In 2022, startups in Belarus have secured around €1B in funding and the country ranked 55th among 100 countries (as per Startup ecosystem Report by StartupBlink). 

Similarly, there is no doubt that Belarus has gone through a significant boost in its economic growth compared with 2015. We are witnessing an increase in startups as well as the support by the VC Firms.

Thinking about who these venture capital firms are?

Well, let’s not keep you waiting. Here is the list of the top 7 venture capital funds in Belarus.

Top 7 Venture Capital Firms in Belarus

Following is the list of some of the top venture capital firms in Belarus.

Flyer One Ventures

Website: Flyer One Ventures

Investor Type: Venture Capital Firm

Investment Interests: Tech

Investment Stage: Early

Flyer One Ventures, founded in 2018, is an international venture capital firm with offices in Kyiv and London. They focus on startups from the Central and Eastern Europe (CEE) region, backing talented founders and helping them grow their businesses.

During the funding procedure, investors focus on extraordinary founders who have huge goals, build innovative products, achieve traction and provide solutions. Startup leaders must be experienced in their relevant sector and have a strong team.

The investment range of Flyer One Ventures lies between €100,000 to €500,000. Some of their portfolio companies are:

Competera: Competera is an AI-based pricing platform designed for both online and offline retailers. It leverages advanced algorithms and data analytics to optimize pricing strategies. Recently, Competera secured a €3 million seed round.

AllRight.com: AllRight.com is an innovative platform that facilitates English language learning for children. It operates entirely online, providing interactive lessons, exercises, and practice opportunities.

Softline Venture Partners

Website: Softline Venture Partners - VC Fund Breakdown (vcsheet.com)

Investor Type: Venture Capital Firm

Investment Interests: Tech

Investment Stage: Early

Softline Venture Partners is a corporate venture capital arm of Softline Group and they invest in startups using funds from the parent corporation. With a strong focus on early-stage startups, the investors invest in almost 2-3 startups every year. 

Moreover, Softline Venture Partners invest in tech based businesses that can grow 2-3x within 24-36 months. Startup leaders can send online forms and usually, they are contacted by the management within 5-10 business days.

The investment range of Softline Venture Partners can range up to €150,000. Some of their portfolio companies are:

JagaJam: JagaJam is a company that provides an online advertising platform designed to offer statistics and analytics regarding various pages within social networks. The platform uses data, industry expertise, and modern data mining techniques. JagaJam has raised a total of €150K.

NFWare: NFWare develops disruptive virtualized network software for operators and data centers. Their multi-core packet-processing algorithms allow NFWare products to create high-performance infrastructure with the flexibility and agility of software and carrier-grade capabilities.

Exodrive: Exodrive is a telematics-based solution for insurance, leasing firms, corporate and taxi fleets, and car-sharing services. 

JOINT JOURNEY

Website: Joint Journey — Intelligent Investments (jj.capital)

Investor Type: Venture Capital Firm

Investment Interests: Healthtech, Management Services, and Food

Investment Stage:

JOINT JOURNEY is an investment firm that was founded by Sergey Dashkov in 2016. They have invested in more than 120 companies and their headquarters is located in Cyprus.

During the investments, the investors mainly focus on Seed stage, but they also occasionally invest in Pre-Seed, Series A, and Series B stages. They act as a partner to founders, giving them full autonomy in operations.

Aside from funding activites, Joint Journey also organizes mentorship programs and startup accelerators to boost the entrepreneurial landscape. The investment range lies between €100,000 to several million dollars. Some of their portfolio companies are:

MYRPharmTech: MYRPharmTech is a developer of a drug discovery platform intended to offer treatment for cancer and other chronic immune diseases. ElectroNeek has raised a total of €23.7 million in funding over 8 rounds.

Local Kitchens: Local Kitchens is a digital food hall that brings together a mix of award-winning local restaurant brands under one roof for takeout and delivery. Local Kitchens has raised a total of €28 million in funding over 1 round.

CheckMe: CheckMe is a provider of health management services intended to help patients pass examinations quickly and without queues. The company’s services include negotiating with clinics for package offers.

