Internet Initiatives Development Fund is a Moscow-based venture capital firm that finances and mentors early-stage technology startups in Russia. It provides financial and expert support to pre-seed, seed, and Series A companies and has invested in more than 400 tech startups. The firm typically makes investments across early stages, ranging from 2.5 million to 324 million rubles, and supports portfolio companies through growth phases. Beyond funding, IIDF promotes transparency and collaboration by engaging with entrepreneurs, investors, and state agencies, and pursues initiatives aimed at expanding access to the Russian venture market. Its mission is to make Russia more attractive for tech entrepreneurs and to help founders start and scale internet-based ventures.

Russian Ventures is a venture capital firm headquartered in Moscow, Russia. Founded in 2008, it focused on investing in internet and technology companies across Russia.

Startup Lab is a Moscow-based venture capital firm and accelerator founded in 2018 that invests in pre-seed, seed, and early-stage startups. It focuses on companies based in Russia, the CIS and Eastern Europe, and supports ventures with capital and programmatic assistance to build networks, scale sales channels, optimize business models and internal processes, and prepare for international expansion. The firm targets early-stage opportunities with typical pre-seed investments up to 3.5 million rubles. Sectors of interest include pharmaceuticals, agriculture, edtech, fashion tech and retail.

AYR Capital is an independent private equity, venture capital and financial advisory firm focused on investments in Europe, Russia and the CIS, with activity in real estate, fast-moving consumer goods, oil and gas, energy, information technology and manufacturing. The firm also provides debt financing for growth opportunities and offers financial advisory services. Founded in 2014 and based in Moscow, AYR Capital pursues growth-oriented opportunities across CIS, Eastern and Western Europe and the United States, combining a disciplined risk management approach with a focus on value creation and strong relationships with investors and portfolio companies.

Ruvento Ventures is a Singapore-based venture capital and incubation firm focused on technology startups in Southeast Asia. The firm backs founders with capital and hands-on support across research and development, product development, management, and market entry, guided by a founder-first, values-led approach. It targets early-stage and seed opportunities in sectors such as artificial intelligence, machine learning, internet of things, hardware, cleantech, medical devices, and digital media, aiming to bring disruptive technologies to regional markets and beyond. While headquartered in Singapore, Ruvento pursues global deal flow and seeks to connect portfolio companies with industry leaders across developed and emerging markets to accelerate growth. The firm emphasizes responsible entrepreneurship and regional uplift, leveraging its network to help portfolio companies scale.

The Untitled is a venture capital firm that funds seed through growth-stage companies, with a focus on technology-enabled businesses across retail, brand performance, new media, marketplaces, telecommunications, social platforms, and digital advertising in offline, online and omni-channel formats. It primarily targets companies in Eastern Europe, Russia, Belarus and Ukraine, while pursuing opportunities in Western Europe where possible. The firm seeks ventures with a finished product or working prototype and proven metrics approaching operational payback. It makes direct equity investments and loans, and operates several programs including seed, club, money and U growth, offering a range of ticket sizes from tens of thousands to a few million dollars and minority stakes typically in the 15–30% range. Founded in 2011, The Untitled is headquartered in Riga, Latvia, with offices in Moscow and London.

Impulse VC is a Moscow-based venture capital firm established in 2013. It funds and supports early-stage technology companies, focusing on seed to Series A investments in B2B software and SaaS, proptech, adtech, marketing technology, marketplaces, software, and gaming. The firm provides both capital and operational guidance to portfolio companies and conducts activities with international reach across the United States, United Kingdom, and Russia.

Inventure Partners is a Moscow-based venture capital firm that backs technology startups across seed to late stages. Founded in 2012, it focuses on online financial services, technology, marketing, digital media, mobile, internet software, B2B, and telecommunications, typically investing between 0.5 million and 5 million in companies with enterprise value up to 50 million. The firm prefers minority stakes, often taking a board seat, and aims for exits within about five years. Its portfolio has included disruptive tech companies such as Gett, the on-demand ride service, and American Well, a telehealth provider, among others like Busfor for long-distance travel tickets. The investor seeks opportunities across Russia, the CIS, the UK, the US, and European markets.

