Almaz Capital

Almaz Capital

Company type	Private
Industry	Venture capital
Founded	2008
Founder	Alexander Galitsky, Charles Emmitt Ryan, Peter Loukianoff, Pavel Bogdanov
Headquarters	Portola Valley , United States
Area served	Central and Eastern Europe, CIS countries
Key people	Alexander Galitsky (Managing Partner), Geoffrey Baehr (General Partner), Pavel Bogdanov (General Partner), Charles E. Ryan (General Partner), Aniruddha Nazaré (General Partner)
Products	Venture capital funds investing in AI, ML, Blockchain, IoT, Edge Computing, Cybersecurity startups

Almaz Capital is an international venture capital firm based in Portola Valley, California that invests in early-stage, capital-efficient technology enterprises within rapidly expanding industries. The company concentrates on innovative deep tech startups specializing in B2B software sectors such as AI, ML, Blockchain, IoT, Edge Computing, and Cybersecurity. Since its establishment in 2008, Almaz Capital has allocated over $300 million to nearly 50 portfolio companies.

Among its backers are the European Investment Fund (EIF), Cisco, the European Bank for Reconstruction and Development (EBRD), and the International Finance Corporation (IFC) affiliated with the World Bank Group.

Almaz Capital’s main office is located in Portola Valley, complemented by a presence in Berlin and representative offices in Kyiv (Ukraine), Warsaw (Poland), as well as other markets across Central and Eastern Europe. The leadership team features Managing Partner Alexander Galitsky along with General Partners Geoffrey Baehr, Pavel Bogdanov, Charles E. Ryan, and Aniruddha Nazaré.

History

In 2004, Cisco invited Alexander Galitsky—a scientist and entrepreneur who had previously led East Europe’s inaugural Tech Tour—to create a venture fund dedicated to startups emerging from Eastern Europe. Galitsky developed a "bridge fund" strategy aimed at linking Eastern European deep tech ventures with Western companies seeking innovative engineering capabilities.

Almaz Capital was founded in 2008 by Galitsky together with Charles Emmitt Ryan, former CEO of Deutsche Bank Russia; Peter Loukianoff from Alloy Ventures; and Pavel Bogdanov. Geoffrey Baehr, who had been advising Galitsky since the 1990s and previously served as a General Partner at US Venture Partners, later became a General Partner at Almaz Capital. Loukianoff departed in 2011, establishing the current executive lineup.

This leadership approach has allowed Almaz Capital to develop a distinctive competitive edge by connecting Eastern European technological innovation with global markets, thereby promoting business expansion and diversifying its investment portfolio across critical tech sectors.

Funds

The initial Almaz Capital Fund I was created in 2008 with $72 million raised, including $30 million from Cisco and more than $20 million contributed by UFG Partners. In 2009, the European Bank for Reconstruction and Development (EBRD) joined as the third investor with an approximate $20 million commitment. This fund concentrated on identifying promising projects within CIS countries aimed at international markets.

In 2013, Almaz Capital II secured roughly $200 million from limited partners, maintaining Cisco as the primary investor alongside UFG, EBRD, and the International Finance Corporation. Additional funding came from several family offices. Unlike the first fund, Fund II excluded companies originating from Russia and broadened its geographical scope beyond CIS to encompass regions of Eastern Europe.

The third fund, Almaz Capital Fund III, closed in 2021 with $191 million under management. The EBRD continued as a principal investor while the European Investment Fund (EIF) also participated. This fund adjusted its focus predominantly toward Eastern Europe while still retaining interest in CIS territories.