Internet Initiatives Development Fund (IIDF) supports early‑stage Russian tech startups by providing financial and expert assistance. It has invested in 402 companies, offering between 2.5 million and 324 million rubles in pre‑seed, seed, and Series A rounds. The organization also plans educational programs and legislative initiatives to increase transparency and foster cooperation among entrepreneurs, investors, and state agencies. Its mission is to make the Russian venture market more accessible and attractive for internet entrepreneurs, helping them start and grow online businesses.

Russian Ventures, founded in 2008, is a venture capital firm based in Moscow, Russia. It focuses on investments in internet and technology companies across Russia.

Internet Initiatives Development Fund is a Moscow-based venture capital firm founded in 2013 that supports early-stage technology startups across Russia and international markets, including the United States, Europe and Asia. The firm focuses on a broad range of sectors such as retail, virtual and augmented reality, cybersecurity, education technology, internet of things and hardware, digital health, agricultural technology, fintech, artificial intelligence and big data, software as a service and other corporate software, adtech, manufacturing, and blockchain. It also runs an acceleration program across Russia to help portfolio companies scale. Investment sizes typically range from RUB 2.1 million to RUB 324 million.

European Bank for Reconstruction and Development finances projects and provides advisory services to the public and private sectors. It supports new ventures and expansion in existing companies through project financing, loans, and equity or quasi-equity investments, including equity funds and guarantees, and it partners with private entities to invest across sectors such as banking, energy, manufacturing, infrastructure, information technology, and services. The bank also helps publicly owned entities privatize and restructure municipal services and engages in policy reform dialogue and advisory services, along with trade finance and loan syndication. Founded in 1990 and headquartered in London, it operates across regions including Southeastern and Central Europe, the Baltic States, Eastern Europe and the Caucasus, Central Asia, and parts of the Middle East and Africa, aiming to foster market-oriented change and private sector development by mobilizing capital for sustainable investments. It has invested more than €130 billion in over 5,200 projects.

Founded in Moscow, Russia in 2018, STARTUP LAB is a venture capital firm focusing on seed/startup and early-stage investments. It primarily invests in companies based in Russia, CIS, and Eastern Europe, with an upper ceiling of 3.5 million rubles for pre-seed investments.

AYR Capital is an independent private equity and venture capital firm established in 2014 and based in Moscow, Russia. The firm primarily focuses on investments across Eastern and Western Europe, including Russia and the CIS, targeting sectors such as real estate, fast-moving consumer goods, oil and gas, energy, information technology, and manufacturing. AYR Capital also offers financial advisory services and provides debt financing to companies and projects with growth potential. With years of experience and a proven track record, AYR Capital emphasizes a unified approach to risk management and income generation. The firm places significant importance on building strong relationships with its investors and portfolio companies to enhance value creation and ensure high-quality service delivery.

Ruvento Ventures is a Singapore-based venture capital and incubation firm that supports technology startups across early stages, including incubation and seed rounds. It focuses on AI, machine learning, Internet of Things, robotics, hardware, cleantech, and other disruptive technologies, as well as enabling technologies for web and mobile and sectors such as medical devices and data analytics. The firm pursues global investments with a regional tilt toward Southeast Asia and CIS markets, aiming to bring products to Asian markets including China, India, and Indonesia. Typical commitments range from tens of thousands to several hundred thousand dollars per project, with direct investments up to about 0.5 million and potential syndication to around 3 million. In its Singapore incubation program, it provides staged financing in two rounds: a proof-of-concept portion and a subsequent commercial-stage portion, totaling up to about 0.2 million. Ruvento operates from Singapore with additional offices in San Francisco and Shanghai, reflecting a global reach while maintaining a regional focus on Asia.

Established in 2013, Impulse VC is a venture capital firm headquartered in Moscow, Russia. It invests in seed to series A-stage companies across various sectors, with a primary focus on adtech, B2B SaaS, proptech, and marketplaces.

Established in 2008, Softline Venture Partners is a corporate venture fund that invests across various technologies such as Edtech, HRTech, Cybersecurity, Cloud Services, Big Data, Artificial Intelligence, and Internet of Things. The firm has invested approximately US$35 million in over 20 portfolio companies, with investments ranging from $300 thousand to $3 million per project.

Founded in 2011, Starta Ventures is a venture capital firm based in New York with an additional office in Moscow. It specializes in investing in early-stage companies, focusing on sectors such as B2B, Education and HR, Gaming and E-sports, LegalTech, FoodTech, and FinTech. The firm typically invests up to $0.5 million per project, acquiring minority stakes of up to 10%. It aims to participate actively in its portfolio companies.

