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RUNA III: $157M fund closes for digital transformation & deep tech EXIT: Final acquired by Goldman Sachs - Andre's old employer EXIT: StopTheHacker absorbed by Cloudflare PORTFOLIO: Brainly reaches 350M+ students globally BOARD: Clearly - Reelgood - Kreditech - Rogue Games - SchoolMint PRE-VC RESUME: Goldman Sachs · UBS · Sistema · Mail.ru IPO HQ: Luxembourg   DESK: San Francisco
YesPress · Profile No. 0422 · The Investor File

Andre &
the Regulated Edges

A Cross-Cultural Communications major from Moscow ended up running North American venture deals out of San Francisco for a fund headquartered in Luxembourg. Read that twice.

RoleGeneral Partner, Runa Capital
BeatFintech · Edtech · Digital Health
BaseSan Francisco, CA
Andre Bliznyuk, General Partner at Runa Capital
EST. RUNA 2011

The man with the regulated appetite.

Andre Bliznyuk sits on the side of the venture table that most investors avoid. Fintech, where every transaction has a regulator. Edtech, where every customer answers to a school board. Digital health, where every product passes through HIPAA before it ever reaches a user. The categories nobody pitches at a Tuesday demo day. The categories he writes checks into.

As a General Partner at Runa Capital, he leads the firm's North American practice. He arrived at Runa in 2011 and never left, which is itself unusual in a profession where partners shuffle decks every other cycle. Brainly, Mambu, Lendio, Smava, Zopa - his deal sheet reads like a syllabus for anyone trying to build software inside compliance walls.

Before any of that, he was on the sell side. Ten years moving billions through public markets. Twenty-plus IPOs and follow-on offerings. The kind of resume that usually leads to a managing director chair in London, not a venture seat aimed at first-money-in. He took the seat anyway.

The strange specific that tells you something about him: his graduate degree is in Cross-Cultural Communications. Not finance. Not computer science. Linguistics, in effect. When a partner spends years brokering Russian companies onto the London Stock Exchange and then American startups into a Luxembourg fund's portfolio, that degree starts looking less academic and more operational.

A ledger, annotated.

20+
IPOs Run
(Pre-VC)
14
Years at
Runa Capital
5
Board Seats
Held
$157M
Runa III
Fund Size

Regulated-Industry Bets · Runa Portfolio Sample

Brainly
Edtech
Mambu
Fintech
Lendio
Fintech
Smava
Fintech
Zopa
Fintech
Kreditech
Fintech
SchoolMint
Edtech
EchoPixel
Health
Access to credit will continue to be improved through innovation - and we see Kreditech as the emerging leader in this space.
Andre Bliznyuk, on backing Kreditech

From the LSE to Sand Hill.

Andre's career has a sharp pivot at 2011 - and the shape of it explains why he writes the checks he does.

At UBS he led the equity capital markets practice for Russia and the CIS, the kind of job that involves five-language conference calls and bank-of-England filings before breakfast. He took Mail.ru, Comstar, and Sistema public on the London Stock Exchange - three of the largest Russian listings of that era.

Then Goldman Sachs for a year. Then a turn.

In 2011 he joined Runa Capital - a firm just two years old, founded by a group of operators including Serguei Beloussov. The fund's instinct was to back companies in tough technical categories: cloud, machine learning, regulated software. Andre's instinct matched. He stayed. He still stays.

2006-2009
UBS Investment Bank - led Russia/CIS equity capital markets. Twenty-plus IPOs and offerings.
2010-2011
Goldman Sachs investment banker.
2011
Joined Runa Capital as Partner. North America focus from day one.
2014
Led the early Brainly round - the Polish edtech that now serves hundreds of millions of students.
2014
StopTheHacker exit to Cloudflare.
2018
Final acquired by Goldman Sachs. Closing the loop on his old employer.
2022
Runa Capital closes Fund III at $157M for digital transformation and deep tech.

The names on his cap table.

A partial list - sourced from Runa Capital and public filings. The exits are what they are. The actives are still writing their endings.

Active · Edtech

Brainly

Peer-to-peer student learning network. Reaches roughly 350 million students worldwide.

Active · Fintech

Mambu

SaaS core banking platform. A textbook regulated-software bet.

Active · Fintech

Lendio

Small business loan marketplace operating across the United States.

Active · Fintech

Smava

German consumer credit marketplace.

Active · Fintech

Zopa

UK digital bank, born from a peer-to-peer lending pioneer.

Active · Health

EchoPixel

True-3D medical visualization software for surgeons.


Selected Exits

Final → Goldman Sachs StopTheHacker → Cloudflare Zipdrug → IngenioRx Thinkgrid → Colt Telecom SchoolMint → Hero K12 / BV Investment Partners

Board Seats

Clearly Reelgood Kreditech Rogue Games SchoolMint

Software, where it is hardest to ship.

Most venture money chases the easy slope: consumer apps, viral growth, low friction. Andre's portfolio reads almost in opposition. Lending platforms that need licenses in every jurisdiction. Edtech tools that have to negotiate with school districts. Core banking software. Medical visualization.

The reason is structural. Regulation looks like a moat to people who know how to climb it. A banker who has spent a decade inside disclosure regimes and ECM filings is the rare investor who reads a fintech term sheet the same way he reads a prospectus. He sees the compliance work as a feature, not a tax.

It also matches Runa's broader posture. The firm has long backed deep-tech and infrastructure plays - the kind that take seven years to compound and three more to exit. Andre's twin loves for capital markets and patient capital sit naturally inside that house style.

In His Own Words

On giving back

"It is particularly gratifying at this stage of my professional career to be able to support this unique organization and give back to the high-tech community. Looking back, I regret not having the benefits of SVOD network early on, when I really needed it."

- on Silicon Valley Open Doors

Five things worth knowing.

1

His graduate degree is in Cross-Cultural Communications, not finance. A linguist runs the deals.

2

He worked at UBS, Goldman Sachs, and Sistema before his thirty-fifth birthday. Three institutions, three different cultures of money.

3

One of his picks - a fintech called Final - was acquired by Goldman Sachs. The bank he had left to join Runa.

4

The fund is headquartered in Luxembourg. He works from San Francisco. The time-zone gymnastics are part of the job.

5

Through Brainly alone, his portfolio's reach touches roughly 350 million students. He has likely never met any of them.

What the file does not say.

There is a quiet pattern across Andre's portfolio. The companies he funds rarely sprint. Mambu was founded in 2011 and shipped quietly for years before becoming a unicorn. Brainly built its student base post by post. Zopa was a peer-to-peer pioneer for more than a decade before transforming into a full digital bank. None of these are TikTok arcs.

A capital markets background teaches you to think in IPO windows - five, seven, ten years. Venture rarely does. The patience shows up in his board work, which skews longer and quieter than the average partner's. He keeps seats. He keeps showing up.

The cross-cultural piece does real work too. Runa's LPs are European. Its founders are scattered across continents. Its operating posture is multilingual by necessity. Having a partner who reads cultural friction as cleanly as financial friction is a real asset, even if it never makes it into the marketing.

Then there is the geography. San Francisco for the founders, Luxembourg for the structure, Moscow for the schooling. The triangulation gives him a vantage point most American GPs do not have. He has seen at least three financial systems up close. He has watched how regulation evolves on different continents. He has watched companies leave one stock exchange for another. That kind of pattern recognition is useful when the next regulated-software bet lands on his desk.

Catch him mid-stride. He is still picking.

Find him elsewhere.


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