Russia’s venture capital market is undergoing a qualitative transformation, according to Igor Rastorguyev, a lead analyst at AMarkets. In the first half of 2025, investment volume surged by 86% to $78 million, while the average deal size more than doubled to $1.4 million. This growth signals a maturing market that is shifting toward larger, more strategic investments in technology startups with clear potential.
Artificial intelligence startups continue to lead the way, having raised $6.96 million in the first four months of 2025. There is also growing interest in information security, with roughly 20 new projects anticipated by year-end. Development is also evident in the corporate segment, highlighted by the creation of Rostelecom’s Konsol venture fund with RUR8 bln ($97 mln) in capital – a move that underscores serious commitment from big business, the expert notes.
Monetary policy remains a key factor, in Rastorguyev’s view. The key rate’s reduction to 17% in September laid the groundwork for a recovery in activity. Should it fall to 15% or below, a significant influx of capital from private investors and business angels is expected, as they are currently favoring high-yield deposits.
“The Russian venture capital market is on the verge of a new growth cycle,” Rastorguyev concludes. “The current period of stabilization allows participants to adapt to new conditions and build sustainable business models. If the trend of declining interest rates and state-level support for innovation continues, we can anticipate progressive development of the ecosystem in the medium term.”