Founded in 2014, Emery Capital is a venture capital firm based in Moscow, Russia. It invests globally in early and growth-stage companies operating primarily in fintech, e-commerce, mobility, and frontier technologies.

Winter Capital Partners is a private equity and venture capital firm established in 2015 and based in Moscow City, Russia. The firm specializes in mid to late venture and growth capital investments, primarily in consumer technology, financial services, education, healthcare, and digital health sectors. It engages in global investments, typically allocating between $0.5 million and $5 million for venture capital and $10 million to $100 million for private equity. Winter Capital Partners generally takes minority stakes in venture capital investments and can hold both minority and controlling stakes in private equity deals. Additionally, the firm offers advisory services to its portfolio companies, leveraging its market expertise to support growth.

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.

Skolkovo Ventures LLC is a venture capital and private equity firm based in Moscow, Russia, founded in 2017. The firm specializes in seed and growth capital investments, focusing on small, innovative technology companies. Its investment areas include the Internet of Things, fintech, virtual and augmented reality, robotics, unmanned technologies, intelligent power engineering, predictive analytics, artificial intelligence, big data, cybersecurity, digital agriculture technologies, additive manufacturing, new materials, and innovative food products. Skolkovo Ventures typically invests between RUB100 million and RUB200 million in each project, aiming to support the development of cutting-edge technologies and contribute to the growth of the venture ecosystem.

Inventure Partners is a Moscow-based venture capital firm founded in 2012 that provides equity backing to technology startups across seed through late stages. It targets online financial services, technology, marketing, digital media, mobile, internet software, B2B, and telecommunications, and invests in companies across Russia, the United States, the CIS, the United Kingdom, and other European markets. Typical commitments range from 0.5 million to 5 million dollars for enterprises valued between 1 and 50 million dollars. The firm usually takes a minority stake and a board seat, with an expected exit horizon of about five years, extendable by up to two years. It prefers opportunities with potential for an initial public offering within two to three years. Portfolio examples include Gett, American Well, and Busfor, illustrating involvement in on-demand services, telehealth, and transportation platforms.

Established by Vnesheconombank in 2011, VEB Ventures focuses on investing in high-tech projects aligned with Russian government innovation programs. Its strategic goals include supporting domestic innovation infrastructure, facilitating advanced technology transfers, and promoting Russian innovations globally.

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.

Founded in 2016, Sistema Venture Capital is a corporate venture capital firm headquartered in Moscow, Russia. It specializes in investing in growth-stage technology companies worldwide, with a focus on sectors such as artificial intelligence and machine learning, SaaS/PaaS platforms, marketplaces, and the internet of things.

Primer Capital is a venture capital firm based in Moscow, Russia, specializing in early-stage investments in the pharmaceutical and biotechnology sectors. Established in 2015, the firm focuses on promising projects in areas such as oncology, cardiology, rheumatology, and medical devices, among others. Primer Capital typically invests between $0.2 million and $0.5 million and also considers co-investments, collaborating with various stakeholders, including other venture capital funds, business angels, and government agencies interested in the biopharmaceutical industry. The firm benefits from a qualified team and a Scientific Advisory Board made up of experts in medical and biopharmaceutical fields, which aids in the careful selection of projects for its portfolio. Primer Capital's extensive experience and knowledge of the industry ecosystem enhance the prospects for its portfolio companies, supporting them in establishing effective partnerships and facilitating fundraising throughout their development.

Gapminder Venture Partners BV is a venture capital firm established in 2017 and headquartered in Romania, focusing on early-stage investments in Pre-Seed, Seed, and Series A rounds. The firm targets innovative startups in sectors such as IT software and services, SaaS, machine learning, artificial intelligence, cybersecurity, digital transformation, healthcare IT, and fintech. Gapminder primarily invests in Romania and other countries in Eastern and Central Europe, aiming to support disruptive innovations that generate positive societal impacts. The firm leverages its team's background and experience to create value within the region, emphasizing a commitment to fostering bold initiatives that push boundaries in technology and business.

AVentures Capital is a venture capital firm founded in 1994, headquartered in Kyiv, Ukraine. It specializes in early-stage investments, focusing on software technology sectors such as cloud, storage, enterprise solutions, web, mobile, IoT, and other related areas. The firm primarily invests in Eastern Europe, with a particular focus on Ukraine, seeking to back exceptional entrepreneurs building global businesses.

