Internet Initiatives Development Fund is a Moscow-based venture capital firm and accelerator that supports early-stage technology startups in Russia. It provides financial and mentorship support to pre-seed through Series A companies, with investments typically ranging from several million to a few hundred million rubles, and has backed hundreds of startups. The organization runs an acceleration program across Russia and aims to attract investment and improve transparency and cooperation among entrepreneurs, investors, and state agencies. Its portfolio spans a broad range of tech sectors, including software, fintech, artificial intelligence, big data, cybersecurity, Internet of Things, education technology, healthtech, adtech, SaaS, and other internet-enabled industries.

Russian Ventures is a venture capital firm headquartered in Moscow, Russia. Founded in 2008, it focused on investing in internet and technology companies across Russia.

Elbrus Capital Investment Adviser is a venture capital and private equity firm that focuses on early‑stage, middle‑market, and growth‑capital opportunities. It targets small and medium‑sized companies in Russia and the Commonwealth of Independent States, especially those with a strong regional presence beyond Moscow and St. Petersburg. The firm invests between $30 million and $100 million in businesses valued $50 million to $100 million, seeking significant minority or controlling stakes. Its portfolio spans digital services, consumer and business internet, changing consumer patterns, consumer goods and services, outsourcing, logistics, natural‑resource optimization, healthcare, and education. Elbrus Capital typically holds investments for three to seven years and is headquartered in Moscow.

Ruvento Ventures is a Singapore-based venture capital and incubation firm that backs technology startups and early-stage ventures. It focuses on AI, machine learning, Internet of Things, robotics, bioengineering, cleantech, hardware and other disruptive technologies, with a global reach and a regional emphasis on Southeast Asia and markets in CIS to bring products to Asia. The firm pursues direct investments and incubation programs, including seed and early-stage rounds, and participates in fund-of-funds opportunities. In its Singapore incubation program it provides staged financing: up to USD 0.04 million in the proof-of-concept stage and up to USD 0.16 million in the commercial stage. Direct investments are up to USD 0.5 million, with potential syndication for the right deals up to USD 3 million. Ruvento Ventures operates from Singapore with additional offices in San Francisco and Shanghai, supporting portfolio companies from concept to market.

Inventure Partners is a venture capital firm founded in 2012 and based in Moscow that backs technology startups across seed to late-stage rounds. It focuses on online financial services, technology, marketing, digital media, mobile, internet software, B2B, e-commerce and telecommunications, and typically invests between 0.5 million and 5 million with target enterprise values of 1 to 50 million. The firm pursues global opportunities, backing companies in Russia, the CIS, the United Kingdom, the United States and other European markets. It generally seeks minority stakes and board representation, aiming for exits in about five years, with possible extension. Portfolio examples include Gett, American Well and Busfor, illustrating a preference for disruptive, scalable tech businesses addressing real market needs. The firm emphasizes partnering with teams that adopt novel business models to tackle genuine challenges and reduce market inefficiencies.

AYR Capital is an independent private equity, venture capital and financial advisory firm focused on investments in Europe, Russia and the CIS, with activity in real estate, fast-moving consumer goods, oil and gas, energy, information technology and manufacturing. The firm also provides debt financing for growth opportunities and offers financial advisory services. Founded in 2014 and based in Moscow, AYR Capital pursues growth-oriented opportunities across CIS, Eastern and Western Europe and the United States, combining a disciplined risk management approach with a focus on value creation and strong relationships with investors and portfolio companies.

Established by Moscow's Department of Entrepreneurship and Innovation Policy, this fund promotes venture investment in small enterprises with a focus on scientific and technical spheres.

Impulse VC is a Moscow-based venture capital firm established in 2013. It funds and supports early-stage technology companies, focusing on seed to Series A investments in B2B software and SaaS, proptech, adtech, marketing technology, marketplaces, software, and gaming. The firm provides both capital and operational guidance to portfolio companies and conducts activities with international reach across the United States, United Kingdom, and Russia.

