# Fulgur Ventures

Fulgur Ventures is a Venture Capital based in Wilmington, United States.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Wilmington, United States
- **Region:** North America
- **Address:** Wilmington, DE, United States
- **Founded:** 2019
- **Assets under management:** Undisclosed
- **Website:** fulgur.ventures
- **LinkedIn:** https://www.linkedin.com/company/fulgurventures

## Regulatory record

- **Reports private funds:** No

## About

Fulgur Ventures invests in early-stage startups focused on Bitcoin and the Lightning Network. The firm has made 71 investments and participated in a Seed VC - III round for Utexo on March 06, 2026. Fulgur Ventures has 3 portfolio exits, including the sale of Future on February 12, 2026.

## Sectors

- Bitcoin
- FinTech
- Infrastructure

## Offices

- Tokyo, Japan

## People

- Vitaly Bezrodnykh — Founder and Partner
- Oleg Mikhalsky — Founder and Partner
- Rintaro Kawai — CEO of Fulgur Ventures Japan
- Teruko Neriki — Lead for Japan Initiatives

## Questions

### How does Fulgur Ventures source proprietary deal flow?

Fulgur sources deals through its deep operational ties in Tokyo and its strategic partnership with Blockstream. The Tokyo Bitcoin Base functions as a developer hub and event space, giving the firm direct access to builders in the Bitcoin and Lightning Network ecosystem. Co-organized events like Bitcoin Tokyo and working relationships with consultancies such as Diamond Hands create an on-the-ground pipeline that is difficult for remote investors to replicate.

### Is Fulgur structured as a traditional venture fund or a holding company?

Fulgur blends the two. It takes equity in Bitcoin-focused startups across seed, venture, and late-stage rounds, but it also holds physical commercial assets — Tokyo Bitcoin Base, a Bitcoin hotel, and residential studio housing — on its own books. The firm runs a corporate Bitcoin treasury. This makes it a hybrid vehicle that can wait longer on equity positions because the operating assets generate independent cultural and possibly economic returns.

### What investment stages does Fulgur typically target?

Fulgur runs a generalist venture approach across seed, early-stage, and expansion or late-stage rounds. It does not exclusively concentrate at the pre-seed or growth extremes. The common thread is the Bitcoin protocol or Lightning Network infrastructure layer, not the stage of the company.

### Which sectors does Fulgur explicitly avoid?

Fulgur's observable activity is so narrowly concentrated around Bitcoin infrastructure that it implicitly avoids anything outside that orbit — general SaaS, consumer apps, biotech, and even the broader crypto sector are absent from its disclosed footprint. The firm has not signaled interest in multi-chain or Ethereum-based investments.

### Why does Fulgur maintain physical real estate assets like a Bitcoin hotel and a studio house in Shinjuku?

The Shinjuku properties serve as both a brand statement and a real-world laboratory for Lightning Network adoption. The Tokyo Bitcoin Base houses a co-working space and event venue, the hotel targets Bitcoin-aware travelers, and the studio house offers longer-term residential space — all in a dense commercial district. These assets embed Fulgur in Tokyo's urban fabric and create environments where Bitcoin-native payments and community can organically develop.

## Related profiles

- [Fulcrum Venture India](https://altss.com/profile/fulcrum-venture-india)
- [Fulham & Co.](https://altss.com/profile/fulham-co)

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Last updated: 2026-06-03T20:00:00.000Z

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