Market in wait-and-see mode: results of Dsight’s “Venture Eurasia 2025”

Among the largest rounds of the year were deals in IndustrialTech and Healthcare, including those involving KAMA FLOW.

• In 2025, venture investment volume in Russia totaled $159 million, 10% less than a year earlier. The number of deals fell by 42% to 102.


• By funding volume, last year was among the weakest in the past fifteen years.


• The average check rose to $1.69 million; the median was $0.38 million. The market is being held up by a handful of large deals rather than broad-based growth across all rounds.


• Investors shifted focus toward later stages. The seed segment declined, creating a risk of a “demographic hole” in startups by 2027–2028.


• Private funds accounted for 52.6% of total investment volume. The share of business angels was just 14%, despite their participation in nearly one in three deals.


• M&A volume in 2025 reached $376.9 million—more than twice the volume of traditional VC deals. Forty-five percent of transactions were full buyouts.

What does this mean for the market?

The study records a shift to a more restrained development model for the venture sector. Activity has moved toward later stages, while the early segment has weakened, which may affect the pipeline of new projects in the coming years.

IPOs in 2025 did not become a systemic source of liquidity, so M&A remained the main exit channel. This means exit opportunities largely depended on the interest of large corporations rather than the state of the public capital market.

KAMA FLOW Partner Pavel Okhonin notes that official statistics capture only part of the investment activity in the technology sector: “A significant share of deals takes place outside the public eye. By our estimate, the actual size of the venture market may be significantly higher than the figures reported. The current base remains low, which means the growth potential persists.”

Read the report — via the link.