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    Eastern Europe · Ranked by AUM

    The Largest VC Firms in Belarus

    Leading venture capital firms in Belarus, ranked by reported assets under management (AUM). Discover the most active local VCs and unlock full profiles to reach out.

    Capital Landscape

    Belarus occupies an unusual position in the Eastern European venture landscape. The country has a small but technically sophisticated startup ecosystem anchored by its IT sector, which grew significantly through the 2010s partly due to favorable tax treatment in the Hi-Tech Park (HTP) special economic zone established in Minsk. AUM concentration among institutionalized venture funds operating in or originating from Belarus is limited relative to regional peers like Poland, Estonia, or Ukraine. Most capital historically flowed through a handful of funds, several of which have cross-border mandates covering the broader CIS or Eastern Europe rather than Belarus exclusively.

    The market remains early-stage in its maturity. Exits are scarce compared to more liquid venture markets, and limited partner bases tend to be narrow, often drawing from high-net-worth individuals, diaspora capital, or regional corporate backers rather than large institutional allocators. This constrains fund sizes: vehicles operating with a Belarusian focus or origin rarely reach the scale of flagship funds in Warsaw or Tallinn.

    Geopolitical disruption since 2020, compounded by international sanctions introduced after that period, has materially altered capital flows. A number of founders and funds with Belarusian roots have relocated to Lithuania, Poland, Ukraine, or Georgia, blurring the line between what counts as a Belarusian fund and what is a diaspora fund with historical ties to the country. As a result, AUM that might once have been attributed to the Belarusian market is now spread across multiple jurisdictions. Founders navigating this environment need to understand that geographic labeling of funds is fluid, and that the most active capital sources for Belarusian-origin startups may be based outside the country entirely.

    Notable Fund Archetypes

    CIS-focused multi-stage generalist

    These funds invest across the former Soviet space with no single-country mandate, treating Belarus as one pipeline source among several. They typically write checks at seed through Series A and are comfortable with founders who have relocated or operate across multiple jurisdictions simultaneously.

    IT and software sector specialist

    Given Belarus's historical strength in enterprise software, outsourcing, and developer tooling, some funds concentrate specifically on B2B software and SaaS models. They leverage deep networks within the HTP ecosystem and often co-invest alongside strategic technology partners.

    Diaspora and cross-border vehicle

    Funds in this category are managed by Belarusian founders or operators who have relocated abroad, typically to Lithuania or Poland, and deploy capital into startups with Belarusian founding teams regardless of the company's legal domicile. Their value-add is often network access in both Western and CIS markets.

    Early-stage angel syndicate or micro-fund

    Much of the active early capital in the Belarusian startup community is not institutionalized. Syndicate structures and sub-$10M vehicles fill the pre-seed gap, often organized around accelerator alumni networks or informal groups of successful local operators.

    Corporate venture arm with regional scope

    A small number of large technology or telecom companies operating in the CIS maintain venture arms that have historically backed Belarusian startups at the seed or Series A stage. Their investment thesis is usually strategic rather than purely financial, favoring companies that complement core business lines.

    How to Approach These Funds

    Founders targeting funds in this AUM tier within the Belarusian context face a market where formal gatekeeping is less structured than in Western Europe, but personal trust carries significantly more weight. Cold outreach works less reliably here than in markets with mature LP-GP ecosystems. A warm introduction from a shared portfolio founder, a respected operator within the HTP community, or a co-investor from a prior round will consistently outperform a cold LinkedIn message or a deck submitted through a general contact form.

    Stage fit deserves careful attention. Most funds with meaningful AUM exposure to Belarus are writing checks at seed or Series A, and they tend to favor companies that already have product in market and at least preliminary revenue signals, even if growth is still early. Pre-product or pure idea-stage pitches are harder to place unless the founding team has a verifiable track record of prior exits or institutional roles that substitute for traction.

