Nova Poshta (Ukrainian logistics company)coreGTM or Marketing Partner · 1 January 2021Sponsorship of Nova Poshta Half Marathon and 'Team Five' (Командна П'ятірка) running event across multiple Ukrainian cities (Odesa, Mykolaiv, Cherkasy, Sumy, Zaporizhzhia, Khmelnytskyi, Vinnytsia, Zhytomyr, Poltava, Chernihiv, Kyiv). Three Bears served as event sponsor providing ice cream to participants.
• New Run (running event organizer)coreGTM or Marketing Partner · 1 January 2021Co-organization of 'Team Five' running distance with Nova Poshta Half Marathon events. Three Bears brand served as official sponsor and provided ice cream to all participants.
• Atlas Weekend FestivalcoreGTM or Marketing Partner · 1 January 2021MONACO Three Bears served as official partner of Atlas Weekend 2021 (largest music festival in Ukraine, July 5-11, 2021 in Kyiv). Created limited-edition ice cream series with special stick shapes forming Atlas Weekend logo silhouette. Brand activations included photo zones, video zones, ice cream mini-bars, and relaxation areas.
• Odesa International Film Festival (OMKF)minorGTM or Marketing Partner · 1 January 2021MONACO Three Bears served as sweet partner at the afterparty of the 12th Odesa International Film Festival opening ceremony, providing ice cream to invited guests.
• Fashion Film Festival KyivminorGTM or Marketing Partner · 1 January 2021MONACO Three Bears sponsored the Fashion Film Festival Kyiv 2021, Ukraine's only fashion film festival, which was elevated to international status that year.
• Ukrainian Concert Overture CompetitionminorGTM or Marketing Partner · 1 January 2021MONACO Three Bears supported the final concert of the all-Ukrainian compositional competition 'Ukrainian Concert Overture' held at the National Museum of History of Ukraine.
• DobroRUN 2021minorGTM or Marketing Partner · 1 January 2021Three Bears supported DobroRUN 2021 charity running event, which raised over 2 million hryvnias for children with cancer. Ice cream provided to participants.
• JetSetter (Ukrainian media portal)minorGTM or Marketing Partner · 1 January 2021JetSetter portal organized afterparty event for Odesa International Film Festival where MONACO Three Bears served as ice cream partner.
• ATB (Ukrainian retail chain)coreChannel Partner/ Reseller/ Distributor · 1 January 2021ATB retail chain ran loyalty program 'KAZKA VR' featuring Three Bears ice cream products, including collaboration flavor with KAZKA music group.
• Biedronka (Polish retail chain)coreChannel Partner/ Reseller/ Distributor · 1 January 2021Ukrainian MORZHO ice cream products sold in Biedronka supermarkets in Poland during limited-time promotional period (July 14-20, 2022), targeting Ukrainian expats in Poland.

Scale indicators7 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Voloshkove Pole (Molnii, Akula): Major Ukrainian dairy and frozen-food producer with branded ice cream and frozen semi-finished products (pelmeni, varenyky) sold through the same national supermarket chains as Three Bears.
• Froneri (R&R Ice Cream): Pure-play global ice cream manufacturer producing tubs, cones, sticks, and family packs under licensed and private-label brands for major retailers - the same core product formats and retail-channel model as Three Bears.

Regional players

• Hladokombinat (Khladotorg) Ukrainian ice cream producers: Long-established Ukrainian ice cream manufacturers producing plombir, cones, and cups in similar formats; compete with Three Bears' core plombir line inside the same domestic retail chains.
• Sloboda (Danone Ukraine): Ukrainian dairy brand owned by an international group (Danone ecosystem) that competes directly with Three Bears' Mishutka and Three Bears frozen semi-finished dumplings and varenyky on Ukrainian supermarket shelves.

Emerging players

• Oatly: Plant-based dairy and frozen dessert brand; highly relevant to Three Bears' 2021 oat-based vanilla and strawberry frozen dessert launches and any plan to scale dairy-free SKUs in European export markets.
• Halo Top: Better-for-you frozen dessert brand (low-calorie, high-protein, dairy-free SKUs) operating in the same premium tub/cup space as MONACO Luxury and targeting similar health-conscious consumers internationally.

Broad incumbents

• Unilever (Algida, Kwality Wall's, Frisko): Global packaged-goods giant whose ice cream division (Algida in CIS, Kwality Wall's, Frisko) competes head-on with Three Bears' MONACO and Three Bears brands across cones, cups, sticks, and family tubs in the same retail aisles.
• General Mills (Häagen-Dazs): Owner of the premium Häagen-Dazs ice cream brand sold in grocery and HoReCa globally; comparable to MONACO Luxury's premium positioning and dessert-inspired flavour range.
• Nestlé (Movenpick, Extreme, Nestlé Ice Cream): World's largest ice cream maker with premium and everyday SKUs in the same formats (cones, cups, sticks, tubs) and overlapping sub-brand strategy; competes with MONACO Luxury and the core Three Bears plombir lines across Eastern Europe.
• Lactalis (Galbani, Président): One of the world's largest dairy groups with a sizeable ice cream and frozen dessert business in Europe; overlaps with Three Bears on dairy-input supply, ice cream formats, and frozen retail distribution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Three Bears