RTP Global

About

RTP Global (formerly known as ru-Net Holdings and then RTP Ventures) is a global early-stage venture capital firm founded in 2000 by Leonid Boguslavsky ¹. The firm began as ru-Net Holdings, an internet-focused investment vehicle through which Boguslavsky deployed proceeds from the 1997 sale of his IT systems integrator to PwC ². In 2011, Boguslavsky established a US-based subsidiary called ru-Net Technology Partners (RTP Ventures), opening an office in New York and expanding the firm’s focus to US internet, SaaS, and cloud computing companies ³.

In October 2018, the firm rebranded from ru-Net to RTP Global, reflecting its evolution into a globally-focused venture capital firm and the success of its US arm ³. The firm has since grown to offices in New York, London, Bangalore, and Paris ⁴, with the team also operating from Dubai and Amsterdam ⁵.

RTP Global is unusually structured for a venture capital firm: Leonid Boguslavsky contributes more than 99% of the capital in the current fund, with employees and portfolio founders comprising the remainder ². The firm does not raise capital from institutional LPs, instead reinvesting proceeds from successful exits such as Datadog, Delivery Hero, and SumUp ⁶. The firm’s tagline is “Realize True Potential” and it describes itself as a firm “founded on taking bold bets” ⁷.

As of early 2026, RTP Global has invested in more than 200 companies across the US, Europe, and Asia, with 13 unicorns in its portfolio ⁸. The firm manages assets of over $3 billion ². One in ten portfolio companies has reached a valuation over $1 billion, and one in twenty has reached decacorn status ⁷.

RTP Global’s fund history: - Fund I / ru-Net Holdings — began 2000, focused on Russian internet market - Fund II / RTP Global Partners — launched December 2017, $200 million, with an increased India focus ³ - Fund III — closed March 2020, $650 million, targeting US, Europe, India, and Southeast Asia ⁹ - Fund IV — announced June 2023, $1 billion, with $660 million for early-stage investments and $340 million for follow-on in breakout portfolio companies ¹⁰

Boguslavsky’s most celebrated investment is Datadog, which RTP co-led at the Series A in November 2012 with a $6.2 million round alongside Index Ventures ¹¹. Boguslavsky held his position through Datadog’s 2019 IPO and beyond, ultimately achieving an approximately 500x return on invested capital ¹².

Stated Thesis

RTP Global publicly describes its focus as investing in “ambitious founders reshaping the world through technology” at the earliest stages ⁷. The firm emphasizes three attributes it brings to founders: Speed (“high-speed/low-drag” rapid funding decisions), Scale (backing founders with global ambitions), and Support (long-term partnership, sometimes holding investments for 20 years) ⁷.

The firm states it prefers to lead or co-lead Seed and Series A rounds, and also participates in early Series B ¹. Across geographies, RTP Global targets the US, Europe, India, and Southeast Asia ⁹. For Fund IV, approximately one-third of capital (~$330 million) is earmarked for Indian and Southeast Asian startups ¹⁰.

Publicly stated sector preferences include AI/ML, B2B SaaS, fintech, e-commerce, healthtech, edtech, climate, and developer tools ⁷.

Thomas Cuvelier, Partner for US & Europe, has described his focus on “entrepreneurs driven by frustration with industry problems, demonstrating obsession with their solutions” and those who “dream and think globally about their business from day one” ⁶.

Julius Schwerin, Partner on the US team, focuses specifically on enterprise software, vertical market solutions, software-defined automation, SaaS for SMBs, and privacy-preserving technologies ¹³.

Jelmer De Jong, Partner and CTO in Europe, targets Enterprise Software, Cybersecurity, DevOps and Cloud infrastructure, Critical Infrastructure, and Fintech Infrastructure ¹⁴.

Nishit Garg, Partner for Asia, focuses on AI, consumer tech, fintech, SaaS, and B2B commerce in India and Southeast Asia, with initial check sizes of $1.5M–$10M per investment ¹⁵.

Inferred Thesis

Based on 50 verified portfolio entries from the firm’s own portfolio page ⁸, RTP Global’s actual investment behavior shows the following patterns:

Sector distribution (50 verified investments): - AI/ML: 12 investments (24%) — Recraft, Krisp, Picsart, Consio AI, Warmly, Fever Energy, Ahead Health, Hipp Health, Attention, Recall, Bytewax, DualEntry - Fintech: 11 investments (22%) — CRED, Qonto, SumUp, Primer, Comun, Yonder, Fintecture, Refyne, Freo, Tazapay, Tola - SaaS/Data Analytics: 10 investments (20%) — Datadog, DataRobot, SDF Labs, Miro, Conduktor, TealBook, Emma, Kestra, DoControl, Socure - E-commerce: 7 investments (14%) — Rebel Foods, Snapdeal, GoKwik, Owlet, InVideo, FirstClub, Volta Software - Agriculture/India-specific: 3 investments (6%) — DeHaat, Varaha, Khatabook - Climate/CleanTech: 2 investments (4%) — Supercritical, Varaha - Healthcare: 2 investments (4%) — Ahead Health, Hipp Health (counted above in AI/ML due to overlap) - Other: 4 investments (8%) — CoachHub, Mobile Premier League, Urban Sports Club, Augment

Note: Several companies span multiple sectors; the primary sector is used for categorization.