Sistema Venture Capital is the corporate venture capital arm of AFK Sistema, based in Moscow with an additional office in London. It invests in growth-stage technology companies worldwide, focusing on internet and related technologies, artificial intelligence and machine learning, cognitive technologies, big data, robotics, SaaS and PaaS, marketplaces, and connected devices. The firm targets both minority and controlling stakes, typically around $10 million in investments, with the aim of building market leaders over the next 3–5 years. It backs startups across early and growth stages, and prefers ventures where founders retain control. The investment scope includes the United States, United Kingdom, Western Europe, Russia, Israel and other CIS markets, with a global outlook toward scalable platform solutions and next-generation infrastructure.

FinSight Ventures is a San Francisco-based venture capital firm founded in 2013 that focuses on fintech and enterprise software. It invests globally, backing startups in the United States, India, Europe, and other markets that drive digital transformation in banking, finance, insurance, and payments as well as B2B software solutions. The firm supports portfolio companies through equity and debt fundraising and provides strategic assistance across technology development, operations, and go-to-market efforts. FinSight emphasizes long-term partnerships with founders, guided by an ownership mindset and disciplined flexibility, aiming to help entrepreneurs scale and realize growth opportunities. Through its networks in financial services and technology, FinSight helps companies access strategic partners, customers, and markets while pursuing innovation in fintech-enabled infrastructure and services.

Almaz Capital is an international venture capital firm based in Portola Valley, California, with an additional office in Berlin. The firm focuses on early-stage, capital-efficient technology companies and acts as a bridge between Eastern European former Soviet engineering talent and the U.S. market to help build global businesses. It invests in high-growth sectors including artificial intelligence, blockchain applications, data engineering, cybersecurity, industrial IoT, and networking infrastructure. Since its founding in 2008, Almaz Capital has backed more than 30 portfolio companies and achieved multiple exits. Its investors include Cisco, the European Bank for Reconstruction and Development, and the International Finance Corporation, reflecting its mix of strategic and financial backing. The firm aims to foster cross-border collaboration and scale technology ventures from Europe and the U.S. to global markets.

Primer Capital is a Moscow-based venture capital firm focused on early-stage investments in biotech, pharmaceutical and medical technologies. It backs projects across oncology, cardiology, rheumatology, surgery and related areas, including medical devices, drugs, generics and biosimilars, and science and Bio-IT platforms. The firm pursues opportunities globally, with activity in Russia, Israel, Europe and the United States, and engages in co-investments with other venture funds and strategic partners. It provides equity investments in the early trial stages, typically alongside a network of scientific advisors to support portfolio companies through development and commercialization.

Prostor Capital is a Moscow-based venture capital firm established in 2011 by private investors, with co-founders including Leonid Reiman and Sergey Merkulov. It concentrates on profitable investments in Russian information technology and Internet companies at the stable growth stage (round A and above) with ready products and rapidly growing user bases. The firm targets tech-enabled companies with significant local or international sales potential, particularly in financial and advertising services, cloud technologies, innovative education, and digital medicine. The management team comprises Sergey Merkulov as managing partner, Alexey Solovyov as managing director, and Stanislav Kosorukov as investment director, who oversee strategy, operations, and deal evaluation. Prostor Capital has been recognized among leading Russian venture investors and maintains a portfolio of technology-driven companies.

VEB Ventures is a Moscow-based venture capital firm associated with Vnesheconombank. It was established to invest in high-technology projects linked to Russia’s Skolkovo Foundation and to support the government’s innovation programs. The firm has focused on funding companies in medical technology, biotechnology, and clean technology within Russia, aiming to build innovation infrastructure, facilitate technology transfer, and promote Russian innovations globally.

Sistema SmartTech is the corporate venture arm of Sistema, based in Moscow, Russia. Founded in 2020, it invests in early-stage Russian technology companies and focuses on high-technology sectors such as digital products and services, transport, IT in medicine, biotechnology, and artificial intelligence, as well as education, logistics, and digital solutions in industry.

