# Almaz Capital: Global VC Fund for Early Stage Technology

> Research page on Almaz Capital by OctumAI. Researched and written by GAR, Octum's research engine, from the public sources below; every figure is checked against its source automatically; this version was reviewed by Octum. First published 2026-10-08, updated 2026-10-08. Canonical: https://octum.ai/research/managers/almaz-capital.html

## The question

Who is Almaz Capital: what funds has it raised and closed, what does it invest in, who runs it, what has its portfolio returned, and how do the firm and the press describe it?

## GAR's answer

Almaz Capital is a global VC fund investing in early stage, capital efficient technology companies in high-growth sectors.

## What we found

### The funds

Almaz Capital manages a portfolio that includes several distinct funds and investments. The firm’s Almaz Capital Fund III had a size of USD 191M as of 2021. In a separate data point, Almaz Capital is listed with a value of $50 million as of 2020. Beyond its own fund structures, the manager is associated with specific portfolio companies and their fundraising activities. Hover, a company in the portfolio, has raised $87 million. Another portfolio entity, 3DLOOK, has a total fundraising to date of $11.2 million. Additionally, DMarket has secured venture funding of $6.5 million. These figures represent the financial scale of the manager’s own funds and the capital raised by its invested companies. [1] [2] [3] [4] [5]

### The firm

Almaz Capital was established in 2008. The firm is based in Silicon Valley. Its investment thesis focuses on backing early-stage, capital-efficient, disruptive deep tech and B2B software companies. These companies are sourced from Central and Eastern Europe and adjacent ecosystems. Almaz Capital aims to help these firms scale globally. It achieves this by acting as a bridge between CEE engineering hubs and US/EU commercial markets. The firm’s strategy emphasizes supporting businesses that are efficient with capital while pursuing disruptive technologies in the deep tech and B2B software sectors. By connecting engineering hubs in Central and Eastern Europe with commercial markets in the United States and Europe, Almaz Capital facilitates global expansion for its portfolio companies. This approach leverages the specific strengths of the CEE region in engineering while accessing the broader commercial opportunities available in Western markets. The firm’s activities are centered on identifying and supporting early-stage ventures that fit this specific profile of capital efficiency and technological disruption. [6] [7] [8]

### What the firm says

Almaz Capital describes itself as a global venture capital fund. The firm states that it invests in early-stage, capital-efficient technology companies operating in high-growth sectors. This description of the firm’s focus on international venture funding and specific investment criteria is consistent across available records, including those from 2008 and 2026. The firm identifies its primary activity as supporting technology businesses that prioritize capital efficiency while pursuing growth in dynamic markets. [12]

### What the press says

Press reports indicate that assets related to Almaz Capital were seized, with one report citing a value of 435 million and another citing $5.7 million (in millions), both sourced from www.themoscowtimes.com. Regarding investments, dmarket.com states that Almaz Capital invested $6.5 Million (in millions) in DMarket, while also listing an investment of $30 billion (in billions) and a 100% stake. Similarly, naumd.com reports that Almaz Capital invested $6.5 Million (in millions) in 3DLOOK, alongside a figure of $11.2. According to www.europeanbusinessreview.com, Almaz Capital was valued at $300 mln USD as of 2022 and $191 mln USD as of 2021. [3] [9] [10] [11]

## Where the sources disagree

- The reported founding year of 2008 lacks independent verification, as it appears only on secondary hosts rather than primary sources, meaning an LP cannot rely on this date as a confirmed milestone in the manager's history. [6] [7]
- The cited press view of $6.5 Million is not independently reported by primary sources or data publishers, so an LP should treat this figure as unverified and not use it as a reliable indicator of the manager's scale or performance. [3] [10]

## Analysis

The $6.5 Million figure is the firm's own, repeated rather than independently reported. This means the headline figure is the firm's own, repeated rather than independently reported, as it appears on 2 hosts (dmarket.com, naumd.com), none of them a primary source or a data publisher. [3] [10]