    Funds in this category often assess geopolitical and regulatory risk as a first-order concern, not an afterthought. Founders should come prepared with a clear answer on legal domicile, banking relationships, and whether the company has or is pursuing incorporation in a jurisdiction like Estonia, Poland, or the Netherlands. A Belarusian legal entity as the primary holding structure will raise questions in almost every conversation with a fund that has Western LP exposure.

    Team depth matters more than pitch polish. These funds operate with lean diligence teams and rely heavily on reference checks within their own networks. Founders should proactively identify mutual connections and make it easy for the fund to run informal background conversations before a formal term sheet process begins. Patience is also a practical requirement: deal timelines in this market tend to run longer than in more liquid venture hubs.

    Top VC firms in Belarus

    220 VC firms with reported AUM. Sign up to unlock full profiles.

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    #VC FirmAUM
    1
    EQT Holdings AB
    EQT is a global investment organization focused on active ownership and thematic investing across private capital, infrastructure, and real estate, from early-stage ventures to large-cap buyouts.
    2
    European Investment Fund (EIF) logo
    European Investment Fund (EIF)
    We support Europe’s SMEs by improving their access to finance through a wide range of selected financial intermediaries. To this end, we design, promote and implement equity and debt financial instruments which specifically target SMEs. In this role, we foster EU objectives in support of entrepreneurship, growth, innovation, research and development, and employment. Our response to the Coronavirus outbreak Banks & Guarantee Institutions Venture Capital & Private Equity funds Loan funds Social Impact investors Inclusive finance providers Climate and infrastructure funds Business Angels Small and medium sized enterprises (SMEs) Journalists Job Seekers Institutional investors Who we are Our mission We are a specialist provider of risk finance to benefit small and medium-sized enterprises (SME) across Europe. We are part of the EIB Group. Our shareholders are the European Investment Bank (EIB), the European Union, represented by the European Commission, and a wide range of public and private banks and financial institutions. We carry out our activities using either our own resources or those provided by the European Investment Bank, the European Commission, by EU Member States or other third parties. By developing and offering targeted financial products to our intermediaries, such as banks, guarantee and leasing companies, micro-credit providers and private equity funds, we enhance SMEs access to finance. Our objectives By taking SME risk, we pursue our two main statutory objectives: fostering EU objectives, notably in the field of entrepreneurship, growth, innovation, research and development, employment and regional development; generating an appropriate return for our shareholders, through a commercial pricing policy and a balance of fee and risk based income. Our impact More than 1 million SMEs have benefited from enhanced access to finance through financial instruments managed by EIF. On www.eif4smes.com you will find an interactive map that identifies all the SMEs that have received EU-support from EIF. The EIF in 2020 The pandemic has brought about unprecedented levels of uncertainty, insecurity and isolation, as well as an economic downturn that is hitting small businesses hard. Despite market difficulties, and thanks to our valuable partnerships with EU Institutions, national and regional governments, and our financial intermediaries, the EIF has deployed a record amount of €12.9 billion in commitments to the market. Responding to covid-19 Our continued engagement for financing of European SMEs was driven by the quick COVID-19 response measures – now extended across the main guarantee instruments until 30 June 2021; as well as our experience in delivering EFSI / the Investment Plan for Europe whose commitment period ended at 31 December 2020 after nearly six years of full successful deployment. Further new, bilateral or multilateral measures launched in co-operation with EU Member States have served to address local challenges or complement Europe-wide efforts to alleviate SME financing needs from start-up to scale-up. Overall, for every euro channelled via the EIF in 2020, over five euros made their way to small businesses across Europe. Launching the EGF together with the EIB Alongside these efforts, the € 25 billion Pan-European Guarantee Fund (EGF) was designed and launched in the second half of 2020 as an EIB Group initiative. The EGF aims to fight the negative economic effects of the crisis, and is a testament of collaboration between the EIB Group and the Member States that financed it. In the same way as other financial