Elbrus Capital is a private equity firm focused on control and significant minority investments across Russia and the CIS. Founded in 2007, it pursues growth and consolidation opportunities in diversified sectors, including healthcare, information technology and software as a service, B2B and B2C services, digital media, FMCG, outsourcing and logistics, and education. It partners with entrepreneurs to scale businesses and expand regionally, aiming to secure meaningful stakes to support strategic development. The firm builds platforms through acquisitions and its portfolio has included digital and consumer CIS leaders such as HeadHunter, Mail.ru Group and CIAN Group, along with FMCG, outsourcing, healthcare and media companies.

New Industry Ventures is a Moscow-based venture capital firm established by Gazprom Neft, Gazprombank, Russian Venture Company and VEB Innovations. It invests in technology startups operating in oil and gas, petrochemicals, energy, logistics, new materials and alternative energy. The firm focuses on technologies for exploration, production, processing, transportation and storage of hydrocarbons, as well as energy transmission and industrial infrastructure. It also backs digital products and Industry 4.0 solutions, resource and energy-saving technologies, and innovative projects that advance the Russian oil, gas and energy sectors and related industries.

Unicorn Capital Partners is a Moscow-based venture capital and management firm founded in 2019 that focuses on biotech and life sciences, including therapeutics, drug discovery, gene therapy, diagnostics, medical devices, rehabilitation technologies, and medical information technology, with operations in Russia and abroad. The firm provides more than capital, offering comprehensive asset analysis and strategic support from early preclinical stages to mature commercial opportunities, evaluating scientific, medical, market, regulatory, corporate and financial factors, along with post-investment guidance and fundraising assistance. It pursues active involvement in ideation and project development and maintains a broad network of syndicate and strategic investors, such as Third Rock Ventures, JJDC, Pfizer Ventures, Frazier, Bessemer, Forbion, HBM, TVM, Avalon and Nextech. Through its Unicorn Biotech Fund, it seeks fundraising and partnerships to scale portfolio companies, with a track record that includes multiple exits on NASDAQ. The firm concentrates on Series A and B investments in breakthrough therapeutics, diagnostics, devices, and medical IT, aiming to address unmet medical needs in Russia while engaging international opportunities.

ICU Ventures is a Kyiv-based venture capital firm that invests in early-stage technology companies with Eastern European roots. It targets sectors such as fintech, deep tech, mobility, and enterprise software, providing capital, strategic guidance, and access to a network to help portfolio companies scale internationally. The firm generally avoids gaming and gambling.

Vesna Investment is a venture capital firm based in Moscow, Russia. Established in 2011, it provides financing to internet startups and seeks investments across information technology, telecom, consumer services, retail, education technology, mobile and consumer applications, communications and networking, data storage and management, internet infrastructure and services, and media sectors. After investment, Vesna Investment acts as an active partner, offering support and expertise to portfolio companies.

Mint Capital is a private equity investment firm founded in 2000 and based in Moscow, Russia. It pursues growth and early-stage opportunities, investing in sectors such as business services, logistics, distribution, and IT services. The firm has raised private equity funds to support its investments and operates as an independent investor, providing capital and strategic backing to portfolio companies.

PIKvc is a venture capital firm focused on supporting early-stage founders and their teams. It aims to build a community, take thoroughly calculated risks, and care for its companies throughout their entire lifecycle.

FPI Innovation Fund is a Moscow-based venture capital firm, founded in 2010, focused on investing in artificial intelligence, unmanned systems, chemical technologies, semiconductors, energy-saving and efficiency sectors.

S-Group Capital Management was a Moscow-based private investment firm that specialized in late-stage venture, mature and growth capital investments across information technology, clean energy and new energy solutions, material sciences, biotechnology, and tourism and leisure. The firm is no longer investing.

