Internet Initiatives Development Fund is a Moscow-based venture capital firm that finances and mentors early-stage technology startups in Russia. It provides financial and expert support to pre-seed, seed, and Series A companies and has invested in more than 400 tech startups. The firm typically makes investments across early stages, ranging from 2.5 million to 324 million rubles, and supports portfolio companies through growth phases. Beyond funding, IIDF promotes transparency and collaboration by engaging with entrepreneurs, investors, and state agencies, and pursues initiatives aimed at expanding access to the Russian venture market. Its mission is to make Russia more attractive for tech entrepreneurs and to help founders start and scale internet-based ventures.

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 Untitled is a venture capital firm that funds seed through growth-stage companies, with a focus on technology-enabled businesses across retail, brand performance, new media, marketplaces, telecommunications, social platforms, and digital advertising in offline, online and omni-channel formats. It primarily targets companies in Eastern Europe, Russia, Belarus and Ukraine, while pursuing opportunities in Western Europe where possible. The firm seeks ventures with a finished product or working prototype and proven metrics approaching operational payback. It makes direct equity investments and loans, and operates several programs including seed, club, money and U growth, offering a range of ticket sizes from tens of thousands to a few million dollars and minority stakes typically in the 15–30% range. Founded in 2011, The Untitled is headquartered in Riga, Latvia, with offices in Moscow and London.

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.

Startup Lab is a Moscow-based venture capital firm and accelerator founded in 2018 that invests in pre-seed, seed, and early-stage startups. It focuses on companies based in Russia, the CIS and Eastern Europe, and supports ventures with capital and programmatic assistance to build networks, scale sales channels, optimize business models and internal processes, and prepare for international expansion. The firm targets early-stage opportunities with typical pre-seed investments up to 3.5 million rubles. Sectors of interest include pharmaceuticals, agriculture, edtech, fashion tech and retail.

Elbrus Capital is a private equity investment firm based in Moscow, Russia. It invests in growing companies across Russia and the CIS, taking controlling or significant minority stakes. Its investment areas include digital services, consumer businesses, logistics, outsourcing, healthcare and education.

Ruvento Ventures is a Singapore-based venture capital and incubation firm focused on technology startups in Southeast Asia. The firm backs founders with capital and hands-on support across research and development, product development, management, and market entry, guided by a founder-first, values-led approach. It targets early-stage and seed opportunities in sectors such as artificial intelligence, machine learning, internet of things, hardware, cleantech, medical devices, and digital media, aiming to bring disruptive technologies to regional markets and beyond. While headquartered in Singapore, Ruvento pursues global deal flow and seeks to connect portfolio companies with industry leaders across developed and emerging markets to accelerate growth. The firm emphasizes responsible entrepreneurship and regional uplift, leveraging its network to help portfolio companies scale.

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.

Ahlström Capital Oy is a private equity and venture capital firm specializing in investments in middle market, mature, emerging growth, bridge financing, industry consolidation, recapitalizations, buyouts, later stage, growth capital, expansion, and turnarounds for medium-sized and large industrial companies and listed companies. The firm also makes investments in industrial estate. It seeks to invest in middle market and mature companies and typically provides mezzanine and bridge financing. The firm prefers to invest in clean technology, business and industrial products, business and industrial services, energy, environment, real estate, construction, electrical related industries and other B2B manufacturing or professional services. It focuses on investments in Northern and Eastern Europe (including Russia) with a focus on the Nordic region. The firm typically invests between €5 million ($6.86 million) and €25 million ($34.32 million) in companies with enterprise and sales values between €20 million ($24.99 million) and €500 million ($624.79 million). It prefers to take majority stakes and minority stakes. It seeks to exit its investments between five years and seven years. The firm sources its capital through its balance sheet. Ahlström Capital Oy was founded in 2001 and is based in Helsinki, Finland with an additional office in Leeuwarden, Netherlands.

Founded in 2012 and headquartered in Moscow, Russia, Inventure Partners is a venture capital firm investing in early- to growth-stage companies. It focuses on technology, including mobile, software, e-commerce, financial services, marketing, digital media, and telecommunications. The firm invests in companies across Russia, the United States, the CIS, the United Kingdom, and developed and emerging European markets.

