Runa Capital
About Runa Capital
Runa Capital is a global venture capital firm established in 2010, with its headquarters in Luxembourg and offices in Palo Alto, London, Berlin, and Paris. Founded by experienced entrepreneurs, the firm focuses on early-stage technology companies that have the potential for rapid growth and global impact. Runa Capital manages over $600 million in assets across three funds and has invested in more than 100 companies across 14 countries.
The firm specializes in providing investment capital, strategic advisory, and operational support to startups in sectors such as deep tech, enterprise software Per Crunchbase, Runa Capital has made 161 investments, 75 as lead investor across 121 portfolio companies, with 29 exits including 2 IPOs.
Runa Capital was started in 2010 by Serg Bell (Serguei Beloussov), Ilya Zubarev and Dmitry Chikhachev. Bell and Zubarev co-founded Parallels and Acronis. Chikhachev is the managing partner. The firm launched with a $30M seed fund for Russian startups. It raised $135M for Fund I by 2012 and closed Fund II at $135M in 2016. In May 2020 it closed Fund III at $157M, above a $135M target, with added focus on deep tech and quantum computing. In 2022 it was reported to have raised $55M toward a $250M Fund IV as it moved its base to Luxembourg. Wikipedia also lists a $69M Opportunity Fund I from 2022. The general partners listed on its site are Dmitry Chikhachev, Andre Bliznyuk, Dmitry Galperin and Michael Fanfant. A 2026 TAdviser report says Konstantin Vinogradov left as general partner. It credits him with leading nine mostly AI startups, including Mastra, Sidekick, OpenReplay and PandasAI. Runa does not publish which partner leads AI deals now.
Runa's LinkedIn page describes its deep tech focus as AI/ML, open source and the future of computing. Its 2020 fund announcement named cloud infrastructure, open-source software, machine intelligence and B2B SaaS. Recent AI work spans three areas. One is chips and compute: Ubitium builds a universal processor for physical AI, and Enlightra works on AI infrastructure networking. Another is developer and agent software, such as Mastra and PandasAI. The third is machine learning tooling, such as SuperAnnotate. Runa often invests alongside others. It co-led Ubitium's first seed round and joined Axiom Trust's seed round as a co-investor.
Runa invests early-stage, from pre-seed to Series A. At the 2020 Fund III close it said it typically wrote $1M to $10M checks, mostly in Series A rounds. Third-party profiles (Goldilocks, Silicon Valley Investclub) put first checks at $0.5M to $5M, but Runa has not confirmed that figure. Runa publishes no ownership targets.
- Ubitium: Düsseldorf maker of a reconfigurable RISC-V processor for physical AI. Runa co-led its roughly $3.7M seed in November 2024 and joined the $14M seed led by Ibex Investors in October 2026.
- Enlightra: deep tech company building AI infrastructure. It came out of stealth with a $15M round in December 2025, and Runa is a portfolio investor.
- Mastra: AI developer software company. It raised a $13M seed in 2025, with Runa as an investor.
- Axiom Trust: Runa joined its seed round in March 2026. The Lounge deals desk lists it at $14.8M.
- Rork: seed round of $15M in April 2026, per the Lounge deals desk.
- SuperAnnotate: machine learning data tooling. Runa was an existing investor in its 2021 Series A, led by Base10, and took part in its 2025 Series B.
- PandasAI: pre-seed round in 2023, with Runa as an investor.
- techcrunch.com/2020/05/06/runa-capital-closes-fund-iii-at-157m-with-an
- thenextweb.com/news/russian-vc-firm-runa-capital-increases-fund-size-t
- techcrunch.com/2010/08/02/runa-capitals-30m-fund-for-russian-startups-
- en.wikipedia.org/wiki/Runa_Capital
- linkedin.com/company/runacapital
- tadviser.com/index.php/Company:Runa_Capital
- theaiinsider.tech/2026/10/13/ubitium-raises-14m-in-new-funding-to-buil
- seedtable.com/companies/ubitium/funding-rounds/seed-2026-10
Investing activity
Runa Capital has made 161 investments according to Crunchbase across 121 portfolio companies, and has led 75 rounds and seen 29 exits, 2 of them by IPO.
Runa Capital appears in 3 AI deals tracked by the AI Lounge deals desk, rounds totalling $44M. The rounds are mostly Seed, with a median round size of $15M and the largest at $15M. The most recent are Ubitium (Seed, $14M, Oct 2026), Rork (Seed, $15M, Apr 2026) and Axiom Trust (Seed, $14.8M, Mar 2026).
Runa Capital most often invests alongside Ibex Investors, Inflection, KBC Focus Fund and OpenOcean, and the companies it backs on AI Lounge are mostly in AI and AI chips, edge and physical AI.
Deals
Frequently asked questions about Runa Capital
Does Runa Capital invest in AI startups?
Yes. Its LinkedIn page lists AI/ML, open source and the future of computing under deep tech. Recent deals include Ubitium, Enlightra, Mastra and Axiom Trust.
What check size does Runa Capital write?
At its 2020 Fund III close, Runa said it typically invested $1M to $10M, mostly in Series A rounds. Some third-party profiles cite $0.5M to $5M first checks, which Runa has not confirmed.
Who founded Runa Capital?
Serg Bell (Serguei Beloussov), Ilya Zubarev and Dmitry Chikhachev founded it in 2010. Bell and Zubarev co-founded Parallels and Acronis.
Does Runa Capital invest at seed stage?
Yes. Recent seed deals include Ubitium, Mastra and Axiom Trust. Runa co-led Ubitium's first seed in 2024. It often invests alongside other funds.
How large are Runa Capital's funds?
Fund I reached $135M, Fund II closed at $135M in 2016 and Fund III at $157M in 2020. A 2022 report said Fund IV had $55M raised against a $250M target. The firm has not published a final Fund IV size.
What AI companies has Runa Capital invested in?
Runa Capital's AI investments include Ubitium, Rork and Axiom Trust. The 3 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is Runa Capital based?
Runa Capital is based in Luxembourg, Luxembourg, Luxembourg.
What stage does Runa Capital invest at?
In the rounds tracked on AI Lounge, Runa Capital has invested at Seed, with a median round of $15M.
Who does Runa Capital co-invest with?
Runa Capital's most frequent co-investors on AI Lounge are Ibex Investors (1 deal), Inflection (1 deal), KBC Focus Fund (1 deal), OpenOcean (1 deal) and Florian Seibel (1 deal).
How can founders reach Runa Capital?
Founders on AI Lounge can see Runa Capital's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add Runa Capital to their Investor Pipeline to track the conversation.