SMOK Ventures is a Warsaw-based venture capital firm that backs early-stage technology startups in Central and Eastern Europe, including Poland. It typically invests between 100,000 and 1,000,000 in early rounds and concentrates on gaming, artificial intelligence, software tools, and related tech sectors such as marketing tech and fintech. The firm emphasizes speed, transparency, and founder-friendly practices and actively seeks to partner with serial entrepreneurs with a global outlook. By leveraging regional experience and networks, SMOK aims to support portfolio companies toward follow-on funding from Western Europe, Silicon Valley, and Asia, while providing strategic guidance and connections.

Global Finance is an independent investment firm founded in 1991 in Athens, Greece, focused on private equity and venture capital in Southeast Europe. The firm engages in private equity fund management, real estate development, and advisory services, and makes equity investments in the region with typical ticket sizes up to several tens of millions of euros. It operates across Southeast Europe, maintaining offices in Athens and regional hubs such as Sofia, Belgrade, Bucharest, and London. The company has a track record of exits, including the sale of controlling stakes in Euroclinic and TotalSoft and a minority stake sale in Euroins Insurance Group, reflecting an active investment program in Greece and neighboring markets.

Acrobator Ventures is a venture capital firm based in Amsterdam with active involvement in Kyiv and other Eastern European tech hubs. It backs early-stage technology startups across B2B and B2C software, with emphasis on artificial intelligence, machine learning, cybersecurity, fintech, infrastructure, and related technologies. The firm targets founders from Eastern Europe seeking access to Western markets and supports them with capital, strategic guidance, and network access to accelerate growth. Typical investments occur at pre-seed and seed stages, with initial checks ranging from around a few hundred thousand euros, and potential follow-on rounds. Acrobator Ventures emphasizes hands-on partnership, founder coaching, transparency, and a global perspective, aiming to help portfolio companies scale to Western Europe, the United States, and CIS markets.

Underline Ventures is a Bucharest-based venture capital firm that concentrates on early-stage investments in Eastern Europe. It backs seed and early seed rounds in technology-driven startups across sectors including information technology, big data, e-commerce, the internet of things, software as a service, and TMT, with emphasis on founder-led companies. The firm also considers opportunities in enterprise automation, artificial intelligence, cybersecurity, industrial tech, defense, space tech, and climate-related ventures. Beyond capital, it provides strategic guidance on milestones, priorities, capital sourcing, and talent recruitment, aiming to preserve founder control and long-term alignment. It collaborates with other investors to support founders through their journey from seed toward Series A, helping navigate growth challenges and build networks.

Detonate Ventures is a Kyiv-based venture capital and operating firm that acts as a seed and early-stage investor while managing in-house projects. Founded in 2011, the firm emphasizes a hands-on, partner-led approach and backs opportunities across technology, media, telecommunications, education, entertainment, marketing, and strategic consulting. It evaluates projects on team strength, practical business plans, competitive dynamics, and market potential, maintaining close collaboration with founders to support growth. The firm has funded projects spanning cloud broadcasting, e-commerce solutions, cybersecurity, and education technology, aiming for innovation and scalable impact. Led by experienced partners, Detonate Ventures operates from Kyiv with backing from private investors.

ZAS Ventures is a Kyiv-based Ukrainian-American venture capital firm that backs early and growth-stage technology companies, with a focus on startups emerging from Ukraine and the broader Eastern European region. The firm supports portfolio companies with initial funding typically in the range of tens to low hundreds of thousands of dollars and provides strategic mentorship, operational guidance, and access to a wide advisor network, including founders, executives, and venture investors. ZAS Ventures emphasizes helping founders scale for the US market and connects them with later-stage investors, strategic audits, and growth expertise. Its team combines entrepreneurs, technologists, and investors with deep knowledge of the Ukrainian and Central and Eastern European markets and strong connections to innovation hubs and large tech platforms. The firm collaborates with organizations such as UNIT.City and USF to amplify impact. It engages across technology sectors, notably SaaS and AI, and handles portfolio management and ongoing performance monitoring to align with investment objectives.

