Preview

International Business

Advanced search

Russian venture market - state, structure, features and prospects

Abstract

The state of the Russian venture capital market can be called very difficult. To be more precise, the venture capital market in Russia is showing a record decline and it is still unknown when the market will be able to recover. The investment in Russian startups has also fallen significantly. Such a state of affairs raises the question whether this situation is caused by a lack of free cash among the households, an unwillingness to take risks in an unstable macroeconomic situation or the lack of interesting and promising startups with potentially tangible return. In this article, we will look into the current state of the Russian venture capital market, consider its structure and functions of investors, analyze the place and role of a startup as the main participant on this market and define the development potential of this market in the near future.

About the Author

L.  Flottrong
EUNYSS BUSINESS SOLUTIONS
Germany

Lars Flottrong  – Business Advisor

   


References

1. Vedomosti. Kirill Varlamov: “The venture market in Russia is basically in a coma.” Available at: https://www.vedomosti.ru/technology/characters/2023/06/13/979865-venchurnii-rinok-v-rossii-vkome?ysclid=ls0qbctrjb970615304 (Accessed 13 January 2024).

2. Annual Report 2022. URL: 2022-annual-report.pdf (Accessed 15 January 2024).

3. TASS. Skolkovo startups raised more than 1 billion in private investment in 2023. Available at: https://tass.ru/ekonomika/19631311 (Accessed 18 January 2024).

4. VC.RU. The venture investments in Russian startups have fallen tenfold in the first half of 2023 - Dsight. Available at: https://vc.ru/money/888203obem-venchurnyh-investiciy-v-rossiyskie-startapy-sokratilsya-v-desyat-raz-zapervuyu-polovinu-2023-goda-dsight?ysclid=lr0k66z2b5385598316 (Accessed 25 January 2024).

5. Moscow innovation cluster. Venture funds. Available at: https://i.moscow/ventures?ysclid=lqwd0itmyx221317408 (Accessed 19 January 2024).

6. VC.RU. The venture investments in Russian startups have fallen tenfold in the first half of 2023 - Dsight. Available at: https://vc.ru/money/888203obem-venchurnyh-investiciy-v-rossiyskie-startapy-sokratilsya-v-desyat-raz-zapervuyu-polovinu-2023-goda-dsight?ysclid=lr0k66z2b5385598316 (Accessed 25 January 2024).

7. Forbes. 10 most promising startups with Russian founders – rating 2023. Available at: https://www.forbes.ru/svoi-biznes/502871-10samyh-perspektivnyh-startapov-s-rossijskimi-osnovatelami-2023-rejtingforbes?image=476386 (Accessed 17 January 2024).

8. Vedomosti. Kirill Varlamov: “The venture market in Russia is basically in a coma.” Available at: https://www.vedomosti.ru/technology/characters/2023/06/13/979865-venchurnii-rinok-v-rossii-vkome?ysclid=ls0qbctrjb970615304 (Accessed 18 January 2024).

9. Forbes. In Russia 10 venture funds were launched in two years. URL: https://www.forbes.ru/svoi-biznes/501068-v-rossii-zapustili-10-vencurnyh-fondovza-dva-goda?ysclid=lqwd34z75n373382846 (Accessed 20 January 2024).

10. TopInvest Russia. All Russian venture funds. Available at: https://topinvestrussia.ru/funds/?ysclid=lqwdihhcf2237701083 (Accessed 20 January 2024).

11. RBC. Trends. Who entered the top of the most active venture funds in Russia in 2021. Available at: https://trends.rbc.ru/trends/innovation/626a37239a794752c3ac4ba4 (Accessed 20 January 2024).

12. VC.RU. From venture to business. 17 private investor clubs where you can find projects, investments or knowledge. Available at: https://vc.ru/money/247445-ot-venchura-do-biznesa-17-chastnyh-klubov-investorov-gdemozhno-nayti-proekty-investicii-ili-znaniya?ysclid=lqwdo4m4m8118871588 (Accessed 20 January 2024).

13. Baza.VC. Venture index 2023. Available at: https://baza.vc/venture2023?ysclid=lqwdrc9neb168246029 (Accessed 20 January 2024).

14. RB.RU. “A Russian entrepreneur does not need to leave his comfort zone: he has never entered it.” Venture results for the 2nd quarter of 2023. Available at: https://rb.ru/longread/vc-report-2q-23/?ysclid=lr0jtt2hjn949072832 (Accessed 23 January 2024).

15. VC.RU. 50+ venture funds with Russian roots that are investing in startups in 2022. Available at: https://vc.ru/money/502175-50-venchurnyhfondov-s-rossiyskimi-kornyami-kotorye-investiruyut-v-startapy-v-2022godu?ysclid=lqwct3dzr0389873004 (Accessed 19 January 2024).

16. Statista. Startups in Russia – statistics & facts. Available at: https://www.statista.com/topics/7574/startups-in-russia/#topicOverview (Accessed 26 January 2024).

17. RBC. Trends. On pause: how the Russian venture market spent 2023. Available at: https://trends.rbc.ru/trends/innovation/65857c9b9a79478e92dce749 (Accessed 26 January 2024).

18. Innovation cluster. Results and trends of the Russian startup market for 2023. Available at: https://icluster23.ru/news/federalnye/itogi-i-tendentsiirossiyskogo-rynka-startapov-za-2023-god/?ysclid=lr0mgsoxzo808132675 (Accessed 27 January 2024).

19. Moscow Innovation Agency. Russian venture market. 9 months of 2023. Available at: https://portal.inno.msk.ru/uploads/agency-sites/analytics/research/Venture+Funding_Russia_3Q+2023.pdf/ (Accessed 28 January 2024).


Review

For citations:


Flottrong L. Russian venture market - state, structure, features and prospects. International Business. 2023;(4 (6)):73-87.

Views: 140


Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.


ISSN 2949-639X (Online)