Stage distribution (50 verified investments): - Seed: 17 investments (34%) — SDF Labs, CRED, Varaha, Bytewax, Tazapay, GoKwik, FirstClub, Emma, Fever Energy, Ahead Health, Hipp Health, Volta Software, Consio AI, Augment, Tola, and others - Series A: 22 investments (44%) — Datadog, Delivery Hero, Socure, Khatabook, CoachHub, Krisp, Primer, DoControl, Mobile Premier League, Owlet, InVideo, Fintecture, Refyne, TealBook, Supercritical, DualEntry, Attention, Kestra, Warmly, Yonder, Comun, and others - Series B and later: 11 investments (22%) — Picsart (Series C), Miro (Series C), DeHaat (Series C), Rebel Foods (Series C), DataRobot (Series F), Freo (Series B), Conduktor (Series B), Qonto (Series B), Recall (Series B), SumUp (undisclosed), Snapdeal (Series D)

Geographic concentration: The portfolio is genuinely global. India accounts for an estimated 30–35% of investments (CRED, DeHaat, Rebel Foods, Khatabook, GoKwik, Refyne, Freo, Mobile Premier League, and others). Europe (UK, France, Germany) represents approximately 25–30% (Delivery Hero, Qonto, SumUp, Miro, CoachHub, Conduktor, Fintecture, Urban Sports Club). North America represents roughly 30–35% (Datadog, Socure, Krisp, DoControl, TealBook, and newer US investments). This genuinely global distribution is more balanced than most US-centric funds.

Typical check size: $1.5M–$10M initial check, with $4M–$5M average, per Nishit Garg’s public statements ¹⁵. For later-stage follow-ons, the fund reserves capital for breakout portfolio companies.

Founder profile patterns: The portfolio skews toward technical co-founders and repeat entrepreneurs. Datadog (Olivier Pomel and Alexis Lê-Quôc, both engineers), Miro (Andrey Khusid, technical founder), Krisp (Davit Baghdasaryan, technical founder) represent the pattern. In India, the firm has backed domain-expert founders in agriculture (DeHaat), fintech (CRED, Khatabook), and food (Rebel Foods).

Co-investor patterns: Index Ventures co-led the Datadog Series A ¹¹. Notable co-investors across the portfolio include Tiger Global (CRED), Sequoia Capital (India portfolio), Ribbit Capital (CRED), Storm Ventures (Krisp), and Valar Ventures. The firm is comfortable leading rounds independently.

Notable gaps vs. stated thesis: The stated thesis emphasizes AI prominently, but the majority of verified investments predate the 2023 AI wave. The firm’s AI portfolio has accelerated in 2024–2026 (Recraft, Consio AI, Fever Energy, Ahead Health, Hipp Health, Attention, Recall, DualEntry, Warmly), suggesting an active repositioning toward AI-native companies.

Exit track record: Delivery Hero (2017 IPO, €4.5B valuation), Datadog (2019 IPO, $32B+ peak market cap, ~500x return), Snapdeal (acquired), FreeCharge (acquired). The firm has produced 11 portfolio company IPOs and 36 acquisitions ⁸.

Portfolio

This table represents approximately 50 of 200+ known investments (~25%). Investment years for some entries use the round date as listed on the firm’s portfolio page ⁸. For early investments (2011–2015), year data is sourced from press releases and Crunchbase where available.

In Their Own Words

Leonid Boguslavsky, Partner & Founder, on the importance of team over idea:

“You’ve got to have a strong and reliable team. I believe this is the most valuable of all assets.” ¹⁶

Leonid Boguslavsky on his management style at RTP Global:

“The team makes all the decisions. I seldom intervene.” ¹⁶

Nishit Garg, Partner Asia, on RTP Global’s capital structure:

“The company’s capital structure stands out as it relies solely on returns from initial investments…we don’t have that many LPs. This structure gives us flexibility.” ¹⁵

Galina Chifina, CEO & Partner, on launching Fund IV:

“We couldn’t have reached this milestone without the incredible success of our founders. India and Southeast Asia are vibrant with entrepreneurial opportunities, and we are actively exploring innovative ideas and potential partnerships that align with our vision, specifically focusing on seed and Series A investments.” ¹⁰

Nishit Garg on Fund IV launch:

“In times when the fundamentals of the venture capital ecosystem are being rewritten globally, the launch of RTP IV comes as a strong validation of our firm’s unique characteristics in the crowded VC market.” ¹⁰

Thomas Cuvelier, Partner US & Europe, on what he seeks in founders:

“I want to see that they actually acted based on the changes to the current market environment, rather than just saying they had plans to.” ⁶

On long-term product strategy:

“With strong entrepreneurial roots and the firepower of a new $1B early-stage fund, there’s never been a more exciting time to join RTP Global.” ¹⁷

Alex Pavlov, Partner Europe (former), on Krisp investment:

“Since the first time we met Davit and Artavazd we were impressed with their vision to build products that enabled people to communicate better and more efficiently. We believe Krisp’s state of the art technology and incredibly talented team are a great foundation for further expansion of their product suite and continued growth of their customer base.” ¹⁸

Galina Chifina on hiring Thomas Cuvelier and Jelmer de Jong:

“With Thomas’ global investing experience and network, and Jelmer’s deep technical expertise, we are well-positioned to continue this success.” ¹⁷

Murat Bicer, Managing Director at RTP Ventures (at the time of Datadog Series A, 2012):

“We see Datadog setting the standard for infrastructure monitoring in the cloud age: they aggregate tens of billions of records a day from dozens of sources for their largest customers, yet present it in a simple interactive package.” ¹¹

What Founders Say

Davit Baghdasaryan, CEO & Co-founder of Krisp, on receiving investment from RTP Global (Series A, February 2021):

“This support from RTP Global and Storm Ventures will help us realise this mission. We’re also especially excited to leverage this fresh capital injection to grow our R&D team in Armenia, a lab we hope to turn into one of the largest of its kind in the world.” ¹⁸

No additional independently sourced founder testimonials were found during research. The firm’s website does not feature founder testimonials. Additional founder quotes may exist in podcast transcripts or social media but were not located during this research pass.

Sources