instruments managed by the EIB and the EIF, the EGF is deployed through banks, funds, national promotion institutions and direct lending to SMEs and funds across Europe. Supporting new and emerging areas We have remained dedicated to fostering innovation with clear priorities in the fintech, deep tech, space, blue economy, life sciences, health care and agribusiness sectors, while also ensuring support for traditional businesses in their digital transformation. The EIF has created and deployed novel financial instruments that open up additional financing opportunities in skills and education, the creative and cultural sectors and overall, in making social impact, sustainability and social impact important aspects of our everyday lives. We have taken concrete steps to adapt to the EIB Climate Bank Roadmap. Work at the EIF A European environment EIF currently employs approximately more than 585 staff members, highly qualified and motivated professionals, expert in their respective fields, actively contributing to the organisation’s success. We recruit talented people from the European Union Member States and Candidate countries making EIF a culturally diverse and interesting place to work. EIF's headquarters is in Luxembourg, but we also have a few small offices based in other European countries, dealing with specific mandates. Challenging roles Our staff are highly educated with a rich professional experience bringing creativity and innovation to the organisation. We offer challenging career opportunities mainly for venture capital and securitisation professionals, as well as for other specialised profiles and support functions. Career development and internal mobility We encourage our staff to keep their skills up-to-date and to develop additional competencies through internal courses, on-the-job training or work-related studies, seminars and conferences. Under certain circumstances, we grant a mid-career break to undertake studies. For staff members wishing to face new challenges, we also offer the opportunity to change roles within the EIF or the European Investment Bank with which EIF forms the EIB Group. Our Values Excellence Teamwork Integrity Responsibility Accountability Customer-driven All staff participated in the elaboration of our core values which are observed in the activities of the entire organisation., The Ecosystem Integrity Fund is a private equity and venture capital firm specializing in early to late venture and later stage special situations investments. The firm prefers to invest in markets for clean technologies and green products such as, resource efficiency, green chemistry, waste management, land and species conservation, climate resilience, energy, agriculture, water, renewable energy, transportation, power grid management, building materials, habitat conservation and remediation, independent power producers and energy traders, and environmental remediation/productivity. It also invests in companies and projects that reduce or ameliorate threats to ecosystem integrity, such as land fragmentation and conversion, depletion of productive capacity, and contamination of land, air, and water. The firm typically invests between $0.5 million and $5 million initially. The Ecosystem Integrity Fund was founded in 2010 and is based in San Francisco, California with additional offices in Los Angeles, California and New York, New York.
    3
    Silicon Valley Bank logo
    Silicon Valley Bank
    Silicon Valley Bank (SVB) is a specialized financial partner for the innovation economy, serving startups from pre-seed to IPO, as well as venture capital and private equity investors globally.
    4
    Lendable
    Lendable is a technology-enabled investment platform providing debt and financing solutions to high-growth fintech companies and impact alternatives in emerging and frontier markets.
    5
    Novo Holdings logo
    Novo Holdings
    Novo Holdings A/S is the holding and investment company responsible for managing the assets of the Novo Nordisk Foundation, one of the world's largest enterprise foundations. Established in 1999, the company is headquartered in Copenhagen, Denmark, with offices in London, San Francisco, Boston, Singapore, and Shanghai. As of 2024, Novo Holdings manages total assets of DKK 1,060 billion (€142 billion). The company's primary objective is to improve people's health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. To achieve this, Novo Holdings invests in life science companies at all stages of development and manages a diversified portfolio that includes equities, bonds, real estate, infrastructure assets, and private equity investments. In 2024, Novo Holdings reported record total income and investment returns of DKK 60 billion (€8.0 billion), driven by strong performances from its investment portfolio and the Novo Group companies. A significant recent development was the completion of a $16.5 billion acquisition of Catalent, a contract drug manufacturer, in December 2024. This strategic move aims to bolster the production of Wegovy, a popular weight-loss drug, to meet increasing demand. Novo Holdings' investment areas include life science investments, capital investments, and planetary health investments, with a focus on regions such as North America, Europe, and Asia. The company's guiding principles emphasize high performance with respect and responsibility, an ambitious strategy focused on return-driven investments, and excellence in operations, including talent development and strong governance.