DBH Group is a diversified business services and investment firm operating in Central and Eastern Europe. It provides a comprehensive set of services including serviced offices and industrial facilities, IT infrastructure, finance and accounting support, tax advisory, payroll, market entry assistance, grant management, and administrative services, alongside corporate finance and project management consulting. The company helps clients with domestic and regional expansion by offering local expertise, modern business infrastructure, and professional guidance so they can focus on core activities. DBH Group also operates an investment arm, DBH Investment, which supports entrepreneurs and sustainable development across Europe. With more than 27 years in operation and a client base of hundreds of customers, DBH emphasizes combining global reach with local know-how through its mix of office solutions, build-to-suit properties, and advisory services in markets including Budapest, Bucharest, Debrecen, and broader regional locations.

FunCubator is the corporate venture arm of FunCorp, based in Limassol, Cyprus. Founded in 2017, it makes strategic investments in technology and digital entertainment, with a focus on communications services, software, augmented reality, virtual reality, artificial intelligence, and eSports in Eastern Europe.

Societe Generale is a leading European financial services group offering retail, corporate, and investment banking, as well as securities services and asset management. It serves about 27 million clients across 58 countries and employs roughly 110,000 people. The group provides financing, advisory, and risk management across its networks, supporting consumers, businesses, and public sector clients. Its activities span retail banking, corporate and investment banking, structured finance, payments, and wealth and asset management, with a focus on sustainable finance and climate initiatives. Societe Generale pursues growth through innovation, cross-border services, and global market access, financing infrastructure and energy transition projects, and enabling digital payments and international trade. The company emphasizes responsible growth and inclusion through programs and partnerships aimed at gender equality, biodiversity, and community development.

Vostok Ventures is a venture capital firm founded in 2018 that invests in high‑technology companies. Its portfolio includes Russian and foreign firms operating in fast‑growing sectors such as energy, chemicals, medicine, information technology, the Internet of Things, agriculture, and advanced materials. The firm aims to support growth in Russia’s technology ecosystem and to nurture the development of the business environment in the Far Eastern Federal District.

SOLventures is a venture capital firm based in Nicosia, Cyprus, focusing on early-stage IT and e-commerce companies in the initial development phase. The firm seeks to accelerate growth and optimize capital use by leveraging the diverse experience of its partners. It supports portfolio companies through operational tooling and processes, including implementing Bitrix24 to enhance project management, maintain investor databases, automate communications, and analyze data to inform strategic decisions. SOLventures aims to help startups scale efficiently and build foundations for sustainable expansion.

GVA LaunchGurus operates an accelerator and Startup Academy that supports early-stage startups through education, mentorship, and access to a professional network. Over three years, the academy has launched 164 startups with a 35% success rate, and its graduates have attracted more than 23 million in venture and private investments, created over 626 jobs, and reached capitalization exceeding 121 million dollars. The organization also manages an affiliated seed fund that provides financing and market expertise to startups with traction, with a focus on Eastern European IT ventures. The approach combines development programs, networking, and capital access to help startups grow and achieve scale.

Fastlane Ventures is a venture capital firm founded in 2010 that focuses on developing, launching and promoting internet startups. It combines seed investing with hands-on operational involvement to help portfolio companies grow rapidly, particularly in consumer internet segments such as online retail, travel, relationship, health and recruitment. The firm provides strategic guidance, resources and governance support, aiming to move ventures from concept to launch quickly and toward exit within a few years. It collaborates with international investors to fund its portfolio and helps portfolio companies scale through hands-on execution and network access.

BADideas.fund is an angel group and venture capital firm founded in 2022 and headquartered in Riga, Latvia, focused on pre-seed and seed investments in Central and Eastern Europe. It backs founders pursuing bold, category-defining solutions with a preference for AI-native, application-layer innovation that addresses fundamental industry shifts. The firm differentiates itself by embedding experienced operators—drawn from companies such as Zendesk, Square, and Scale AI—into portfolio teams to help optimize go-to-market strategies, with regular input and decisions delivered within five business days. Its first checks range roughly €200,000 to €1.5 million, and it has supported more than 40 companies since 2022. BADideas.fund emphasizes relentless conviction in a real problem, rapid learning, and flexible problem-solving, encouraging founders to submit decks for evaluation and aiming to provide clear reasons for a yes or no within five business days.