Da Vinci Capital is an investment group focused on alternative investments, private equity and structured products. Founded in 2007 by Oleg Jelezko, the firm is based in Guernsey and London and operates in Russia and the CIS with exposure to emerging European markets, and maintains a presence in the United States and Western Europe. It targets mid-market and growth opportunities in financial infrastructure, payment processing, IT services and technology, and consumer and business services, typically investing $5 million to $100 million in companies valued at $100 million to $1 billion. The group seeks minority stakes, with the option for controlling positions in some buyouts, and aims for board representation where possible, planning exits through strategic sales, secondary sales or IPOs. Da Vinci Capital emphasizes a diversified approach through private equity and structured products and maintains offices and a network across Europe and the CIS.

Sistema Venture Capital is the venture capital arm of AFK Sistema, established in 2016 and headquartered in Moscow, Russia, with an additional office in London, United Kingdom. The firm specializes in investing in growth-stage technological companies and early-stage startups, primarily focusing on sectors such as artificial intelligence, machine learning, cognitive technologies, software as a service (SaaS), platform as a service (PaaS), internet of things, and virtual and augmented reality. Sistema Venture Capital aims to acquire both minority and controlling stakes, typically investing around $10 million in projects, to help establish market leaders within three to five years. The firm emphasizes its commitment to backing innovative internet and technology companies while avoiding investments in ventures where founders have lost control. Its investment strategy is global, targeting markets in the US, UK, Western Europe, Russia, Israel, and other CIS nations. Through its extensive network and expertise, Sistema VC provides support and mentorship to entrepreneurs, connecting them with valuable professionals and prospective partners.

Startup Lab is a Moscow-based venture capital firm and accelerator founded in 2018. It focuses on pre-seed, seed, and early-stage investments, primarily in Russia, the CIS and Eastern Europe, with a typical early-stage investment ceiling of about 3.5 million rubles. Beyond capital, Startup Lab provides portfolio companies with networks, support to scale sales channels, optimize business models and internal processes, and guidance toward international market entry, including exposure to sectors such as pharma and retail.

Skolkovo Ventures is a Moscow-based venture capital and private equity firm that provides seed and growth capital to technology companies. It targets startups in the internet of things, fintech, virtual reality and augmented reality, robotics, unmanned technologies, intelligent power engineering, predictive analytics, artificial intelligence and big data, cybersecurity, digital technology in agriculture, additive manufacturing and new materials, and innovative food products. The firm typically invests between RUB 100 million and RUB 200 million per project (approximately USD 1.5–3.0 million). Founded in 2017, Skolkovo Ventures supports early- to growth-stage technology companies in Russia with a focus on scalable, innovative ventures.

VEB Ventures is a Moscow-based venture capital firm associated with Vnesheconombank. It was established to invest in high-technology projects linked to Russia’s Skolkovo Foundation and to support the government’s innovation programs. The firm has focused on funding companies in medical technology, biotechnology, and clean technology within Russia, aiming to build innovation infrastructure, facilitate technology transfer, and promote Russian innovations globally.

Primer Capital is a Moscow-based venture capital firm focused on early-stage investments in biotechnology, pharmaceuticals and related medical technologies. The firm backs projects across oncology, cardiology, rheumatology, surgery, medical devices and both branded and generic therapeutics. It pursues opportunities in Russia, Israel, Europe and the United States, with early equity investments typically ranging from 0.2 to 0.5 million dollars and a willingness to co-invest with other funds and investors. Primer Capital leverages a team of experienced professionals and a scientific advisory board to assist in project selection and development, and collaborates with venture funds, business angels, government agencies and medical institutions to support portfolio companies through fundraising and strategic partnerships.

Bright Capital is a venture capital firm with a merchant venturing approach and a global reach. It invests in a broad range of breakthrough and disruptive technologies, including energy, cleantech, efficiency, water, and advanced materials, and also backs the telecom-media-technology sector through its Digital fund. The firm operates across multiple stages, from early to late and growth equity, maintaining a diversified global portfolio.