    6
    Advent Life Sciences logo
    Advent Life Sciences
    Advent Life Sciences is one of the leading trans-Atlantic venture investors focused on building innovative Life Sciences businesses in the UK, Europe and the USA. We are a highly experienced team with a long-standing track record of entrepreneurial and inve stment success through turning break-through science into approved medicines or medical products. We start and invest in early and mid-stage companies with a first-in-class or best-in-class approach. Our investments are focussed in new drug discovery - small molecules, biologics and new modalities - med tech, enabling technologies and vaccines.
    7
    Criteria Venture Tech logo
    Criteria Venture Tech
    Criteria Venture Tech is a multi-stage Venture Capital fund, committed to propelling the future of technology. Our mission is to partner with visionary companies that are at the forefront of technological innovation. We invest in tech companies in Europe and North America, with special focus in Spain and Portugal. We invest agnostically across various stages and verticals, with a specific focus on B2B SaaS and Deeptech, paying particular attention to key areas such as Software Infrastructure, Enterprise Data and Automation, Frontier Tech and Cybersecurity, offering evergreen support until achieving meaningful impact. We believe in creating long-term economic and social value through technological breakthroughs. Criteria Venture Tech is part of Caixa Capital Risc and the CriteriaCaixa group, Spain's largest investment holding with over €25 billion in assets under management.
    8
    TenOneTen Ventures logo
    TenOneTen Ventures
    TenOneTen Ventures is a Los Angeles-based venture capital firm that invests early in technical teams transforming major industries like healthcare, logistics, and manufacturing using AI and data.
    9
    BAM Ventures logo
    BAM Ventures
    BAM Ventures is a Los Angeles-based venture capital firm founded in 2014 by Brian Lee and Richard Jun, both seasoned entrepreneurs with extensive experience in building and scaling companies. The firm focuses on early-stage investments, targeting resilient founders who have the vision to launch and scale innovative technologies, products, and services that connect with consumers and transform commerce. BAM Ventures emphasizes a hands-on approach, offering not only capital but also time, experience, and relationships to support entrepreneurs in building companies that matter. Their portfolio includes notable companies such as Honey (acquired by PayPal), Tala, Wondery (acquired by Amazon), Flow, Rael, and Modern Animal.
    10
    Lightspeed Venture Partners logo
    Lightspeed Venture Partners
    Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise, Consumer, and Health sectors. Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 400 companies globally, including Snap, Affirm, Nest, Nutanix, AppDynamics, MuleSoft, OYO, Guardant, and GrubHub. Lightspeed and its affiliates currently manage $10.5B across the global Lightspeed platform, with investment professionals and advisors in Silicon Valley, Israel, India, China, Southeast Asia and Europe.
    11
    SWEN Capital Partners logo
    SWEN Capital Partners
    SWEN Capital Partners is a leading responsible investor in unlisted assets with over €9.5 billion under management. They focus on sustainable finance, supporting environmental and societal growth across private equity, real assets (infrastructure), and private debt.
    12
    Invus logo
    Invus
    Invus is an evergreen equity investment firm founded in 1985, managing over $10 billion in capital. With offices in New York, Paris, and Hong Kong, Invus focuses on empowering owner-managers to transform their industries by providing the freedom to take risks, the capital to reach their goals, and the strategic advice to navigate uncharted waters. The firm emphasizes a long-term investment horizon, aiming for exponential, sustainable value creation through building sustainable competitive advantages and innovating to fulfill real customer needs. Invus operates with a unique structure that allows flexibility in the types of companies and situations they engage with, fully aligning their incentives with their partners and demonstrating a long-term commitment to see through any challenges along the way. Since its inception, Invus has been successfully empowering owner-managers, with its source of capital being a European family group through their Artal investment vehicle. This evergreen structure has enabled Invus to compound its initial pool of capital over four decades, growing to over $10 billion even after distributing billions to shareholders.
