Almaz Capital

What they fund

3-5 bullets. The concrete cheque: stage, sector, geography and shape of company that realistically gets funded here.

Investment thesis

Almaz Capital invests in early-stage, capital-efficient deep-tech B2B software companies, primarily in AI/ML, blockchain, IoT/edge, and cybersecurity, targeting founders in the U.S., Central/Eastern Europe, and CIS who are scaling to the U.S. market.

• Sector Specialization — The firm’s thesis centers on deep-tech B2B software, with specific interest in AI/ML, blockchain, IoT/edge, and cybersecurity [1].
• Stage & Size — The firm targets investments within the $2M – $7 M check size range, suggesting a focus on early-stage or growth-stage capitalization [1].
• Global Scope — The firm maintains a physical presence in both the U.S. (Portola Valley) and Europe (Berlin), reflecting a dual-hemisphere operational strategy [1].
• LP Partnerships — The firm manages capital with backing from the European Investment Fund (EIF) and the European Fund for Strategic Investments (EFSI), indicating access to public-sector risk capital [1].

Credibility: The contact details and EIF partnership details are explicitly stated on the firm's official website [1].

Value add

• Global Network — The firm provides access to its global network of investors, partners, and customers [Profile].
• Strategic Guidance — The firm provides strategic guidance to help companies scale to the U.S. market [Profile].
• Operational Support — The firm provides operational support to help companies improve their operations and achieve their goals [Profile].

Fit verdict: Almaz Capital is a good fit for early-stage deep-tech B2B software companies that are scaling to the U.S. market and are looking for a global network, strategic guidance, and operational support.

Founder diligence script:

• What is your go-to-market strategy for scaling to the U.S. market?
• How do you plan to leverage Almaz Capital's global network to achieve your goals?
• What specific operational support do you need from Almaz Capital to help you achieve your goals?

Portfolio focus

• Deep-Tech B2B Software — The firm's portfolio includes companies like ClickHouse, Xometry, and ZEDEDA, which are deep-tech B2B software companies [Profile].
• AI/ML & Blockchain — The firm has invested in companies like Alcatraz AI and DMarket, which are in the AI/ML and blockchain sectors [Profile].
• IoT/Edge & Cybersecurity — The firm has invested in companies like 3DLOOK and Cinarra Systems, which are in the IoT/edge and cybersecurity sectors [Profile].

Credibility: The portfolio focus is derived from the firm's official profile and public statements, which highlight its investments in deep-tech B2B software, AI/ML, blockchain, IoT/edge, and cybersecurity.

Interconnection: The firm's portfolio focus on deep-tech B2B software and its investments in AI/ML, blockchain, IoT/edge, and cybersecurity are closely related, as the firm seeks to invest in companies with proven technologies for global markets.

Notable investments & exits

• Acumatica — The firm exited from Acumatica, a cloud-based ERP software company [Profile].
• QIK — The firm invested in QIK, which was acquired by Skype [Profile].
• Yandex — The firm invested in Yandex, which went public on NASDAQ [Profile].

Credibility: The notable exits are derived from the firm's official profile and public statements, which highlight its exits from Acumatica, QIK, and Yandex.

Interconnection: The firm's notable exits are closely related to its focus on deep-tech B2B software and its global investment scope, as the firm seeks to invest in companies with proven technologies for global markets.

Strategic implications

The firm's dual presence in the U.S. and Europe, combined with EIF backing, allows it to bridge capital and markets between the two regions. The reliance on public-sector funds like EIF and EFSI suggests a mandate to support strategic European tech sectors, potentially offering more patient capital than traditional VCs. The firm's focus on deep-tech B2B software positions it to capture value in complex, high-barrier markets where early capital is critical for R&D.

Where they could go further

The firm could improve its market perception by explicitly detailing its specific investment criteria beyond the broad 'deep-tech' label, such as specific AI applications or cybersecurity niches. Increasing transparency around portfolio company successes and exit strategies would enhance its attractiveness to future LPs and founders. The firm could leverage its EIF backing more prominently to attract European founders looking to scale globally, positioning itself as a bridge to the U.S. market.