Prostor Capital is a Moscow-based venture capital firm established in 2011 by private investors, with co-founders including Leonid Reiman and Sergey Merkulov. It concentrates on profitable investments in Russian information technology and Internet companies at the stable growth stage (round A and above) with ready products and rapidly growing user bases. The firm targets tech-enabled companies with significant local or international sales potential, particularly in financial and advertising services, cloud technologies, innovative education, and digital medicine. The management team comprises Sergey Merkulov as managing partner, Alexey Solovyov as managing director, and Stanislav Kosorukov as investment director, who oversee strategy, operations, and deal evaluation. Prostor Capital has been recognized among leading Russian venture investors and maintains a portfolio of technology-driven companies.

Sistema SmartTech is the corporate venture arm of Sistema, based in Moscow, Russia. Founded in 2020, it invests in early-stage Russian technology companies and focuses on high-technology sectors such as digital products and services, transport, IT in medicine, biotechnology, and artificial intelligence, as well as education, logistics, and digital solutions in industry.

New Industry Ventures is a Moscow-based venture capital firm established by Gazprom Neft, Gazprombank, Russian Venture Company and VEB Innovations. It invests in technology startups operating in oil and gas, petrochemicals, energy, logistics, new materials and alternative energy. The firm focuses on technologies for exploration, production, processing, transportation and storage of hydrocarbons, as well as energy transmission and industrial infrastructure. It also backs digital products and Industry 4.0 solutions, resource and energy-saving technologies, and innovative projects that advance the Russian oil, gas and energy sectors and related industries.

Vesna Investment is a venture capital firm based in Moscow, Russia. Established in 2011, it provides financing to internet startups and seeks investments across information technology, telecom, consumer services, retail, education technology, mobile and consumer applications, communications and networking, data storage and management, internet infrastructure and services, and media sectors. After investment, Vesna Investment acts as an active partner, offering support and expertise to portfolio companies.

Mint Capital is a Moscow-based private equity firm founded in 2000. The firm has historically pursued early-stage and growth investments in Russia, with sector experience in business services, logistics, distribution and IT services.

PIKvc is a venture capital firm focused on supporting early-stage founders and their teams. It aims to build a community, take thoroughly calculated risks, and care for its companies throughout their entire lifecycle.

S-Group Capital Management was a Moscow-based private investment firm that specialized in late-stage venture, mature and growth capital investments across information technology, clean energy and new energy solutions, material sciences, biotechnology, and tourism and leisure. The firm is no longer investing.

FPI Innovation Fund is a Moscow-based venture capital firm, founded in 2010, focused on investing in artificial intelligence, unmanned systems, chemical technologies, semiconductors, energy-saving and efficiency sectors.

RUSNANO is a Russian company founded in 2007 and based in Moscow that focuses on commercializing nanotechnology developments. It invests in high-tech and nanotechnology projects, seeking to create or modernize production facilities in Russia and to support the development of technologies across sectors such as semiconductors, optics, energy, biomedicine, and advanced materials. The firm pursues direct investments as well as fund-based investments and maintains an international footprint with offices in Menlo Park and Herzliya Pituach and a U.S. subsidiary, enabling collaboration with North American and global partners.

Starta Accelerator is a technology startup accelerator headquartered in New York, operating as part of Starta Ventures. It specializes in early-stage programs for European-origin and Eastern European founders seeking to enter the United States market. The accelerator runs a 14-week program complemented by a 3.5-month mentorship track, designed to help participants define product-market fit, gain traction, and integrate into the local startup and investing ecosystem. It provides an investment of about 130,000, including 110,000 in program services and 20,000 in cash, in exchange for 7 percent equity, plus an additional 20,000 of potential follow-on support for high-performing startups. The program emphasizes technology startups with European R&D roots and aims to bridge cultural and business practice gaps to enable startups to scale in the US. Starta Accelerator operates as a subsidiary of Starta Ventures and has a broader network that includes venture funds and education initiatives.

Fastlane Ventures is a venture capital firm founded in 2010 that focuses on developing, launching and promoting internet startups. It combines seed investing with hands-on operational involvement to help portfolio companies grow rapidly, particularly in consumer internet segments such as online retail, travel, relationship, health and recruitment. The firm provides strategic guidance, resources and governance support, aiming to move ventures from concept to launch quickly and toward exit within a few years. It collaborates with international investors to fund its portfolio and helps portfolio companies scale through hands-on execution and network access.