Sistema Venture Capital is the corporate venture capital arm of AFK Sistema, based in Moscow with an additional office in London. It invests in growth-stage technology companies worldwide, focusing on internet and related technologies, artificial intelligence and machine learning, cognitive technologies, big data, robotics, SaaS and PaaS, marketplaces, and connected devices. The firm targets both minority and controlling stakes, typically around $10 million in investments, with the aim of building market leaders over the next 3–5 years. It backs startups across early and growth stages, and prefers ventures where founders retain control. The investment scope includes the United States, United Kingdom, Western Europe, Russia, Israel and other CIS markets, with a global outlook toward scalable platform solutions and next-generation infrastructure.

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.

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.

Almaz Capital is an international venture capital firm based in Portola Valley, California, with an additional office in Berlin. The firm focuses on early-stage, capital-efficient technology companies and acts as a bridge between Eastern European former Soviet engineering talent and the U.S. market to help build global businesses. It invests in high-growth sectors including artificial intelligence, blockchain applications, data engineering, cybersecurity, industrial IoT, and networking infrastructure. Since its founding in 2008, Almaz Capital has backed more than 30 portfolio companies and achieved multiple exits. Its investors include Cisco, the European Bank for Reconstruction and Development, and the International Finance Corporation, reflecting its mix of strategic and financial backing. The firm aims to foster cross-border collaboration and scale technology ventures from Europe and the U.S. to global markets.

Primer Capital is a Moscow-based venture capital firm focused on early-stage investments in biotech, pharmaceutical and medical technologies. It backs projects across oncology, cardiology, rheumatology, surgery and related areas, including medical devices, drugs, generics and biosimilars, and science and Bio-IT platforms. The firm pursues opportunities globally, with activity in Russia, Israel, Europe and the United States, and engages in co-investments with other venture funds and strategic partners. It provides equity investments in the early trial stages, typically alongside a network of scientific advisors to support portfolio companies through development and commercialization.

Prostor Capital was a Moscow-based venture capital firm founded in 2011. It invested in growth-stage Russian information technology and internet companies with established products and potential for local or international sales. Its areas of focus included financial and advertising services, cloud technology, education, and digital health.

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.

Unicorn Capital Partners is a Moscow-based venture capital and management firm founded in 2019 that focuses on biotech and life sciences, including therapeutics, drug discovery, gene therapy, diagnostics, medical devices, rehabilitation technologies, and medical information technology, with operations in Russia and abroad. The firm provides more than capital, offering comprehensive asset analysis and strategic support from early preclinical stages to mature commercial opportunities, evaluating scientific, medical, market, regulatory, corporate and financial factors, along with post-investment guidance and fundraising assistance. It pursues active involvement in ideation and project development and maintains a broad network of syndicate and strategic investors, such as Third Rock Ventures, JJDC, Pfizer Ventures, Frazier, Bessemer, Forbion, HBM, TVM, Avalon and Nextech. Through its Unicorn Biotech Fund, it seeks fundraising and partnerships to scale portfolio companies, with a track record that includes multiple exits on NASDAQ. The firm concentrates on Series A and B investments in breakthrough therapeutics, diagnostics, devices, and medical IT, aiming to address unmet medical needs in Russia while engaging international opportunities.

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.

ICU Ventures is a Kyiv-based venture capital firm that invests in early-stage technology companies with Eastern European roots. It targets sectors such as fintech, deep tech, mobility, and enterprise software, providing capital, strategic guidance, and access to a network to help portfolio companies scale internationally. The firm generally avoids gaming and gambling.

Acrobator Ventures is a venture capital firm based in Amsterdam with active involvement in Kyiv and other Eastern European tech hubs. It backs early-stage technology startups across B2B and B2C software, with emphasis on artificial intelligence, machine learning, cybersecurity, fintech, infrastructure, and related technologies. The firm targets founders from Eastern Europe seeking access to Western markets and supports them with capital, strategic guidance, and network access to accelerate growth. Typical investments occur at pre-seed and seed stages, with initial checks ranging from around a few hundred thousand euros, and potential follow-on rounds. Acrobator Ventures emphasizes hands-on partnership, founder coaching, transparency, and a global perspective, aiming to help portfolio companies scale to Western Europe, the United States, and CIS markets.

Founded in 2022 and headquartered in Bucharest, Romania, Underline Ventures is an early-stage venture capital firm investing in startups across Eastern Europe. It primarily backs founder-led companies at the pre-seed and seed stages, with a focus on technology, including industrial, space, and defense technology, enterprise automation, and software.

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.

