Almaz Capital
UnclaimedAt a Glance
- Check Size
- $. – $.
- Stage
- Pre-Seed, Seed, Series A, Series B+
- Sectors
- Enterprise, Deeptech, DevTools
- Founded
- 2008
- HQ
- Portola Valley, CA
About Almaz Capital
Almaz Capital is a global venture fund headquartered in Portola Valley, California, founded in 2008 by Alexander Galitsky with partners Charles E. Ryan, Peter Loukianoff and Pavel Bogdanov after Cisco offered to seed a vehicle for Eastern European startups. The firm invests early, from pre-seed and seed through Series A and later rounds, in capital-efficient business-to-business deep technology companies: AI and machine learning applications, blockchain, IoT and edge computing enablers, and cybersecurity. Its model is a bridge fund, connecting engineering talent in Central and Eastern Europe with commercial markets in the United States and Western Europe, and it is unusual among venture managers for the institutional composition of its investor base, which includes Cisco, the European Investment Fund, the European Bank for Reconstruction and Development and the International Finance Corporation, a World Bank Group member. Support from the EIF came through InnovFin Equity with backing from the European Union under Horizon 2020, the European Fund for Strategic Investments and the Pan-European Guarantee Fund. Almaz has raised three funds, invested more than $300 million into roughly 50 companies, and counts Nginx, Virtuozzo, Parallels, Acumatica and WANdisco among its portfolio. Alongside the Portola Valley headquarters the firm keeps an office in Berlin and representative offices in Kyiv, Warsaw and other Central and Eastern European markets. Current partners are managing partner Galitsky and general partners Geoffrey Baehr, Pavel Bogdanov, Charles E. Ryan and Aniruddha Nazaré.
Investment Thesis
“Early-stage venture capital firm investing in enterprise software and deep tech companies with global reach.”
Leadership Team
Alexander Galitsky, a former scientist and technology entrepreneur, founded Almaz in 2008 after Cisco approached him in 2004 about seeding an Eastern European venture fund. He built it with three partners: Charles E. Ryan, founder of United Financial Group and former chief executive of Deutsche Bank Russia; Peter Loukianoff, previously of Alloy Ventures; and Pavel Bogdanov. Loukianoff left in 2011 and Geoffrey Baehr, a former general partner at US Venture Partners and chief network officer at Sun Microsystems, became the fourth general partner. Galitsky, Baehr, Bogdanov and Ryan are all listed as executive officers on the Fund II Form D. Aniruddha Nazaré has since joined as a general partner. The firm runs Portola Valley and Berlin offices plus representative presence in Kyiv and Warsaw.
Sector Focus
Investment Stage
Notable Portfolio Companies
Fund History
Almaz Capital Fund I closed in 2008 with $72 million, anchored by $30 million from Cisco and roughly $20 million from UFG partners, with the European Bank for Reconstruction and Development adding about $20 million a year later. Fund II was established in 2013 and raised approximately $200 million; the SEC Form D for Almaz Capital Russia Fund II, L.P. records $101.85 million sold as of July 2013 across 31 investors, with Cisco again the largest backer alongside UFG, EBRD and the International Finance Corporation. Fund III held its final close in 2021 at $191 million, with EBRD as lead investor joined by the European Investment Fund. Across the three vehicles the firm has backed roughly 50 companies and deployed more than $300 million. Fund II dropped Russia-originated companies from new investment and widened the mandate to Central and Eastern Europe, a shift Fund III carried further.
Frequently Asked Questions
What stage does Almaz Capital invest at?
Almaz Capital primarily invests at the Pre-Seed, Seed, Series A, Series B+ stages. This means they focus on companies that are at the earliest idea or prototype phase.
Where is Almaz Capital located?
Almaz Capital is headquartered in Portola Valley, CA. Many of their portfolio companies are also based in this region, though they invest across geographies.
What sectors does Almaz Capital focus on?
Almaz Capital focuses on investments in Enterprise, Deeptech, DevTools. Their portfolio reflects deep expertise and networks within these sectors.
What is Almaz Capital's typical check size?
Almaz Capital's typical investment check size ranges from $. to $.. Actual amounts may vary based on the stage, sector, and specific opportunity.
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