    13
    a16z crypto
    a16z crypto is a venture capital fund that invests in crypto and blockchain startups. It recently raised a new $2.2 billion fund, bringing its total raised to date to $9.8 billion.
    14
    Perceptive Advisors logo
    Perceptive Advisors
    Perceptive is focused on supporting the progress of the life sciences industry by identifying opportunities and directing financial resources to the most promising technologies in healthcare.The information presented in this page is included to enable professional networking by Perceptive Advisor’s employees and should not be used for any other purpose. As such, Perceptive Advisor’s use of LinkedIn is not an offer to, or solicitation of, any potential clients or investors for the provision of investment management, advisory or any other related services. No information posted by Perceptive Advisors should be construed as investment advice, or as an offer to sell, or a solicitation of an offer to buy, any security or other instrument.
    15
    Norwest Venture Partners logo
    Norwest Venture Partners
    Norwest Venture Partners is a leading Silicon-Valley based venture capital and growth equity investment firm managing $7.5 billion in capital. Since our inception, we have invested in more than 600 companies. The firm invests in early to late stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare.We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders advance on their journey.We are proud to have backed entrepreneurs at Apigee, Casper, FireEye, Jet, Kendra Scott, and Udemy among others.Norwest has offices in Palo Alto and San Francisco, with subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel.
    16
    Vertex Venture Holdings logo
    Vertex Venture Holdings
    Vertex is a global network of venture capital funds. The Vertex network of funds invests in early stage opportunities in technology through Vertex Ventures and healthcare through Vertex Ventures HC, and growth stage opportunities through Vertex Growth. Each of the Vertex Ventures funds in Israel, USA, China, and SEA & India operate independently, with separate local teams that raise and manage respective funds independently.Vertex Holdings is an anchor investor in each of the Vertex funds, namely: Vertex Ventures China, Vertex Ventures USA, Vertex Ventures Israel, Vertex Ventures SEA & India, Vertex Ventures HC, and Vertex Growth. Vertex Holdings is owned by Temasek Holdings.
    17
    Canaan Partners logo
    Canaan Partners
    Canaan is an early-stage venture capital firm that invests in visionaries with transformative ideas. While we love speedy success, we're acutely aware that greatness comes in many forms and at different times. That's why we're not afraid to break the mold to bring something spectacular to life. Our approach is personal. We don’t believe in a one-size-fits-all approach, but there are a few absolutes intrinsic to who we are and how we work. And these values weren’t contrived out of thin air, they’re hard earned over the past 30 years and counting. 01 High performance, low ego. The old adage “actions speak louder than words” rings true within Canaan’s walls, and in our interactions with companies out in the wild. Words like "understated" and "effective" are often used to describe our partners, and that’s fine by us. We’ll leave the bragging to the others. “Seasoned investors can be very arrogant, but Canaan is no BS, unassuming, and humble—no hysteria, no angst.” — Michael Gilman, CEO Arrakis 02 People are more than statistics. A diverse team means we bring varied perspectives to the table. And that table welcomes out-of-the-box thinking, spirited debate, and people from all walks of life. It’s our individual backgrounds and interests that inform our collective approach, which spans industries, generations, and coasts. In short, our diversity is who we are and what we do. 03 We ask for help, and so should you. We firmly believe that two heads are better than one. So while our investors thrive in 1:1 partnerships, our companies also have the support of the entire Canaan team whenever, wherever. Recruiting your executive team? We’ll mobilize our full network. Need operational advice to bring a product to market? We’ll connect you with the right partner or colleague. Our resources are yours. “Even if Canaan hadn’t funded us, just going through the process with them – the discussions we had and the questions they asked – already made us a better company. And that’s amazing.” — Julie Wainwright, CEO The RealReal 04 The Golden Rule still applies. We treat you like we treat ourselves—with respect, transparency, and honesty—even if it’s sometimes not what you want to hear. It’s this approach that makes our portfolio