SOLventures is a venture capital firm founded in 2013 and based in Nicosia, Cyprus. It pursues early-stage investments in information technology and e-commerce, with a focus on advertising, fintech, mobile, and related sectors. The firm targets opportunities across Russia, the United States, and Europe, leveraging the partners' diverse experience to help startups accelerate growth and deploy capital efficiently.

AltaIR Capital is a San Francisco-based venture capital firm that invests in early and growth-stage startups across a range of sectors. The firm focuses on companies with disruptive ideas and strong growth potential, including productivity tools, future of work, software as a service, fintech, insurtech, artificial intelligence, and digital health. Its portfolio features key players in the startup ecosystem, including top incubator graduates and promising teams.

The Untitled is a venture capital firm that funds seed to growth-stage technology and digital-media ventures, with a focus on Russia and Eastern Europe. It makes direct equity or debt investments and operates multiple programs, including seed investments of roughly 0.08–0.15 million USD, club investments of 0.05–0.5 million, money program 0.08–0.15 million or loans up to 0.8 million, and growth-stage rounds of 1–3 million USD for Series A. The firm typically targets companies with a finished product or working prototype and measurable traction, across sectors such as retail technology, advertising, and consumer platforms in the region. Founded in 2011, the firm is described as headquartered in Riga with additional offices in Moscow and London.

Sistema Venture Capital is the venture capital arm of AFK Sistema, based in Moscow with an office in London. The firm targets investments in growth-stage technology companies worldwide, focusing on internet and software-enabled businesses and early-stage startups, with preference for companies in cognitive technology, artificial intelligence and machine learning, big data, robotics, SaaS and PaaS, marketplaces, Internet of Things, and related platforms, as well as education services, advertising technology and interactive journeys. It seeks to invest around ten million dollars for minority or controlling stakes to help establish market leaders over the next 3-5 years, typically targeting Series A rounds and beyond, and pursues opportunities across the United States, United Kingdom, Western Europe, Russia, Israel and other CIS and international markets.

Noventiq is a global solutions and services provider specializing in digital transformation and cybersecurity. It offers three product lines—Software and Cloud, Services, and Hardware—and serves customers across about 60 countries, including Latin America, EMEA, and APAC, with India among them. The company delivers cybersecurity services, future workplace solutions, IT infrastructure and multi-cloud deployment, transformation and management, digital solutions, and Software Asset Management to help enterprises modernize IT, secure operations, and optimize cloud strategies.

Flashpoint is an international investment group focused on Western technology companies founded by expatriates from Emerging Europe and Israel. It manages six venture funds—a mix of four venture capital funds, a venture debt fund, and a secondary fund—and has assets under management in the hundreds of millions. The firm maintains offices in London, Tel Aviv, Budapest, Warsaw, Riga, Nicosia, and New York. It has invested in more than 50 companies, including Guesty, Chili Piper, and Office RnD, and has completed exits such as Shazam (sold to Apple) and Chess.com (sold to PokerStars founders and General Atlantic). The group targets software and business-to-business technology across Europe and Israel, with a preference for Western technology opportunities originated by expatriates from its focus regions.

The EBRD is an international financial institution founded in 1990 and headquartered in London that provides project financing and advisory services to support private sector development and transformation in emerging markets. It finances banks, industries, and businesses, supports new ventures and investments in existing companies, and helps privatize and restructure municipal services in publicly owned entities. Through its banking and treasury activities, it offers loans, equity and quasi-equity investments, guarantees, and equity funds for smaller enterprises, along with trade finance and loan syndication. It works with commercial partners to invest in private enterprises across sectors including energy, manufacturing, ICT, infrastructure, agribusiness, and real estate, across Europe, the Middle East and beyond, including a significant footprint in Central and Eastern Europe, the Baltics, and the Caucasus. It provides policy reform dialogue and advisory services to support market modernization, governance, and reform. It has invested over €130 billion in more than 5,000 projects.

