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GEM Capital is an international private equity and venture capital firm based in Paphos, Cyprus, with an additional office in Dubai, that focuses on investments in the games, entertainment, and enterprise technology sectors. As an institutional investor, the firm manages closed funds and deploys capital into creative businesses, having raised $100 million in total funding to date. Operating with a dedicated team of 10 employees, the organization has built a diverse investment portfolio encompassing more than 25 projects originating across Europe, the United States, and Israel. Key figures guiding the firm's investment strategy include Kirill Gurskiy, Roman Gurskiy, Alexander Komlev, Alexander Bykhovskiy, and David Kalman. The firm also operates as an institutional member of TechIsland, a prominent non-profit IT association working to develop the regional technology ecosystem. GEM Capital was officially founded in 2017.
Key people at GEM Capital.
GEM Capital was founded in 2017 by Anatoliy Paliy (Founder & Managing Partner).
Key people at GEM Capital.
GEM Capital was founded in 2017 by Anatoliy Paliy (Founder & Managing Partner).
GEM Capital has 7 tracked investments across 6 companies. The latest tracked deal is $1.0M Other Equity in Hypemasters in December 2025.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Dec 9, 2025 | Hypemasters | $1.0M Other Equity | Basmah Alsinaidi | — |
| Jul 23, 2024 | AppMagic | $3.0M Series A | GEM Capital | — |
| Apr 16, 2024 | Red Rover Interactive | $14.9M Series A | Maria Park | BEN Feder, Acequia Capital, Behold Ventures, Lifelike Capital, Overwolf, The Games Fund, TIRTA |
| Jan 1, 2024 | Order of Meta | $3.0M Seed | GEM Capital | Play Ventures, The Games Fund, Korea Investment Partners |
| Jun 20, 2022 | Hypemasters | $3.3M Series A | GEM Capital | Ludus Ventures, The Games Fund |
| Apr 25, 2022 | Skich | $400K Pre-Seed | GEM Capital | — |
| Jan 19, 2021 | TraceAir | $3.5M Series A | XTX Ventures | Andrew Filev, GPS Ventures, Liquid 2 Ventures, Metropolis VC |