Swedfund is Sweden’s development finance institution focused on reducing poverty through sustainable private-sector investments in developing markets. It finances and develops companies, supports private-sector growth toward inclusive, climate-resilient economies aligned with Agenda 2030, and provides project preparation funding through its Project Accelerator for public-sector initiatives. The organization concentrates its activities in Africa, Asia, and Latin America, as well as Eastern Europe, with projects such as Ukraine’s digitalisation and IT initiatives and energy-efficiency financing through the Africa Go Green Fund. It collaborates with the Swedish International Development Cooperation Agency to deepen strategic development financing and critical infrastructure initiatives, and it publishes annual and interim financial reports to demonstrate impact. Headquartered in Stockholm with a presence in Nairobi, Swedfund has a long-standing track record since 1979.

Detonate Ventures is a Kyiv-based venture capital and operating firm that acts as a seed and early-stage investor while managing in-house projects. Founded in 2011, the firm emphasizes a hands-on, partner-led approach and backs opportunities across technology, media, telecommunications, education, entertainment, marketing, and strategic consulting. It evaluates projects on team strength, practical business plans, competitive dynamics, and market potential, maintaining close collaboration with founders to support growth. The firm has funded projects spanning cloud broadcasting, e-commerce solutions, cybersecurity, and education technology, aiming for innovation and scalable impact. Led by experienced partners, Detonate Ventures operates from Kyiv with backing from private investors.

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.

Typhoon Digital Development is a venture capital firm based in Moscow, Russia. Founded in 2013, it invests in digital and technology businesses, with a focus on internet services, artificial intelligence, big data, telecom solutions, and internet traffic management.

Founded in 2010, FPI Innovation Fund is a venture capital firm headquartered in Moscow, Russia. It invests in early-stage companies, with a focus on artificial intelligence, unmanned systems, chemical technologies, semiconductors, and energy efficiency. The firm takes an active role in its investments and participates in cross-border deals.

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.

DBH Group is a diversified business services and investment firm operating in Central and Eastern Europe. It provides a comprehensive set of services including serviced offices and industrial facilities, IT infrastructure, finance and accounting support, tax advisory, payroll, market entry assistance, grant management, and administrative services, alongside corporate finance and project management consulting. The company helps clients with domestic and regional expansion by offering local expertise, modern business infrastructure, and professional guidance so they can focus on core activities. DBH Group also operates an investment arm, DBH Investment, which supports entrepreneurs and sustainable development across Europe. With more than 27 years in operation and a client base of hundreds of customers, DBH emphasizes combining global reach with local know-how through its mix of office solutions, build-to-suit properties, and advisory services in markets including Budapest, Bucharest, Debrecen, and broader regional locations.

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.

Société Générale is a financial services group headquartered in Paris, France. It provides retail and commercial banking, corporate and investment banking, financing, insurance, payment and transaction services, securities services, and wealth and asset management. The group serves individuals, businesses, financial institutions, and public-sector clients, with operations across Europe, Asia-Pacific, and Africa.

Lemonade Stand is a venture capital firm based in Tallinn, Estonia, that backs early-stage technology startups in the Baltic and Eastern European regions. The firm focuses on B2B software and related tech, supporting pre-revenue, pre-product, and seed-stage ventures with funding. Typical investment sizes range from €50,000 to €300,000, and the firm seeks strong teams, innovative technology, and demonstrated traction. Founded in 2019, Lemonade Stand aims to help ambitious founders scale in the regional market.

Founded in 1989 and headquartered in Budapest, Hungary, Euroventures is an independent venture capital and private equity firm that invests in early-stage technology companies and growing businesses. It focuses on innovation across Hungary and Central, Eastern, and Southern Europe, including areas such as information technology, health technology, security, and agriculture technology. Euroventures supports portfolio companies as they expand into international markets.

Fastlane Ventures was a venture-building company founded in 2010, focused on developing, launching and promoting internet businesses, particularly in Russia. It combined seed investment with hands-on operational support for startups in areas including online retail, travel, health and recruitment. The company was based in Limassol, Cyprus, and operated in the Russian internet market.

GVA LaunchGurus operates an accelerator and Startup Academy that supports early-stage startups through education, mentorship, and access to a professional network. Over three years, the academy has launched 164 startups with a 35% success rate, and its graduates have attracted more than 23 million in venture and private investments, created over 626 jobs, and reached capitalization exceeding 121 million dollars. The organization also manages an affiliated seed fund that provides financing and market expertise to startups with traction, with a focus on Eastern European IT ventures. The approach combines development programs, networking, and capital access to help startups grow and achieve scale.