TealTech Capital is a Moscow-based venture capital firm that invests in Russian companies across sectors such as medicine, health, education, retail, robotics and agriculture. The firm was founded in 2016 or 2017 and is described as operating on teal principles, emphasizing transparency and collaboration. It positions itself as a strategic partner that helps projects become independent by applying modern management practices and platform solutions, with a focus on customer orientation toward clients and investors.

Mangrove Capital Partners is a Luxembourg-based venture capital and private equity firm founded in 2000 that concentrates on early-stage technology companies. The firm aims to turn visions into reality by providing financing, strategic guidance, and industry relationships, with a history of backing notable unicorns such as Skype, Wix, WalkMe, Flo Health, K Health, and others. Mangrove targets internet and software businesses across sectors including online services, marketplaces, SaaS, mobile, security, and related infrastructure, with a geographic focus on Europe (including the Benelux, Germany, France, Italy, Spain, Russia) and Israel, and opportunistically in the United States, Canada, and India. The practice combines long-term, patient capital with active involvement to help portfolio companies scale in growth phases.

AddVenture is an international venture capital firm based in Limassol, Cyprus, founded in 2008. It manages multiple funds and invests in technology- and consumer-oriented companies across software, media, TMT, SaaS, mobile, e-commerce, retail, health tech, food tech, marketplaces, and related services. Typical investments range from 0.3 to 5 million.

ZGI Capital is a Riga-based private equity and venture capital firm founded in 2005 that pursues seed-to-growth investments in the Baltic and CIS regions. The firm typically takes minority equity stakes and targets investment sizes from about €0.5 million up to €5.7 million, with financing arrangements that may involve bank or leasing partners. Investments are planned over a 3 to 6 year horizon, and exits are usually realized through sales to other investors. The company engages across multiple sectors, including fintech, metalworking, IT, engineering, logistics, manufacturing, and services, with a focus on supporting entrepreneurs lacking start-up capital to scale their businesses.

Finstar Financial Group is an international private equity and venture firm founded in 1996. The firm focuses on fintech and diversified financial services, while historically engaging in information technology, real estate, consumer goods, retail, media and entertainment. It pursues acquisition and buyouts as well as direct investments in startups and growth-stage companies, often taking majority stakes and targeting investment sizes in the tens to hundreds of millions of dollars. With global reach, it operates across Europe, the United States, Asia, Latin America and the CIS, leveraging experience in launching new projects, restructuring, partnerships and mergers and acquisitions. The firm emphasizes advancing fintech ecosystems by supporting companies addressing underbanked or underserved markets, and aims to exit holdings through initial public offerings or strategic sales after typically three to five years. The group maintains offices in major markets and concentrates on creating value through strategic partnership, scale, and operational improvements.

Acrobator Ventures is a venture capital firm based in Amsterdam, with activity in Kyiv and Tbilisi, that backs early-stage to growth-stage technology companies. The firm focuses on B2B and B2C software, artificial intelligence and machine learning, fintech, infrastructure, data, cybersecurity, and related sectors, often seeking to connect Eastern founders with Western markets such as the United States. It emphasizes support through founders networks, data access, and market reach, and pursues opportunities across Western and Eastern Europe, the United States, and CIS regions.

Vostok Ventures is a venture capital firm founded in 2018 that invests in high‑technology companies. Its portfolio includes Russian and foreign firms operating in fast‑growing sectors such as energy, chemicals, medicine, information technology, the Internet of Things, agriculture, and advanced materials. The firm aims to support growth in Russia’s technology ecosystem and to nurture the development of the business environment in the Far Eastern Federal District.

Overkill Ventures is a venture capital firm headquartered in Riga, Latvia. Founded in 2017, it concentrates on early-stage business-to-business technology startups and supports them toward product-market fit, with a focus on companies across the Baltics, Nordics, Central and Eastern Europe, and the CIS regions.

RTP Global is a venture capital firm that focuses on early-stage technology investments, supporting portfolio companies with strategic guidance and a broad global network. Founded in 2000, the firm operates with offices in New York, London, Bangalore, and Dubai, and has invested in companies across Europe, Asia, and North America, including several that later became multi-billion-dollar public companies such as Yandex, EPAM, Delivery Hero, RingCentral, Datadog, and Ozon.