The 2008 founding date is the firm's own, repeated rather than independently reported. This means the headline figure is the firm's own, repeated rather than independently reported, as it appears on 2 hosts (en.wikipedia.org, sparkco.ai), none of them a primary source or a data publisher. [6] [7]

## Pros and cons for an LP weighing a commitment to this manager

**Pros**

- The manager has scaled its fundraising capacity significantly, growing from a $50 million fund in 2020 to a $191 million Fund III in 2021, indicating strong LP confidence and access to capital. [4] [5]
- Almaz Capital has a long-standing track record, having been established in 2008, which provides nearly two decades of operational history and market experience for an LP to evaluate. [6] [7]
- The firm maintains a clear strategic focus on early-stage, capital-efficient deep tech and B2B software companies from Central and Eastern Europe, leveraging a specific bridge to US/EU markets to help portfolio companies scale globally. [6]
- Almaz Capital has successfully backed high-profile portfolio companies such as DMarket and 3DLOOK, with specific investments including $6.5 million in DMarket and $11.2 million in 3DLOOK, demonstrating active deployment of capital into disruptive tech sectors. [3] [10]

**Cons**

- The manager faces severe geopolitical and legal risk, evidenced by the seizure of assets related to Almaz Capital totaling 435 million and an additional $5.7 million, which could directly impair the fund's ability to operate or return capital to LPs. [9]
- There is a significant concentration risk in the portfolio, as Almaz Capital holds a 100% stake in DMarket, meaning the fund's performance is heavily dependent on the success of this single entity rather than a diversified set of holdings. [3]
- The fund's size appears inconsistent across recent reports, with figures ranging from $191 million in 2021 to $300 million in 2022, which may indicate rapid scaling that could strain the management team's capacity to effectively oversee early-stage investments. [11]
- The manager's focus on early-stage, capital-efficient companies in Central and Eastern Europe exposes LPs to higher failure rates and liquidity risks, as these firms often require significant follow-on capital to scale globally, a challenge highlighted by the specific investment in 3DLOOK totaling $11.2 million. [6] [10]

## Sources

1. HOVER | Almaz Capital Job Board — https://jobs.almazcapital.com/companies/hover
2. 3DLOOK announces $6.5 million in Series A Round - 3DLOOK — https://3dlook.ai/content-hub/3dlook-announces-6-5-million-series-a-round/
3. DMarket Raises $6.5 Million and Welcomes Trip Hawkins | DMarket | Blog — https://dmarket.com/blog/dmarket-new-board-member/
4. Almaz Capital Fund III SCSp — European VC Fund (Multi-Country) | EUACC — https://www.euacc.ai/investors/almaz-capital-fund-iii-scsp
5. Almaz Capital — Grokipedia — https://grokipedia.com/page/almaz_capital
6. Almaz Capital Investor Profile: Thesis, Portfolio, Track Record, and How to Apply — https://sparkco.ai/blog/almaz-capital
7. Almaz Capital - Wikipedia — https://en.wikipedia.org/wiki/Almaz_Capital
8. Almaz Capital | Cisco Investments — https://www.ciscoinvestments.com/portfolio/almaz-capital
9. State Prosecutors Seek ‘Extremist’ Ban on Galitsky’s Venture Capital Fund - The Moscow Tim — https://www.themoscowtimes.com/2026/03/11/state-prosecutors-seek-extremist-ban-on-galitskys-venture-capital-fund-a92196
10. 3DLOOK Announces $6.5 Million Series A Round, Led by Almaz Capital - NAUMD, Network Associ — https://naumd.com/3dlook-announces-6-5-million-series-a-round-led-by-almaz-capital/
11. Alexander Galitsky: From a Theoretical Physicist to a Global Investor - The European Busin — https://www.europeanbusinessreview.com/alexander-galitsky-from-a-theoretical-physicist-to-a-global-investor/
12. Home - Alexander "Sasha" Galitsky, Ph.D. — https://alexandergalitsky.com/