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.

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.

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.

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.

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.

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.

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.

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.

Emery Capital is a venture capital investment firm founded in 2014 and based in Moscow, Russia, that backs early and growth-stage entrepreneurs worldwide, with a focus on fintech, e-commerce, mobility, and frontier technologies.

Winter Capital Partners is an international growth equity and private equity firm founded in 2015 that targets growth-stage companies in consumer technology, financial services, education, and healthcare. The firm focuses on four core verticals—EduTech, FinTech, HealthTech, and RetailTech—and pursues opportunities across global markets, with emphasis on emerging regions in Asia and the Middle East and North Africa. It typically takes minority or mixed stakes in its investments and offers portfolio companies strategic support, market insight, and operational guidance drawn from sector expertise. Winter Capital Partners has managed assets exceeding one billion dollars across multiple funds and maintains an active global footprint through investments in fast-growing companies at the intersection of consumer markets and technology-enabled change.

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.

Gapminder Venture Partners is a venture capital firm founded in 2017 that invests in early-stage B2B startups across Central and Eastern Europe and the SEE region. The firm backs IT software and services, SaaS, machine learning and artificial intelligence, cybersecurity, fintech, and data-driven and digital transformation initiatives. It typically engages at pre-seed, seed, and Series A rounds, with seed investments ranging from approximately 0.5 to 5 million euros and follow-on investments up to around 12 million euros. The firm emphasizes hands-on support to portfolio companies, assisting with scaling operations, go-to-market, and financial planning to help teams expand internationally and compete in global markets. The team includes former operators and entrepreneurs, leveraging operational experience to add strategic value beyond capital.

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.

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.

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.

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.

AVentures Capital is a Kyiv-based venture capital firm that concentrates on early-stage investments in Ukrainian and broader Eastern European technology companies. Founded in 1994, it seeks to partner with entrepreneurs building global software-enabled businesses across cloud, storage, enterprise software, web and mobile, e-commerce, Internet of Things, and related software tech sectors. The firm emphasizes opportunities in machine learning, big data, augmented and virtual reality, SaaS, and scalable digital platforms, with a preference for companies that can reach developed markets such as the United States and Western Europe. AVentures Capital engages in direct investments across incubation, seed, startup, and early growth rounds, and pursues co-investments and strategic allocations in venture funds. With offices spanning Eastern Europe and Silicon Valley, the firm collaborates closely with management teams to support product development, go-to-market strategy, and international expansion, aiming to help portfolio companies scale globally.

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.

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.

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.

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.

Almaz Capital is an international venture capital firm investing in early-stage, capital-efficient technology companies. Headquartered in Silicon Valley, it serves as a bridge between Eastern European and former Soviet engineering talent and the U.S. market to help build global businesses. The firm targets high-growth sectors such as artificial intelligence, blockchain, data engineering, cybersecurity, industrial Internet of Things, and networking infrastructure. Its investors include Cisco, the European Bank for Reconstruction and Development, and the International Finance Corporation. Founded in 2008, Almaz Capital has backed more than 30 portfolio companies and nine exits to date.

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 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.

Leta Capital is a venture capital firm founded in 2012 and based in Grand Cayman, Cayman Islands. It focuses on late seed and early-stage technology startups, investing in sectors such as information technology, big data, robotics, augmented reality, SaaS, virtual reality, artificial intelligence, and machine learning across the United States, Canada, Europe, and Israel. The firm aims to support ambitious teams through long-term partnerships and active involvement in the growth of portfolio companies.

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.

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.

ICU Ventures is the venture investment arm of ICU Group. Based in Kyiv, Ukraine, it was founded in 2006 and focuses on early‑stage technology companies with Eastern European roots. The firm invests across fintech, deep tech, mobility, and enterprise software, and also engages with opportunities in gaming and gambling. ICU Ventures provides capital, strategic support, and access to a broad network to help portfolio companies scale internationally.

Chernovetskyi Investment Group is a Kyiv-based venture capital firm founded in 2012 that invests in startups across early to late stages. The firm focuses on internet, IT, cloud computing, mobile applications, data management and big data, electronic payment systems, and software, and seeks opportunities in innovative development and technologies. It emphasizes collaboration with current project owners rather than taking over ownership and supports projects through development at all stages.

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.

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.

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.

Tiger Global Management is an investment firm founded in 2001 by Charles (Chase) Coleman. It allocates capital across public and private markets worldwide, with a focus on technology-enabled growth opportunities. The firm pursues public equity strategies, including long/short and growth investments, and private equity across early- to late-stage companies in multiple industries, seeking high-quality growth opportunities and guiding portfolio companies through their lifecycle.

FunCubator is the corporate venture arm of FunCorp, based in Limassol, Cyprus. Founded in 2017, it makes strategic investments in technology and digital entertainment, with a focus on communications services, software, augmented reality, virtual reality, artificial intelligence, and eSports in Eastern Europe.