Startobaza is a Kazan, Tatarstan, Russia-based management company founded in 2011 by Svetlana Nikiforova that provides funding and consulting services for information technology projects and technology companies. It supports IT ventures by connecting them with capital and strategic guidance and has historically operated as a venture capital investor in the technology sector in Russia.

Klever Internet is a venture capital firm based in Russia that backs internet-enabled companies across a broad spectrum of growth stages, from incubation and seed to late-stage and emerging growth. The firm pursues opportunities across the startup lifecycle and operates as part of Klever Asset Management.

Cabra VC is a venture capital firm established in 2016 with a European footprint, including offices in Riga, Latvia; Limassol, Cyprus; and Moscow, Russia, and a global presence in the United States (Bay Area) and India (Delhi, Mumbai, Bangalore). The firm backs early to growth-stage startups across the United States, Europe, the Middle East and Asia, focusing on consumer, enterprise and software sectors, particularly SaaS, B2B and B2B2C models that are subscription-based or CAPEX-free. It emphasizes post-revenue opportunities alongside seed and early-stage rounds, with investment activity primarily targeting the United States and India.

IFU is a venture capital and private equity firm based in Copenhagen, Denmark, that specializes in providing equity, mezzanine financing, loans, and guarantees to projects in developing countries. Established in 1967, IFU focuses on creating and financing new businesses, joint ventures between Danish companies and local partners, and acquiring existing ventures. The firm primarily invests in sectors such as commercial services, biofuels, renewable energy, and irrigation systems, with a particular emphasis on climate and agribusiness. Investments are targeted at countries with a low gross national income per capita, as defined by specific criteria, and include regions across Africa, Asia, Europe, and Latin America. IFU typically invests between DKK 0.5 million and DKK 100 million and often seeks co-investment opportunities with Danish firms. The firm also supports small and medium-sized enterprises and provides advisory services for business investments in developing markets. With a preference for board membership, IFU aims to exit investments within five to seven years, ensuring a positive return for its stakeholders.

Unicorn Capital Partners is a Moscow-based venture capital firm founded in 2019 that invests in Russian companies operating in therapeutics, drug discovery, gene therapy, diagnostics devices, and medical information technology. The firm focuses on Series A and B rounds and is reported to be co-invested with the Russian Government to support ventures addressing unmet medical needs in Russia.

Bulba Ventures is a venture capital firm that specializes in startup and early-stage investments with a focus on machine learning companies. It targets Belarusian startups and teams ready to relocate to Minsk, seeking technical excellence and a strong competitive edge, and pursues opportunities at the intersection of real economy IT and health and life sciences. The firm was founded in 2018 by Yuri Melnichek and Andrei Avsievich and conducts investments across Belarus and neighboring countries, including Latvia, Lithuania, Ukraine, Russia and Poland.

SMRK VC Fund is a Kyiv-based venture capital firm established in 2013 that provides seed and early-stage financing to information technology startups. It invests in software-focused ventures, including mobile OS applications, casual and business software, and services that enhance the online presence of offline businesses, with both B2B and B2C models. The firm typically pursues minority stakes and participates in rounds ranging from approximately $0.1 million to $1 million. Its geographic focus includes Ukraine, Russia, Belarus and Central Europe, while it may invest in other regions. Notable portfolio companies include Allset, Preply, Competera and AJAX Systems.

Integer.pl Group is a leading private postal group in Europe that has rapidly expanded its InPost parcel locker network across numerous countries worldwide. Within three years, the company deployed its locker technology in Australia, Chile, Great Britain, Italy, Ireland, Iceland, Lithuania, Latvia, Ukraine, Estonia, Poland, Russia, Saudi Arabia, Cyprus, Slovakia, Czech Republic, Colombia, Costa Rica, El Salvador, and Guatemala. The service has earned high customer satisfaction, reflected in a Net Promoter Score of 89% as of February 2019, and has received several industry awards, including the World Mail Awards 2013, Retail Innovation of the Year 2013, and Delivery Innovation Excellence UK 2014. Integer.pl Group continues to build a strong global footprint in the logistics sector through its innovative locker solutions.