Swedfund is Sweden’s development finance institution focused on reducing poverty through sustainable private-sector investments in developing markets. It finances and develops companies, supports private-sector growth toward inclusive, climate-resilient economies aligned with Agenda 2030, and provides project preparation funding through its Project Accelerator for public-sector initiatives. The organization concentrates its activities in Africa, Asia, and Latin America, as well as Eastern Europe, with projects such as Ukraine’s digitalisation and IT initiatives and energy-efficiency financing through the Africa Go Green Fund. It collaborates with the Swedish International Development Cooperation Agency to deepen strategic development financing and critical infrastructure initiatives, and it publishes annual and interim financial reports to demonstrate impact. Headquartered in Stockholm with a presence in Nairobi, Swedfund has a long-standing track record since 1979.

bValue is a Warsaw-based technology investment firm focused on Central and Eastern Europe. It backs technology, innovation, and digitalisation-driven companies across early-stage to growth stages, providing capital and strategic guidance to help entrepreneurs scale and expand internationally. The firm targets sectors including software, fintech, IoT, health tech, logistics, and other digitalisation-enabled industries, and pursues a collaborative value-building approach with portfolio companies. With a cross-border footprint and activities in Poland and the wider CEE region, bValue maintains an active role in shaping and supporting its portfolio through partnerships and investor events.

Portfolion is a Central and Eastern Europe-focused venture capital and growth equity firm, headquartered in Budapest. It backs startups from pre-seed to Series B, utilizing multi-generation funds to provide long-term, flexible support to founders as they scale. The firm targets technology-driven companies across digital technologies, education technology, e-commerce, marketplaces, and travel tech, investing at early stages from hundreds of thousands of euros to tens of millions of euros at growth. Portfolion emphasizes deep founder engagement, fair and aligned investment structures, and ongoing partnership throughout a company's lifecycle, including support for bootstrapped ventures. With a multi-stage approach, the firm aims to be a first or second investor for ambitious CEE entrepreneurs, fostering durable relationships and helping portfolio companies expand within the region and beyond.

Innovation Capital is a Sofia-based Bulgarian venture capital firm that provides equity and quasi-equity funding to high-potential Bulgarian startups. The firm manages a €21.1 million mandate and invests from pre-seed to €1 million, supporting early-stage companies through acceleration programs and aiding scale-ups to connect with international partners and innovation leaders. It prioritizes sectors with strong growth potential such as enterprise software, e-commerce, financial services, healthcare, and other technology-enabled industries, with a focus on teams, traction, and disruptive innovation. The objective is to foster professional innovation management and facilitate international expansion to drive scalable growth within the Bulgarian economy.

Purple Ventures is a Brno-based venture capital firm that backs early-stage, purpose-driven technology startups in the Central and Eastern Europe plus neighboring regions. Founded in 2019, it typically invests pre-seed and seed rounds of 250,000 to 400,000 euros and aims for a 4- to 7-year horizon. The firm adds value beyond capital through expertise in product development, go-to-market strategy, and public relations, and it seeks teams with a human-centered mindset addressing large markets with innovative products and real growth potential. It prioritizes speed and hands-on support, and builds partnerships with entrepreneurs, angel investors, and other venture capitalists built on trust and collaboration. Its portfolio spans sectors such as AI, fintech, healthcare, and HR technology, reflecting a diverse, impact-oriented approach and the goal of helping startups scale internationally.

DEPO Ventures is a Prague-based venture capital investment firm founded in 2016. It concentrates on early-stage technology startups across Europe, focusing on the Baltic and Central and Eastern European regions and on critical infrastructure and dual-use technologies. Sectors include cybersecurity, defense, space, fintech, climate, healthtech, and industrial technology. The firm provides strategic capital and hands-on support, leveraging a global network of late-stage venture partners to help portfolio companies scale. It has deployed roughly €9 million across 53 portfolio companies and maintains a 62% follow-on rate, reflecting ongoing support for its investments.

