Fulgur Ventures

Fulgur Ventures is a venture capital firm founded in 2019 in Wilmington, Delaware, focused exclusively on Bitcoin and Lightning Network startups. The firm is led by partners Vitaly Bezrodnykh, who brings a background in IT and computer security from Hewlett Packard, Vertical Networks, and Kaspersky Lab with expertise in international business development and M&A; and Oleg Mikhalsky, an angel investor since 2008 and hands-on entrepreneur with a successful exit and an MBA in strategic management. Fulgur operates with a team of four and a conviction that Bitcoin represents a next-generation, politically neutral monetary system and the foundation for decentralized finance. Fulgur writes initial checks of $50,000 to $200,000 for pre-seed startups, provides grants for ecosystem contributions, and invests at later stages in existing relationships. As of March 2026 the portfolio includes 93 investments across financial infrastructure, payments, exchanges, wallets, and Bitcoin ecosystem tools. Notable portfolio companies include Blockstream and Sygnum, both of which became unicorns; Fold, which completed a NASDAQ IPO in February 2025; Relai, a Swiss Bitcoin savings app; ZEBEDEE, a Bitcoin gaming payments platform; Amboss, a Lightning Network data intelligence company; OpenNode, a Bitcoin payments processor; Breez, a Lightning wallet; and Foundation Devices, a hardware wallet manufacturer. The portfolio has produced four acquisitions including Future Holdings, acquired by H100 Group in January 2026. In 2025, the firm made nine new investments. Fulgur also helps portfolio companies navigate cryptocurrency legal and regulatory environments, a substantive value-add given the rapidly shifting global regulatory landscape for Bitcoin-native businesses. The firm's deep specialization in the Bitcoin and Lightning ecosystem, sustained across more than 90 investments, makes it one of the most experienced and active venture investors dedicated exclusively to this category.