Underline Ventures is a venture capital firm based in Bucharest, Romania, founded in 2022. It backs startups across seed, early, and growth stages with a focus on Eastern Europe. The firm seeks opportunities in information technology, big data, e-commerce, the Internet of Things, software as a service, and telecommunications, media, and technology sectors. It partners with Eastern European founders pursuing global ambitions, providing capital at early stages (with typical checks around €500,000) and supporting portfolio companies as they scale. By combining seed-stage funding with hands-on support and access to a network of co-investors, Underline Ventures aims to help high-growth startups accelerate product development, market entry, and expansion across the region and beyond.

Presto Ventures is a Prague-based venture capital firm founded in 2016 by Přemysl Rubeš. It invests in early-stage technology startups across NATO and allied nations, focusing on seed and Series A rounds. Based in the Czech Republic, the company provides portfolio founders with resources and guidance to accelerate development and achieve local and global success, prioritizing impactful, fast-growing tech companies in the Central and Eastern Europe region.

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.

OTB Ventures is a European venture capital firm founded in 2017 with offices in Amsterdam and Warsaw. It specializes in deep tech investments across Europe, targeting late seed to Series A/B rounds for startups developing technologies in SpaceTech, AI and data, Enterprise AI, Physical AI, Novel Computing, FinTech and Cybersecurity. The firm emphasizes access to Central and Eastern European deal flow and is described as the largest VC originating from the CEE, managing over $300 million in assets.

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.

Fil Rouge Capital is a Europe-focused venture capital firm that backs early-stage technology and tech-enabled companies. It pursues investments across sectors such as IT, software as a service, e-commerce, consumer and business products and services, IoT, artificial intelligence and machine learning, advanced manufacturing, and infrastructure, typically deploying equity or debt and aiming to complement founders' technical and entrepreneurial backgrounds. The firm operates across Europe, with activity reported in Luxembourg, Croatia and Central and Eastern Europe, including Slovenia, Austria and Southern Germany, and has shown willingness to invest opportunistically in other European markets. Typical investment sizes range from 0.5 to 5 million euros.

Swedfund is a government development finance institution based in Stockholm, with an office in Nairobi, established in 1979. It mobilizes capital and expertise for investments in private markets across Africa, Asia, Latin America and Eastern Europe, including direct investments and fund of funds activities. It finances a range of instruments, from equity to loans and other debt-like structures, and supports knowledge transfer and equipment upgrades, including depreciation loans to Swedish small and medium-sized enterprises. It pursues minority investments, typically in the range of 5 to 100 million SEK, with board seats and participation in investment committees, and aims for exits in five to ten years. It operates as a bilateral development financier within the European Development Finance Institutions network.

Ambient Sound Investments is a Tallinn, Estonia-based family office and private investment vehicle founded in 2003 by four engineers from Skype. It provides investment management and holds minority stakes in ventures through direct investments and fund-of-funds, focusing on private equity and venture capital across incubation, seed, early-stage, growth, and PIPEs, as well as selective investments in real assets. The firm typically pursues minority positions around 25 percent, with larger stakes in incubators, and pursues co-investments and occasional entries into public equity. Its portfolio concentrates on information technology, software, web, social media, and research and development companies, with a geographic focus on the United States, Europe and Asia, including Eastern Europe and countries such as Russia, Lithuania, Denmark, Finland, France, Iceland, Norway, Sweden and the United Kingdom. Investment sizes range roughly from half a million to two million euros, and capital is deployed from personal capital and balance sheet sources. The organization originated to hold a minority Skype stake and now operates as a private investment vehicle.

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.

ExtraVallis is a seed-stage global funding platform that connects investors with startups. Headquartered in Rancho Santa Fe, California, it provides global exposure and de-risked investment opportunities for startups, investors and partners, and supports early-stage technology companies with mentoring on leadership, market expansion, revenue models and team building. The company maintains a reliable pipeline of startups through standardized real-time data and established connections across Germany, Eastern and Central Europe and Scandinavia.

ScaleX Ventures is a venture capital firm headquartered in Amsterdam, Netherlands. Founded in 2017, it concentrates on seed and Series A investments in Europe, focusing on SaaS and deep-technology startups. The firm collaborates with portfolio companies to help them scale and pursue global growth from an early stage, targeting startups with globally oriented products and ambitions from day one.

Nunatak Capital is a Warsaw-based venture capital firm that invests in data science and technology companies across Europe, with a particular emphasis on Central and Eastern 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.

Ahlström Capital Oy is a private equity and venture capital firm based in Helsinki, Finland, with an additional office in Leeuwarden, Netherlands. Founded in 2001, the firm specializes in investments in middle market and mature industrial companies, focusing on sectors such as clean technology, energy, and various B2B services. Ahlström Capital typically invests between €5 million and €25 million in companies with enterprise and sales values ranging from €20 million to €500 million. The firm employs mezzanine and bridge financing strategies and often takes both majority and minority stakes in its investments. It primarily targets opportunities in Northern and Eastern Europe, particularly in the Nordic region, and aims to exit its investments within five to seven years. Additionally, Ahlström Capital makes investments in industrial real estate, contributing to industry consolidation, growth, and turnaround efforts. The firm sources its capital through its balance sheet, positioning itself as a key player in the industrial investment landscape.