Founded in 2001, iEurope Capital is a venture capital firm headquartered in New York that invests in promising small and medium-sized companies across Central and Eastern Europe. Its investments span healthcare technology, e-commerce, media, industrial and information technology, technology-enabled services, consumer products and services, and clean technology. The firm supports companies seeking to grow and strengthen their positions in their industries.

Incofin Investment Management is an Antwerp, Belgium-based investment management firm focused on impact investing and financial inclusion, particularly for rural and agricultural sectors. It has offices in Bogota, Chennai, Nairobi, Luxembourg and Phnom Penh and operates as a licensed AIF manager supervised by the Financial Services and Markets Authority. The company specializes in supporting microfinance institutions and other financial service providers that reach underserved populations in developing countries, through a range of capital solutions including debt, equity and guarantees, and by backing intermediaries serving smallholder farmers and rural communities. Its geographic focus spans Africa, Latin America, the Caribbean, South and Southeast Asia, and parts of Eastern Europe, with emphasis on sustainable social impact and portfolio resilience.

Mission Possible is a Zurich-based venture capital firm that backs ambitious early-stage technology spin-offs, notably those emerging from Swiss research institutions such as ETH Zurich, USZ, EPFL, PSI, and EMPA, with an expanding presence in Central and Eastern Europe. It positions itself as a hands-on investor that supports founders who show rapid progress and traction, across digital, health, deep tech, and space sectors. The firm focuses on European-based companies, prioritizing opportunities in Switzerland and Central/Eastern Europe, and tends to engage teams with multi-founder profiles and a strong commitment to ethical standards and positive social or environmental impact. Through its partner network and mentorship, Mission Possible aims to help portfolio companies scale through early rounds toward meaningful growth.

SmartGateVC is a venture capital firm focused on seed and early-stage investments in deep-tech startups at the intersection of science and entrepreneurship. The firm targets sectors including artificial intelligence, cybersecurity, internet of things, computational biotech, quantum computing, blockchain, neurotechnology, brain-computer interfaces, secure edge computing, and drug discovery, with geographic activity in California, Massachusetts, New York City, Armenia and wider Eastern Europe; it typically provides seed funding and supports portfolio companies through an in-house machine learning lab, an angel and mentor network, and tech hubs known as Hero Houses in California and Armenia to accelerate growth. Founded in 2017, SmartGateVC emphasizes collaboration with scientists and industry professionals to help founders translate scientific advances into commercial products.

Revo Capital is a venture capital firm founded in 2013 and based in Istanbul, Turkey. The firm backs early to growth-stage technology startups across Turkey, Eastern Europe, and the Baltics, focusing on six verticals—B2B SaaS, FinTech, Cloud and Cybersecurity, HealthTech, EnergyTech, and Gaming—with AI positioned as a broad strategic driver. It supports Turkish-founded and/or Turkish R&D-driven ventures at Series A and B stages and has completed investments in companies such as Getir, PayCore, Massive Bio, and V-Count. Revo Capital operates with a regional ecosystem approach, maintains offices in Istanbul, Tallinn, and Amsterdam, and engages with programs and partners to help portfolio companies scale, including initiatives like Slush’D Istanbul and Microsoft for Startups.

Orphinic Scientific is a biopharma holding company that builds and manages a portfolio of biotechnology projects across therapeutics, MedTech, and e-health. It focuses on mid-market opportunities and orphan diseases, guiding assets from late preclinical stages through early clinical development and strategic exits. The company accelerates drug development through active ownership, rigorous project selection, and value-driven clinical execution, often partnering with large pharmaceutical players. It leverages a global network, with emphasis on the Polish and Central/Eastern European biotech ecosystems, to identify opportunities and bring innovative solutions to market. Its pipeline includes projects targeting diastolic heart failure, an analgesic formulation, and a clinical trial monitoring software solution, illustrating a strategy that combines therapeutics with digital health and monitoring capabilities.

Change Ventures is a Tallinn-based early-stage venture capital firm that backs ambitious founders in Estonia, Latvia, Lithuania and the Baltic diaspora with seed and pre-seed investments of €100,000 to €500,000. The firm provides hands-on support to help portfolio companies achieve product-market fit, raise subsequent rounds, and scale through a broad network of follow-on investors and partners. It focuses on technology companies, with a preference for B2B and SaaS models in Eastern Europe, and has a track record of investing across the Baltic region and beyond since its founding in 2016.

