Fulgur Ventures

What Fulgur Ventures does

Fulgur Ventures is a private venture and growth capital firm founded in 2019 that invests exclusively in Bitcoin infrastructure companies across the full lifecycle from pre-seed to pre-IPO. The firm is headquartered at 919 North Market Street, Suite 950, Wilmington, Delaware (USA), and in 2026 launched Fulgur Asia, a Singapore-based regional initiative covering the Middle East to Australia. Two partners are identified: Oleg Mikhalsky (Partner, MBA, angel investor since 2008) and Alexander Mann (Partner heading Fulgur Asia, Cambridge/UCL Physics, 10 years in VC). Total disclosed portfolio headcount spans 70+ companies across consumer wallets, Lightning Network infrastructure, Layer-2 protocols (Ark, RGB, Liquid, Spark, Citrea, Botanix, Rootstock), Bitcoin-native banking and payments, custody and self-sovereignty, gaming, mining, energy, insurance and treasury vehicles.

Fulgur's commercial model is conventional venture capital economics: equity investment in startups in exchange for ownership, with returns realized through portfolio exits, acquisitions and pre-IPO liquidity. Differentiation rests on three pillars: (1) Bitcoin-only specialism (no exposure to other Layer-1s, DeFi tokens or general crypto), (2) global deal-flow coverage anchored by owned and partnered events (Tuscany Lightning Summit 2023-2026, the bitcoin++ conference series across Taipei/Berlin/Austin/Istanbul/Riga/Nairobi/Vienna, and broader Bitcoin conference circuit), and (3) a recurring co-investor network that includes Tether, Ego Death Capital, Draper Associates, Franklin Templeton, F-Prime, Blockstream Capital, Maven11 Capital and Arche Capital. Lead and co-lead positions in 2025-2026 rounds (Foundation $6.4M, FUTURE CHF 28M) demonstrate growing capacity to anchor rounds. There are no public disclosures of fund size, AUM, LP base, management fees or carried interest, and the firm does not offer a product platform, pricing model, API or SDK.

Name

Fulgur Ventures

Legal name

Fulgur Ventures

Website

https://fulgur.ventures

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Fulgur Ventures is a private Bitcoin-focused venture capital firm founded in 2019 that invests pre-seed to pre-IPO in global Bitcoin infrastructure companies across wallets, Lightning, Layer-2, payments, custody, gaming and treasury. It is headquartered in Wilmington, Delaware with Fulgur Asia in Singapore.

Ownership category

akta.pro rank

Product category

Bitcoin Venture Capital

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Finance and Insurance (52)

SIC

Finance Services (6199), Investment Advice (6282)

akta.pro primary industry

Corporate Fintech / Insurtech CVC (Financial-services-led CVC) (FSANAHAK)

akta.pro secondary industries

Borrowing/Lending Risk & Credit Infrastructure (on-chain credit scoring, risk engines, insurance wrappers) (FSAPAEAI), Institutional DeFi & On-Chain Liquidity Infrastructure (Permissioned DeFi, Lending) (FSAGAMAG), Crypto-Backed Business / SME Loans (Secured) (FSADAFAH)

Keywords

• Venture capital funding
• Bitcoin infrastructure investment
• Early-stage startup capital
• Lightning Network venture
• Growth-stage equity investing

Headquarters

HQ city

Wilmington

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Investment Returns: Fulgur Ventures generates returns through equity investments in Bitcoin infrastructure companies across all stages from pre-seed to pre-IPO. Returns are realized through portfolio company exits, acquisitions, and public market listings.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Fulgur Ventures is a venture and growth capital firm that deploys equity capital into early-stage and growth-stage Bitcoin infrastructure companies globally, from pre-seed through pre-IPO. It backs founders building on the Bitcoin technology stack — particularly the Lightning Network — across consumer wallets, payment rails, custody, gaming, and institutional finance. Beyond capital, the firm offers network access and strategic conviction, running Fulgur Asia out of Singapore to cover the Middle East to Australia region.

Product overview

Fulgur Ventures is a venture capital firm specializing in Bitcoin infrastructure investments, operating from pre-seed to pre-IPO stages globally. The firm does not offer a product platform; instead, it provides funding, network access, and conviction to portfolio companies building across the Bitcoin ecosystem, with particular focus on Lightning Network infrastructure, consumer wallets, financial services, and gaming applications. The company's offerings include a pitch/application process for founders seeking funding, an events calendar covering Bitcoin conferences globally, and curated news and article content about the Bitcoin economy.

Differentiator

Problem solved

Functional benefit

Products and services

• Fulgur Ventures Bitcoin Infrastructure Fund Venture and growth equity capital deployed into early-stage Bitcoin infrastructure companies from pre-seed to pre-IPO globally; for technical founders building on the Bitcoin and Lightning Network technology stack.
• Fulgur Asia Regional venture capital arm providing pre-seed to Series A equity cheques to Bitcoin infrastructure founders across the Middle East to Australia; written for technical teams that can commercialize fast and serve approximately 4 billion people.

Quantifiable outcome

• 70+ portfolio companies across Bitcoin infrastructure ecosystem

Named customers10 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Portal Ventures: A Bitcoin-focused early-stage venture firm investing across the Bitcoin stack including Lightning, mining, and custody. Portal is a recurring Fulgur co-investor (Utexo, Ark Labs) and the most direct competitor for Bitcoin-native deal flow at similar stages.
• Ego Death Capital: A Bitcoin-only early-stage fund that has co-led multiple rounds alongside Fulgur (Five Bells, Ark Labs). Ego Death is the closest direct competitor in terms of Bitcoin-only thesis, fund stage, and check size.
• Lightning Ventures: A venture firm investing exclusively in companies building on Bitcoin's Lightning Network. Directly comparable to Fulgur's Lightning-centric mandate and overlaps in target deals and portfolio companies.
• Axiom Bitcoin: An early-stage venture fund exclusively focused on Bitcoin infrastructure. Comparable to Fulgur in pure-play Bitcoin thesis and early-stage positioning within the same portfolio categories (wallets, custody, Lightning).
• Bitcoin Frontier Fund: An Ohio-based early-stage venture fund investing in Bitcoin startups. Similar stage and thesis to Fulgur with comparable geographic and segment coverage within the Bitcoin ecosystem.

Broad incumbents

• Blockstream Capital: Bitcoin infrastructure company that also deploys venture capital into Bitcoin startups. Blockstream Capital is a major co-investor with Fulgur (Komainu) and represents a deeper-pocketed incumbent in the same niche.
• Pantera Capital: One of the largest dedicated crypto venture funds with multi-stage, multi-chain exposure. While not Bitcoin-only, Pantera is a comparable institutional crypto VC competing for similar founders and LPs.
• Paradigm: A leading crypto-native investment firm across stages. Operates at a much larger scale than Fulgur but competes for top-tier Bitcoin infrastructure founders and is a benchmark institutional crypto VC.
• Coinbase Ventures: The corporate venture arm of Coinbase, investing broadly across crypto and Bitcoin infrastructure. Significantly larger and broader in mandate, but overlaps directly with Fulgur's Bitcoin infrastructure investment categories.
• Digital Currency Group: A diversified crypto holding company with venture, lending, and operating businesses. While multi-chain and much larger, DCG is a relevant comparable for the institutional Bitcoin/crypto capital allocator archetype.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/fulgurventures
• LinkedInlinkedin.com/company/fulgurventures

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments65 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fulgur Ventures