Bulba Ventures

Website: Bulba Ventures

Investor Type: Venture Capital Firm

Investment Interests: Software and Data Management

Investment Stage: Seed

Funding startups since 2018, Bulba Ventures is also one of the prominent investors in Belarus. The network has provided funding to around 15 startups and is actively searching for more startups.

The investors at Bulba Ventures prioritize startups with the highest growth potential and lowest competitors. Even though their main focus is on profitability, they want to invest in innovative ideas that will grow in the future.

Moreover, Bulba Ventures is also active in arranging extra startup events. They contribute to the startup community of Belarus by conducting networking events and helping startup leaders meet with different investors. 

The investment range of Bulba Ventures can range up to €500,000. Some of their portfolio companies are:

VOCHI: VOCHI is a video and photo editing application that enables the addition of effects to individual objects in real-time. VOCHI has raised a total of €4.4M in funding over 4 rounds.

AIMATTER: AIMATTER specializes in building next-gen apps with proprietary advanced image processing technologies. Its SDK is able to run deep learning models in real time directly on smartphones. AIMATTER has raised a total of €2M in funding over 2 rounds.

FriendlyData: FriendlyData helps enterprises make data accessible for business people by providing a natural language interface to databases. FriendlyData has raised a total of €530K in funding over 4 rounds.

BRISE Capital

Website: BRISE Capital | A private investment company

Investor Type: Venture Capital Firm

Investment Interests: Tech and AI

Investment Stage: Early and Seed

BRISE Capital is also a venture capital firm that is based in Ukraine. The network was founded in 2019 by Artem Sukhina and Oleksandr. Ever since its inception, BRISE Capital has invested in around 20 startups and focuses on businesses that are promoting tech.

During the screening tests, the investors at BRISE Capital prioritize startups in the sectors of SaaS, Marketplace, Digitalization, or other innovative services/products. Startup leaders are required to have short and attractive pitch decks that display the value of their businesses.

Once things have been finalized, BRISE Capital ensures that its portfolio companies get the best assistance from the mentors. Plus, this is also evident from the successful exits of their previous portfolio companies.

The investment range of BRISE Capital lies around €1M. 3 of their previous startup fundings include:

Finmap: Finmap is an online financial accounting service for small and medium-sized businesses. It provides a cash flow management tool for SMBs with automated data processing and actionable dashboards. Finmap has raised a total of €2.8M in funding over 6 rounds.

OVO: OVO is one of the leading players in the digital payment sector. It’s a seed stage venture capital firm that provides funding and support to startups at the earliest stages. 

Keenly: Keenly is an AI-driven SaaS platform intended for global marketplace sellers to scale and optimize their sales effectiveness.

My.Games Venture Capital

Website: MGVC — Home

Investor Type: Venture Capital Firm

Investment Interests: Gaming and Tech

Investment Stage: Early and Seed Stage

With headquarters in the Netherlands, My.Games Venture Capital is also a well-known name among the investment community of Belarus. It was founded in 2017 and has provided funding to more than 40 startups at the early and seed stage.

Discussing their investments, MGVC invests in startups at the early stage and likes to guide them throughout different stages. The investors priortize tech related businesses that have a strong business model and offer solutions to the targeted market.

More importantly, MGVC provides support to young development teams working on exciting and promising projects, whether at the early stages of creating a business or at later stages of development.

The investment range of MGVC is between €1M to €5M. 

Fores Ventures

Investor Type: Venture Capital Firm

Investment Interests: Tech

Investment Stage: Early

Fores Ventures is a venture capital firm that was founded by Alexey Chetvergov and Pavel Annenkov in 2012. The firm is headquartered in Spain but also invests in Belarus through their online startup selection.

During the investment procedure, investors at Fores Ventures select startups based on their achievements and ratio of profitability. Startups with ROI higher than 5 are most likely to get selected for investment.

The investment range of Fores Ventures lies between €50,000 to €100,000.

Wrap-Up

Even though Belarus isn’t a global tech hub for startups, you can still secure investment for your business. Remember, the city is still in its growth stages and many investors are looking for startups that solve problems. 

Good Luck!

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