Venture capital investment in Russia fell by 18% in 2025 to $146.4 million, according to Kommersant, citing figures from Venture Guide.
Total investment over the past year amounted to $146.4 million, down 18% from 2024. The number of deals fell by 25%, while the average deal size rose to $1.3 million from $1.2 million a year earlier. In total, 127 transactions were completed, according to the company. Geographically, investment activity was heavily concentrated in Moscow, which accounted for 69% of total investment volume and 76% of all deals. All invested capital originated from Russian sources.
Private funds and individual investors emerged as the primary market drivers, increasing their investment activity, while corporate venture programs and government support declined. The strongest growth was seen in artificial intelligence and machine learning projects, where investment rose to $70.7 million. At the same time, many startups launched amid the import-substitution push encountered difficulties in scaling their businesses.
In contrast to global trends, Russian venture capital growth remains subdued. According to CB Insights, the global market expanded by nearly 50% in 2025. Market participants are looking to 2026 for a potential recovery, hoping for a reduction in the key interest rate and the emergence of sustainable IPOs. Until such stable opportunities materialize, investors are expected to continue focusing on mature projects with established revenue and clear business models.