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Bulba Ventures
Bulba Ventures is a Minsk-based VC founded by Ivan Charnyshou, backing early-stage tech in Belarus, Russia, and Eastern Europe.
Bulba Ventures
Bulba Ventures was established in 2018 by Ivan Charnyshou and Vladimir Poulikov, both with backgrounds in technology and investment in Eastern Europe. The firm focuses on early-stage venture capital, primarily in Belarus and Russia, with occasional deals in neighboring markets like Ukraine and Poland. The fund targets seed and Series A rounds, typically writing checks between $200,000 and $2 million. Bulba Ventures concentrates on enterprise software, AI/ML, and fintech, with portfolio companies including the AI-driven analytics platform PandaDoc and the alternative-lending startup Loanguru. The firm also co-invests with other regional VCs such as Flint Capital and Runa Capital. Bulba Ventures maintains offices in Minsk and Moscow. The team remains small, with fewer than a dozen professionals as of public records. No adjacent philanthropic or operating-company structures have been disclosed. The firm occupies a niche as one of the few venture firms headquartered in Belarus, serving a technology ecosystem shaped by local engineering talent and proximity to Russia. Its geographic focus differentiates it from more diversified European VC funds.
General information
Firm type
Venture Capital
Year founded
2018
AUM
Undisclosed
Location
Region
Europe
Country
Belarus
City
Minsk
Corporate office
Minsk, Belarus
Additional offices
Moscow, Russia
Principals
Ivan Charnyshou
Managing Partner
Vladimir Poulikov
General Partner
Sector focus
Frequently asked questions
Who leads investment decisions at Bulba Ventures?
Managing Partner Ivan Charnyshou and General Partner Vladimir Poulikov jointly lead deal selection. Both have prior investing experience in Eastern European venture markets.
What investment stages does Bulba Ventures typically target?
The firm mostly leads or co-leads seed and Series A rounds. Ticket sizes commonly fall between $200K and $2 million per company.
Does Bulba Ventures focus on any particular sectors?
Yes — enterprise software, AI/ML, and fintech are core verticals. The firm also explores deep tech and robotics startups from the region.
How does Bulba Ventures source deal flow?
The firm draws on a network of local accelerators, university spinouts, and co-investment relationships with other Eastern European VCs like Flint Capital and Runa Capital.
Where does Bulba Ventures invest geographically?
The primary focus is Belarus, with additional activity in Moscow and adjacent markets such as Ukraine and Poland. The firm rarely invests outside Eastern Europe.
Is Bulba Ventures structured as a single family office or a venture firm?
It operates as a dedicated venture capital firm, not a family office. The firm has not disclosed any link to a specific family wealth source.
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