companies more like family, because we’re not afraid to get in the weeds and help solve big hairy problems. In fact, it’s what we live for. We’re acutely aware that our success hinges on your success, so we do what it takes. “We made big strategic shifts as a company and worked closely with Maha through all of them. Canaan is really smart about the way they get involved and how they support you through good times and bad.” — Kevin Chou, former CEO Kabam 05 We're in the know, not in the way. We’d be lying if we said we weren’t hands-on, but we also know when to step back and let you soar. Our goal is to add value to your process, and help you grow in ways you couldn’t alone. That’s why you’ll never see us booking meetings just to check a box or “see how are things are going.” We’ll already know, because that’s the kind of relationship we have with our companies. Balance, diversity and passion are at the core of who we are. Meet the hardworking people who defy convention, shatter glass ceilings, and take companies to the top — all with a unique style and a healthy dose of humor.
    18
    8VC logo
    8VC
    8VC is a technology and life sciences venture capital firm that builds and invests in transformative companies across various sectors, including life sciences, healthcare, manufacturing, enterprise, logistics, and defense. Founded in 2015 by Joe Lonsdale, a co-founder of Palantir Technologies, the firm is headquartered in Austin, Texas, and manages over $6 billion in committed capital. 8VC's mission is to "fix a broken world" by partnering with entrepreneurs to develop innovative solutions to complex global challenges. The firm invests at all stages of a company's lifecycle, from seed to growth, and also builds companies through its 8VC Build program. Notable portfolio companies include Palantir Technologies, Anduril Industries, and Guardant Health. 8VC's investment philosophy emphasizes long-term value creation and societal impact, focusing on sectors that have the potential to drive significant positive change. The firm's team comprises experienced professionals with diverse backgrounds in technology, finance, and entrepreneurship, enabling them to provide comprehensive support to their portfolio companies.
    19
    Forbion logo
    Forbion
    Forbion is a global venture capital firm dedicated to advancing groundbreaking biotech innovations and sustainable solutions in human health and the bioeconomy, managing over €5bn across 11 funds.
    20
    Primavera Capital Group logo
    Primavera Capital Group
    Primavera Capital Group is a premier Asia-Pacific-based global investment firm that seeks to develop trusted, lasting partnerships with high-potential growth companies to promote entrepreneurship and fuel innovation.
    21
    Northgate Capital Group logo
    Northgate Capital Group
    For more 25 years, Northgate has been partnering with leading venture capital companies and managers to provide long-term value and growth for entrepreneurs and clients through direct investments, primaries, and secondaries.
    22
    Polaris Partners logo
    Polaris Partners
    Polaris Partners is a venture capital firm that has collaborated for nearly three decades with talented biotech and healthcare entrepreneurs to build transformational companies.
    23
    Sofinnova Partners logo
    Sofinnova Partners
    Sofinnova Partners is a leading European venture capital firm in life sciences, specializing in healthcare and sustainability. Based in Paris, London and Milan, the firm brings together a team of professionals from all over the world with strong scientific, medical and business expertise. Sofinnova Partners is a hands-on company builder across the entire value chain of life sciences investments, from seed to later-stage. The firm actively partners with ambitious entrepreneurs as a lead or cornerstone investor to develop transformative innovations that have the potential to positively impact our collective future.Founded in 1972, Sofinnova Partners is a deeply-established venture capital firm in Europe, with 50 years of experience backing over 500 companies and creating market leaders around the globe. Today, Sofinnova Partners has over €4 billion under management. For more information, please visit: www.sofinnovapartners.com
    24
    The Column Group logo
    The Column Group
    The Column Group (TCG) is a venture capital firm dedicated to fueling scientific innovation in the life sciences industry. Using an edge-to-edge investment model, TCG supports biotechnology companies from inception and company formation through to exit, focusing on breakthrough therapies and deep scientific principles.
    25
    VantagePoint Capital Partners logo
    VantagePoint Capital Partners
    Established in 1996, VantagePoint Capital Partners is a global venture investor supporting companies from start-up to scale-up with a special focus on energy innovation and efficiency.
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