At the 5th International Congress of Financiers, currently underway in St. Petersburg, participants in the session Business and Financing in Today’s Macroeconomic Environment discussed the growing risks facing small and medium-sized businesses.
Artem Genkin, Chairman of the Venture Capital Commission at the Council for Financial Markets and Investment (Russian Chamber of Commerce and Industry), noted that the Russian venture capital market remains viable but is significantly shifting its underlying logic.
While previously focused on a high volume of deals, the market is now increasingly moving toward fewer projects, larger checks, and more mature companies. Late-stage projects, pre-IPO opportunities, and ventures with clearer business models are becoming more prominent. Among the key trends, Dr. Genkin highlighted a pivot toward the domestic market, import substitution, growing interest in B2B solutions, and a gradual recovery in mature technology assets.
He also focused on the changing cohort of market participants: private funds, business angels, and investor syndicates now play a significant role. The latter are particularly important for the Russian market, as they allow for risk diversification and lower the barriers to entry for private capital. Corporations and corporate funds act not only as investors but also as customers for technological solutions and as platforms for startup pilot programs.
Speaking about industry structure, Artem Genkin noted strong interest in artificial intelligence, robotics, and cybersecurity. He added that medicine, agritech, foodtech, industrial technologies, and business software also feature prominently in the current project pipeline. Overall, the market is becoming less speculative and increasingly tied to domestic demand, applied technologies, and the challenges of achieving technological sovereignty.