Movens Capital is a Warsaw-based venture capital firm that backs early-stage to growth-stage technology companies across Europe, with emphasis on Central and Eastern Europe and pathways to global markets. It primarily invests in seed and Series A rounds and growth opportunities, taking minority stakes in AI-driven companies and in fintech, SaaS, marketplaces, e-commerce, logistics, healthtech, edtech, climate tech, and other deep-tech or Industry 4.0 sectors. Typical ticket sizes range from a few hundred thousand up to several million euros, with a broader capacity for follow-on funding. The firm concentrates on companies aiming to scale internationally, including the United States and Europe, and seeks to support portfolio firms with hands-on guidance, pricing strategy, and access to international investors. Movens Capital emphasizes building competitive advantages and aims to help founders achieve high growth, including the potential for €50M+ ARR and strong market leadership. It is known for active involvement in AI/ML and a track record of co-investments.

New Europe Ventures is a boutique venture capital firm established in 2007 that makes early-stage technology investments across Europe, with emphasis on high-tech sectors such as telecom, mobile, internet and media, technology-based B2B services, medical devices, and nanotechnology, as well as deep tech, fintech, healthcare and sustainable technologies. Based in the United States, the firm targets opportunities across Europe, including Eastern Europe and Poland, by providing capital alongside strategic guidance and access to a broad network to help portfolio companies accelerate growth and scale. The firm focuses on partnering with founders to support transformative solutions and to foster a thriving European innovation ecosystem.

Lemonade Stand is a venture capital firm based in Tallinn, Estonia, that backs early-stage technology startups in the Baltic and Eastern European regions. The firm focuses on B2B software and related tech, supporting pre-revenue, pre-product, and seed-stage ventures with funding. Typical investment sizes range from €50,000 to €300,000, and the firm seeks strong teams, innovative technology, and demonstrated traction. Founded in 2019, Lemonade Stand aims to help ambitious founders scale in the regional market.

Caucasus Ventures is a venture capital firm based in Baku, Azerbaijan, founded in 2022. It invests in post-MVP technology startups across the Caucasus, Türkiye, Eastern Europe, and Central Asia, prioritizing teams with traction and a strong engineering base. The firm typically makes initial investments of $50,000 to $100,000, with follow-on capital up to $200,000, and manages a portfolio of 34 companies across fintech, SaaS, health, gaming, and AI. Beyond funding, it offers mentorship, operational guidance, and connections to help founders scale and access global markets, leveraging its regional network to accelerate growth within its ecosystem.

Ahlström Capital Oy is a private equity and venture capital firm based in Helsinki, Finland, with an additional office in Leeuwarden, Netherlands. Founded in 2001, the firm specializes in investments in middle market and mature industrial companies, focusing on sectors such as clean technology, energy, and various B2B services. Ahlström Capital typically invests between €5 million and €25 million in companies with enterprise and sales values ranging from €20 million to €500 million. The firm employs mezzanine and bridge financing strategies and often takes both majority and minority stakes in its investments. It primarily targets opportunities in Northern and Eastern Europe, particularly in the Nordic region, and aims to exit its investments within five to seven years. Additionally, Ahlström Capital makes investments in industrial real estate, contributing to industry consolidation, growth, and turnaround efforts. The firm sources its capital through its balance sheet, positioning itself as a key player in the industrial investment landscape.

Incofin Investment Management is an Antwerp, Belgium-based investment management firm focused on impact investing and financial inclusion, particularly for rural and agricultural sectors. It has offices in Bogota, Chennai, Nairobi, Luxembourg and Phnom Penh and operates as a licensed AIF manager supervised by the Financial Services and Markets Authority. The company specializes in supporting microfinance institutions and other financial service providers that reach underserved populations in developing countries, through a range of capital solutions including debt, equity and guarantees, and by backing intermediaries serving smallholder farmers and rural communities. Its geographic focus spans Africa, Latin America, the Caribbean, South and Southeast Asia, and parts of Eastern Europe, with emphasis on sustainable social impact and portfolio resilience.