DOMiNO Ventures is a venture capital firm headquartered in Amsterdam that backs early- and growth-stage startups solving problems in AI, deeptech, cleantech, healthtech, fintech, HRtech, edtech, gametech, cybersecurity and life sciences. The firm focuses on high-tech, pure-digital companies emerging from Eastern Europe, Central Asia, the Caucasus and Turkey, while operating globally with offices in Amsterdam, Istanbul, Estonia, Poland, Georgia, Azerbaijan, Kazakhstan and Uzbekistan. It emphasizes a long-term partnership approach, providing strategic guidance, network access and ecosystem support through initiatives such as the DOMiNO Effecters Platform, which offers masterclasses, tools and expert assistance. The firm aims to contribute to sustainable development goals and supports international expansion for its portfolio across industries including real estate tech, logistics, SaaS, AR/VR and educational gaming.

GR Capital is a pan-European venture capital firm founded in 2016 that invests in fast-growing technology companies across health, wealth, housing and mobility. Based in London with activity across Europe, it supports portfolio companies with capital and strategic connections to scale markets, attract talent, expand operations and pursue new opportunities. The firm emphasizes a hands-on approach, including co-investment and access to Eastern Europe, and provides support in areas such as research and development, human resources and business development. The firm seeks to back companies with proven teams, validated models and scalability through a combination of broad perspective, rigorous analysis and focused execution.

New Europe Ventures is a boutique venture capital firm established in 2007 that makes early-stage technology investments across Europe, with emphasis on high-tech sectors such as telecom, mobile, internet and media, technology-based B2B services, medical devices, and nanotechnology, as well as deep tech, fintech, healthcare and sustainable technologies. Based in the United States, the firm targets opportunities across Europe, including Eastern Europe and Poland, by providing capital alongside strategic guidance and access to a broad network to help portfolio companies accelerate growth and scale. The firm focuses on partnering with founders to support transformative solutions and to foster a thriving European innovation ecosystem.

Caucasus Ventures is a venture capital firm based in Baku, Azerbaijan, founded in 2022. It invests in post-MVP technology startups across the Caucasus, Türkiye, Eastern Europe, and Central Asia, prioritizing teams with traction and a strong engineering base. The firm typically makes initial investments of $50,000 to $100,000, with follow-on capital up to $200,000, and manages a portfolio of 34 companies across fintech, SaaS, health, gaming, and AI. Beyond funding, it offers mentorship, operational guidance, and connections to help founders scale and access global markets, leveraging its regional network to accelerate growth within its ecosystem.

ExtraVallis is a transatlantic venture capital firm headquartered in Coral Gables, Florida, that works with early-stage technology companies in Europe. It focuses on pre-seed, seed, and Series A businesses, particularly in AI, fintech, legal technology, and dual-use sectors. Its operations span Germany, the Netherlands, the Baltics, Scandinavia, and other parts of Eastern and Central Europe. The firm supports founders with operational guidance, including advice on leadership, market expansion, revenue models, and team building, and connects European startups with the U.S. market.

Griffin Gaming Partners is a Santa Monica-based venture capital firm specializing in the gaming industry. Founded in 2019, it invests across the gaming ecosystem—including content, software, platforms, esports, multimedia, information technology, software infrastructure, blockchain and mobile—at all stages from Pre-Seed to Pre-IPO. The firm brings deep industry experience and a founder-friendly approach to help portfolio companies scale through strategic relationships and operational support.

IFB Innovationsstarter is the venture capital arm of Hamburgische Investitions- und Förderbank. It finances and accelerates Hamburg's startup ecosystem by providing grants and venture capital to innovative startups in Hamburg, supports founder-investor collaboration through the Hamburg Investors Network, and offers guidance via Startup City Hamburg. The organization operates grant programs such as InnoFounder for digital startups under one year, InnoImpact for innovative social enterprises under two years, InnoRampUp for deeptech startups under two years, and InnoFinTech for fintech startups under three years. Its venture funds, InnoStarterFonds and InnoVentureFonds, offer investments up to €1.5 million and up to €7 million respectively. The initiatives are operated on behalf of the Hamburg Authority for Economy, Labour and Innovation with support from EFRE, reflecting a mission to build a thriving, sustainable startup city.