Almaz Capital is an international venture capital firm based in California that invests in early-stage, capital-efficient technology companies. It operates as a bridge between Eastern European and former Soviet engineering talent and the U.S. market to help build global businesses. The firm focuses on high-growth sectors such as artificial intelligence, blockchain, data engineering, cybersecurity, industrial Internet of Things, and networking infrastructure. Since its founding in 2008, Almaz Capital has backed more than 30 portfolio companies and achieved multiple exits, attracting investors including Cisco, the European Bank for Reconstruction and Development, and the International Finance Corporation. The firm's approach combines cross-border expertise with hands-on support to accelerate growth in technology startups across the United States and Europe.

Klever Internet, founded in 2015 and based in Moscow, Russia, operated as a venture capital investment firm. The company focused on making investments across various stages of business development, demonstrating a stage-agnostic approach to venture capital. With a commitment to supporting innovative enterprises, Klever Internet aimed to foster growth and development in the technology sector.

Bright Capital, established in 2010, is a global venture capital firm that invests in innovative, disruptive technology companies across various stages, from early to late-stage ventures and growth equity. With a unique merchant venturing approach, the firm has built a diverse portfolio spanning sectors such as energy, cleantech, efficiency, water, advanced materials, and TMT (telecom, media, technology).

The Untitled is a venture capital firm founded in 2011 that funds seed through growth-stage technology companies. It invests directly into company equity or loans and seeks projects with a finished product or working prototype and proven metrics at or near payback. The firm focuses on digital technologies, retail and marketplace platforms, advertising, and new retail formats, with activity across Eastern Europe and Russia as well as expanding presence in Western Europe. Its footprint includes headquarters in Riga, Latvia, with offices in Moscow and London, and it operates multiple investment programs that tailor capital to the stage, ranging from seed rounds to larger growth rounds while typically taking minority stakes. By supporting cross-border market entry and international scaling, The Untitled aims to back teams with clear traction and scalable business models.

Sistema SmartTech is an investment firm founded in 2020 and based in Moscow, Russia. As the corporate venture arm of Sistema, it specializes in early-stage investments in innovative Russian companies. The firm concentrates on high technology projects across various sectors, including IT in medicine, education, logistics, biotechnology, and artificial intelligence. Sistema SmartTech aims to support the development of digital solutions and products that enhance efficiency and effectiveness in these industries.

Founded in 2012, Leta Capital is a venture capital firm based in Grand Cayman. It invests in early-stage B2B and B2C software startups globally, with a focus on the United States, Canada, Eastern Europe, and Israel. The firm supports innovative IT startup companies at their seed or early growth stage, aiming for long-term cooperation.

RWM Capital Asset Management is a Moscow‑based investment firm founded in 2005 that focuses on private equity and venture capital opportunities within Russia. The firm targets later‑stage and mature companies, as well as early‑stage startups, across sectors such as real estate, logistics, transportation, infrastructure, and insurance. It also invests in private equity, closed‑ended, and venture capital funds, and manages mutual funds for clients. RWM Capital Asset Management typically seeks to exit investments within three to five years and operates as part of the RWM Capital Investment Group.

S-Group Capital Management Limited is a private equity and venture capital firm established in 2007 and headquartered in Moscow, Russia. The firm specialized in late venture, mature, and growth capital investments, focusing on sectors such as information technology, clean energy and new energy solutions, material sciences, biotechnology, and tourism and leisure. Although S-Group Capital Management is no longer actively investing, it played a significant role in supporting innovative ventures within these industries during its operational period.

Mint Capital is a private equity firm established in 2000 with investment activity in Russia and a noted Scandinavian presence. It provides growth capital to entrepreneurs building scalable companies in sectors where execution and competence drive success, while operating independently from larger financial groups. The firm has managed a notable amount of capital and has historically targeted technology, business services, logistics, distribution, and IT services sectors, reflecting a broad industry focus. Mint Capital has attracted investors who are entrepreneurs themselves, underscoring its emphasis on practical experience and independent fundraising. The firm has been described as Moscow-based in some sources, and as Scandinavian, indicating a cross-region footprint and a global approach to backing early-stage and growth opportunities for innovative companies.

Established in 2006, ICU Ventures is a venture capital firm headquartered in Kyiv, Ukraine. It focuses on investing in early-stage technology companies with Eastern European roots, particularly in fintech, deep tech, mobility, and enterprise software sectors. The firm provides not only capital but also strategic support and international networking opportunities to foster growth.

