Belarus, a country known for its rich history and strategic location in Eastern Europe, is experiencing a notable transformation in its startup ecosystem and venture capital landscape. Whilst still facing economic challenges and geopolitical uncertainties, the nation is still nurturing a burgeoning tech sector and attracting investments; showing signs of resilience and adaptability. In this article, we have compiled a comprehensive list of top VC Funds and Angel Investors in Belarus that can provide you with the capital and support to help you succeed!
➡️ Download the full list of VCs and Angel Investors in 100+ countries!
Venture Capitalist Funds in Belarus
The venture capital firms below are actively looking for investments in promising companies throughout various stages and sectors. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed.
Year of Inception: 2019
Stage: Pre Seed
Focus: MarTech and E-commerce, SaaS and Marketplace
Notable Portfolio: finmap, ovo, VOCHI, Keenly, Getpin, Rontar
Year of Inception: 2018
Stage: Pre Seed, Seed
Focus: Technology, Software Development
Notable Portfolio: VOCHI, Fintech Farm, Mate Academy, Awesomic
Year of Inception: 2017
Stage: Seed, Series A
Focus: Gaming
Notable Portfolio: HeroCraft, Reaction Games, Pizza Club Games, Red Hood Games
Year of Inception: 2018
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: LETSDATA, Alvie, Delta Green, FaceUp, NOLD, Arbonics
Year of Inception: 2016
Stage: Seed, Series A
Focus: Technology
Notable Portfolio: APIBank, Cinemood Next, RocketData, AgroDroneGroup
Year of Inception: 2010
Stage: Seed, Series A
Focus: Technology, HealthTech, FinTech, B2B Software
Notable Portfolio: MEIN, Vay, Vault, Perennial AI, Dynamiq, Catalyte
Year of Inception: 2017
Stage: Pre Seed, Seed, Series A
Focus: Gaming and Entertainment
Notable Portfolio: Appmagic, Mundfish, Made on Earth Games, Skich, Hypemasters
Year of Inception: 2009
Stage: SME
Focus: IT
Notable Portfolio: Mediacube, Palta, 3DLOOK, Noventiq, Placy, Zing Coach
Year of Inception: 2008
Stage: Seed, Series A
Focus: Artificial Intelligence, MarTech, EdTech, HRTech, Cybersecurity, Cloud Services, IoT, Big Data
Notable Portfolio: Exodrive, ProctorEdu, Bothelp, Phishman
Angel Investors in Belarus
Angel investors may act as an individual or as a syndicate to fund projects of their preference, so these networks are the best opportunity for you to find a potential Angel with an aligned vision and interests.
Stage: Pre Seed, Seed
Focus: Sector Agnostic
Notable Portfolio: Utorg, Vitara, Taxdown, Xometry, Finimize
Closing Thoughts on VCs and Angel Investors in Belarus
Overall, the increasing participation of international investors, coupled with the resilience and adaptability of local founders, signals a promising, albeit complex, trajectory for the country’s innovation landscape. As we move forward, the role of both local and international venture capital funds and angel investors will be even more crucial in shaping the survival and future of innovation and entrepreneurship in Belarus.
Find VCs and Angel Investors in Europe:
Frequently Asked Questions on VCs and Angel Investors in Belarus
What is the current state of Belarus' startup ecosystem and venture capital market?
Belarus's startup ecosystem and venture capital market are experiencing a period of transition and challenges. Due to political and economic challenges, there has been a shrinking Belarusian tech community and reduced collaboration within the ecosystem. The venture capital market in Belarus is also facing a moderate decline, influenced by economic uncertainty and limited investor confidence. In response, the government has taken steps to support economic growth, approving a state investment program for 2025 with 2.2 billion rubles (about $22.6 million) allocated to finance various projects across sectors such as healthcare, education, and infrastructure. Overall, there are signs of adaptation and resilience. Projections by Statista indicate that the total capital raised in the venture capital market is expected to reach US$133.90 million in 2025. The early stage segment leads the market with a projected volume of US$67.69 million in the same year.
How does the Belarusian startup ecosystem compare to others in Eastern Europe?
Compared to other Eastern European countries, Belarus now lags behind in terms of business environment and startup ecosystem health, impacted by political instability and international isolation. Since 2024, Belarus has dropped two spots in the Global Startup Ecosystem Index, now positioned at 82nd worldwide. While the country still boasts high-quality developers and IT professionals, the challenging political and economic landscape has made it difficult for companies to operate freely and for the ecosystem to thrive as it once did. As a result, the country's tech sector, which previously contributed substantially to its GDP, has seen massive movements of talented IT professionals to other European countries, with estimates suggesting over 20,000 tech workers have left Belarus. Many Belarusian companies are now headquartered outside the nation, with remaining startups mostly at the pre-seed and seed stage.
What are typical investment stages and funding amounts in Belarusian startups?
Belarusian startups typically go through seed, early, and later stages of investment. At the pre-seed stage, over half of startups secure domestic investments of up to $100,000. Seed stage funding often involves foreign investments, receiving between $100,000 and $1 million. As startups mature, they may attract larger sums, obtaining between $2 million and $5 million.
What industries attract Belarusian investors?
Belarusian investors show interest in a wide range of sectors, including:
AI infrastructure and AI-enabled devices/IoT
SaaS solutions
Fintech projects
B2B software
Healthcare technology
Sustainable technology
Web3 and blockchain projects
Are there any government initiatives supporting the startup ecosystem and venture capital market in Belarus?
Yes, the government of Belarus has implemented various initiatives to support the growth of the startup ecosystem and venture capital market, including:
Amendment in investment law and special investment contracts
Establishment of innovation hubs
Introduction of tax incentives for startups
Measures to improve the ease of doing business in Belarus
Comments