Venture capital investments in Russia in 2024: volumes, dynamics, results

The Russian Venture Channel, with the support of KAMA FLOW, has prepared a study on the state of the Russian market.

The full text is available at: https://rusven.com/

The data covers transactions involving domestic startups from 01.12.2023 to 30.11.2024.

The report recorded 113 public deals (there were 94 in 2023), and the volume of investments exceeded 8 billion rubles.

The main conclusions of the study:

🔵 Foreign investments at a minimum. There was only one transaction involving foreign investors in 2024 (there were six in 2023).

Government investments are not increasing. Despite the increase in the total volume of transactions to 1.29 billion rubles, activity actually decreased.

🔵 Business angels are becoming a key driver of the market. The number of transactions involving them has almost doubled to 45.

The sowing stage is in the spotlight. 50 transactions with checks from 5 to 50 million rubles compared to 26 a year earlier.

🔵Private funds reduce the size of checks. Although the number of transactions has increased, most of them are for small amounts.

Eugene Borisov, partner at KAMA FLOW, comments:

"First of all, there is a clear trend towards a decrease in the average investment size in global venture capital today. This affects all stages, from the early stages to the more mature ones, including rounds A and B. Thus, the Russian venture capital market reflects global trends typical of developed ecosystems in the United States, Europe and other countries.

Secondly, the venture capital market is characterized by a certain cyclicity. If we look at the dynamics over a ten-year period, we can see that investor interest periodically shifts between earlier and more mature projects that have already achieved serious success.

Thirdly, the high rate exerts significant pressure. Professional investors have become more cautious. Today, the market, as well as the stock exchange, is dominated by private players".