Chernovetsky Investment Group is an investment company and venture capital firm based in Kyiv, Ukraine. It is a leading venture capital player in Eastern Europe and supports projects at all development stages, from startups to mature companies. The firm emphasizes partnerships with current owners rather than takeovers, focusing on collaboration with existing management. Its investment priorities cover innovative development and technologies, with emphasis on internet and information technology, including cloud computing, mobile applications, data management, big data, electronic payment systems, and software.

PIK Ventures is a venture capital fund based in Moscow, Russia, dedicated to supporting early-stage founders and their teams. The firm focuses on building a strong community and takes calculated risks to nurture its portfolio companies throughout their entire lifecycle. PIK Ventures actively seeks out promising companies and invests in them regardless of location, providing substantial resources, guidance, and support to help them succeed in the long term.

Mangrove Capital Partners is a Luxembourg-based venture capital and private equity firm that targets early-stage, mid-venture, expansion, and growth investments in technology companies. The firm concentrates on internet and software businesses, including online services, marketplaces, software-as-a-service, and related sectors such as multimedia services, mobile, security, and network infrastructure, with interest in peer-to-peer computing, e-commerce, and urban mobility. It typically invests in companies across greater Europe, including Western and Eastern Europe and Israel, with selective opportunities in the United States, Canada, and India. Founded in 2000, Mangrove provides capital as well as strategic guidance and industry relationships to help portfolio companies scale. The firm has a track record of backing notable technology companies early, including Skype and Wix, as well as Flo Health, WalkMe, K Health, and TBOL, illustrating its experience in nurturing startups toward high growth.

Tiger Global Management is a New York based investment firm that manages public and private market strategies to pursue technology-driven growth opportunities worldwide. Founded in 2001 by Charles (Chase) Coleman, the firm invests in leading global companies across various industries, with a particular emphasis on technology-enabled growth. In public markets it employs long/short and growth strategies, while in private markets it targets opportunities from early to late stage. The firm operates globally, including the United States, China, India, Latin America, and Eastern Europe, and works with portfolio companies across their lifecycle to drive long-term value.

Acrobator Ventures is a venture capital firm headquartered in Amsterdam with additional operations in Kyiv and Tbilisi, backing technology founders from pre-seed to growth stages. The firm focuses on software-driven companies across Western and Eastern Europe, the United States, and CIS regions, supporting ventures that provide infrastructure, AI and ML capabilities, fintech, data services, cybersecurity, and market-enabled platforms. Sectors of interest include SaaS, big data, education technology, advertising and marketing technology, e-commerce, and human resource technology, among others. Acrobator emphasizes leveraging founders' networks, data access, and market access to accelerate growth and cross-border expansion, particularly bridging Eastern and Western markets. Typical investment sizes range from roughly €0.05 million to €0.5 million in early rounds, with a broader scope to participate in subsequent stages as needed. The firm seeks to partner with ambitious teams building scalable technologies and solutions that address global digital economy needs.

Founded in Russia in 2016, TealTech Capital is a venture capital firm that invests in innovative startups with a focus on modern management practices and platform solutions. It supports projects across various sectors including medicine, health, education, retail, robotics, and agriculture.

Presto Ventures is a Prague-based venture capital firm founded in 2016 by Přemysl Rubeš. It backs early-stage technology startups, with a focus on fast-growing companies in NATO and allied countries, spanning defense tech, resilience tech, deeptech, and dual-use technologies. The firm provides portfolio companies with resources and guidance to help them scale and reach both local and global markets, supporting Central and Eastern European founders as they bring innovative products and services to market.

FunCubator is the corporate venture arm of FunCorp, established in 2017 and based in Limassol, Cyprus. It invests in digital entertainment and related technologies, including communications services, software, augmented reality, virtual reality, artificial intelligence and eSports, with a focus on Eastern Europe. It leverages FunCorp's resources and network to support portfolio companies and align their growth with FunCorp's strategic interests.

Founded in 2022, Underline Ventures is a venture capital firm based in Bucharest, Romania. It partners with Eastern European founders at the earliest stages to build high-growth startups with global ambitions. The firm invests primarily at the seed stage (pre-seed, seed, late seed), typically providing an average cheque of €500k.

Founded in 2010 by experienced entrepreneurs, Fastlane Ventures is a Russian company specializing in developing and launching innovative internet businesses. It focuses on low-competition B2C niches, aiming to satisfy unmet customer needs. The company acts as both an operational partner and seed investor, utilizing its proprietary 'Fast 50' solution for swift launches. With a team of highly skilled professionals, Fastlane Ventures has launched over 20 startups across various sectors since inception.

