KAMA FLOW at RVF-2025

The Russian Venture Forum, the main event of the venture capital industry, is finishing its work in Kazan today! Over the course of three days, the #KAMAFLOW team took part in the forum's business events:

• KAMA FLOW Partner Pavel Okhonin took part in the panel discussion ‘Effective Technology Project Implementation Chain: From Research to Industry’ during Day Zero at the Innopolis SEZ. Together with his colleagues, he discussed the interaction of VCs with corporate players and scientific institutes for the implementation of technological leadership projects. In addition, Pavel, as a jury member, evaluated technology projects during the Pitch Session.


• KAMA FLOW partner Evgeny Borisov was the speaker of the central event - the plenary session ‘Technological Entrepreneurship - Space of Higher Competences’. As part of his speech, he noted that it is too early to talk about the IPO ‘boom’:

"Last year we did not see many placements - less than 100 billion rubles in total. But for us, for venture investors, the return of the IPO agenda in the technology sector is an important trend. In order to see new offerings on the horizon of three to five years, medium-sized companies - "technological gazelles" - should already be emerging and actively developing".

• Pavel Okhonin was a speaker at the conference ‘Russian Venture Market: The Future is in Focus’. Together with his colleagues, he discussed topical issues of the industry's development. In particular, Pavel spoke about the launch of a new fund and the ‘window of opportunity’ for investors. He noted that today there are good conditions for investing - it is possible to negotiate valuations with companies and invest in them at more mature stages:

"Money has become so expensive that business growth has slowed dramatically because a huge proportion of costs are interest payments on borrowed funds. Without financial leverage, it is extremely problematic for a business to grow and develop. That is why one of the remaining possible options for growth is attracting investors' funds: from business angels and funds to going public".

• Evgeny Borisov as a speaker of the discussion "Corporate Venture Funds. Traditional Approaches vs Tech Leadership Challenges‘ together with his colleagues discussed the prospects of import substitution of technological solutions, the potential and necessity to support Russian ’technogazelles", as well as such aspect as the right to risk as a basis for innovation development.


• Pavel Okhonin spoke at the session ‘Legend-busters: myths about investments’ and spoke about different approaches to investing, strategies and KAMA FLOW's experience in portfolio management.


• KAMA FLOW Investment Manager Anna Labunets took part in SpeedDating with technology projects and, as a member of the judging panel, evaluated the companies of the forum's large-scale pitching session, as well as the startups speaking at the National Association for Technology Transfer (NATT) DeepTech Factory Demo Day. In addition, Anna took part in the discussion ‘Leadership and Women in Investments: investing cannot be discounted’, where she and her colleagues discussed the potential of women funders in the venture capital and technology industries.


• Pavel Okhonin was a speaker at the session ‘Where do early-stage startups find investment?’. He noted that today, despite the downward trend in the number of early-stage deals, there are working tools and sources of funding for startups. Pavel spoke about KAMA FLOW's experience in working with such companies, as well as the creation of its own venture builder - AldanDev's ‘project office’, which helps early stage companies with development.


• In the Press Centre of the Forum, The Qube and KAMA FLOW, as well as Malina VC, Pantea Capital and Hive funds, signed a partnership agreement and joint participation in the Yard 2025 investment programme. On behalf of KAMA FLOW, investment manager Anna Labunets participated in the ceremonial signing. Thanks to joint partnership efforts, promising technology projects will have access to expertise and investments from several leading funds at once.

The results of the popular vote were also summarised at RWF Evening. Forum participants themselves chose those who, in their opinion, really move the market forward. According to the results of the voting, KAMA FLOW won in the nomination ‘Fund of the Year’! We thank everyone who participated in the voting!