Puzzle PropTech

History

2025: Voskhod Foundation bought 20% of Pazl PropTech

The management company Voskhod, which manages the fund of the same name with investments from the Interros group of Norilsk Nickel owner Vladimir Potanin, acquired 20% in the Puzzle PropTech startup. The company is engaged in the digitalization of individual housing construction and has developed a virtual AI assistant to manage the process of building private houses. The deal was closed on October 21, 2025.

Alexey Gorulev, General Director of Puzzle PropTech, said that the company received its first investment from the Voskhod fund in 2024.

According to him, investor support helped

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Фото: Freepik

In October 2025, the authorized capital of the company was increased from ₽123,3 thousand to ₽154,1 thousand. After the appearance of a share in the Potanin fund, the share of founder Alexei Gorulev decreased from 46.35% to 37.08%. The share of the Malina Ventures venture fund decreased from 17.65% to 14.12%. The shares of Leonid Sokolov and Alexei Kushnir decreased from 15% to 12% each. Maria Andreeva had 4.8% left, before the deal she owned 6%.

During the preparation for the Moscow Startup Summit, additional investments from the Voskhod and Malina VC funds were agreed. At the same time, they followed-on the deal through an increase in capital and the allocation of a share to the Voskhod fund. In November 2025, the company received ₽50 million from the Voskhod fund.

Alexey Gorulev noted that the support of investors helped the company focus on integration with several Russian banks and the development of mortgage lending products and targeted project financing of contractors in the individual housing construction sector. The company is actively working on the implementation of a digital client path in individual housing construction, developing AI assistants and digital services for managing financing and construction of individual houses.

Arthur Martirosov, partner of the Voskhod venture fund, said that the fund believes in the prospect of digitalization of the private housing sector and Puzzle House technology. According to him, it was important that the project received interest from the first deputy chairman of the board of Sberbank Alexander Vedyakhin.^[1]

2024: Attracting ₽50 million investments

The Russian developer of the digital assistant for individual housing construction (IZHS) Puzzle PropTech has attracted an investment of ₽50 million from the Voskhod fund. The deal closed on November 22, 2024.

The Voskhod Foundation became the second smart investor in the company's seed round. The funds raised will be used to develop the product and implement the project "Digital Credit Factory in IZHS."

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Фото: TAdviser

We are glad to receive support from the Voskhod Foundation. This is a significant event for our company and an important step towards strengthening the position and developing affordable financing and management tools in IZHS, "said Alexey Gorulev, CEO of Puzzle PropTech.

Konstantin Gibalo, partner of the Voskhod Foundation, emphasized the uniqueness of the company's digital-based business model for optimizing mortgage lending and managing the construction of individual houses.

In early 2024, the company received its first investment from the MalinaVC fund, which in August 2024 increased its stake in the project. The total volume of investments attracted by Puzzle PropTech reached ₽95 million.

The service is designed to reduce the credit risks of banks and simplify the processes of issuing and controlling loans for individual housing construction in the face of growing demand for this type of real estate.

Puzzle PropTech is implementing a strategy to digitalize individual housing construction in Russia. It is planned to expand the presence of the service in the individual housing construction market and develop cooperation with intra-group companies, including T-Bank.

The system uses artificial intelligence to optimize the processes of building individual houses and mortgage lending, which contributes to increasing the availability of individual housing construction in Russia.^[2]

Notes