Founded in 2017, OTB Ventures is a leading European venture capital firm focused on DeepTech investments. With a unique advantage in accessing Central and Eastern European deal flow, the company invests primarily in early growth stage startups (late Seed to Series B) developing innovative technologies in SpaceTech, AI & Automation, FinTech, and Cybersecurity verticals. Headquartered in Amsterdam with an additional office in Warsaw, OTB Ventures manages over $300M.

Fil Rouge Capital (FRC) specializes in investing in early-stage businesses, focusing on angel investments, seed funding, venture capital, and Series A rounds through a mix of equity and debt structures. The firm aims to enhance its investments by leveraging the skills and experiences of its Founders, who possess expertise in technology and services, as well as a strong entrepreneurial background. Based in Ljubljana, Slovenia, FRC has a primary focus on Central and Eastern Europe, Austria, and Southern Germany, while remaining open to opportunities across Europe and the United States. The Founders maintain robust connections with accelerators in Central Europe and Silicon Valley, which further supports their investment strategy.

Swedfund International AB, established in 1979, is a Swedish government-owned investment firm specializing in high-risk, emerging markets. It provides risk capital, including equity, loans, and expertise, to seed, start-up, and mature companies in Africa, Asia, Latin America, Eastern Europe, and Sweden. Swedfund invests between SEK 5 million and SEK 100 million, seeking a minority stake not exceeding one-third of the total investment. It typically invests in companies that do not manufacture or sell weapons, tobacco, or alcohol, and avoids investing in Swedish businesses of Swedish companies. Swedfund takes a Board seat in its portfolio companies and seeks to exit investments within five to ten years. It does not invest alongside private individuals or co-operatives, provide donations, or engage in sponsorships.

Ambient Sound Investments OÜ, established in 2003 in Tallinn, Estonia, is a family office specializing in direct and fund of fund investments. It focuses on private equity and venture capital, investing in technology and technology-based service companies across the United States, Asia, and Europe. The firm prefers minority stakes, typically investing between €0.5 million to €2 million, and aims to have a Partner or Advisor on the boards of its portfolio companies. Ambient Sound Investments also engages in co-investments and public equity investments, using personal capital and balance sheet investments. Initially founded by Skype engineers to hold a minority stake in Skype, the firm sold its shares to eBay in 2005 and now operates as a private investment vehicle.

Established in 2018, BergTop VC is a venture capital firm headquartered in Luxembourg. It focuses on investing in early-stage, rapidly scalable B2B and B2B2C companies across Eastern Europe.

Crosspring is a venture capital firm based in Zoetermeer, Netherlands, established in 2006. It focuses on early-stage investments in business-to-business and software-as-a-service companies, with activity across Eastern Europe and North America. The firm leverages decades of business experience and a broad partner network to support startups from initial traction to international expansion. It makes direct investments and also invests in venture capital funds.

ScaleX Ventures is a venture capital investment firm based in Amsterdam, Netherlands, founded in 2017. The firm focuses on investing in early-stage startups, particularly in seed and series A stages, with an emphasis on business products and services, enterprise software, and SaaS sectors. ScaleX Ventures collaborates closely with its portfolio companies to help them scale and achieve global growth from the outset, targeting businesses with international ambitions. The firm primarily invests in Eastern Europe and Turkey, aiming to provide financial support ranging from 0.3 to 3 million euros for at least ten investments.

SmartWare.tech is a venture capital investor based in Hungary that specializes in hardware and IoT in the CEE region. Founded in 2016, it focuses on early-stage funding and support for hardware-enabled startups, providing pre-seed investments and hands-on help with MVPs, prototyping, customer development, business-model design, and fundraising readiness. Its approach combines investment with prototyping expertise, access to equipment, and business development support to help portfolio companies move from concept to market. The firm operates with backing from partner companies that supply resources, prototyping capabilities, and a broad professional network across multiple sites to support long-term growth. The emphasis areas include mobility, Industry 4.0, medical technologies, and broader hardware and IoT sectors across Eastern and Western Europe.

Founded in 2017, SmartGateVC is a venture capital firm specializing in seed investments for tech companies focused on artificial intelligence, cybersecurity, internet of things, and emerging computational biotech. Based primarily in California with additional reach into Massachusetts, NYC, Armenia, and wider Eastern Europe, the firm typically invests up to $0.1 million at the seed stage.