Startups in Russia - statistics & facts

The Russian startup scene with its central hub in Moscow attained a noteworthy level of development over the past decade, having received extensive government support. The Skolkovo Innovation Center, largely financed by state funds and corporations, was founded in 2010 and laid the groundwork for new policies related to entrepreneurial activity in the country. Venture capital investment in Russian startups exceeded three billion U.S. dollars in 2021, marking a sharp increase from the previous years. Companies providing products and services for the information, communication, and telecommunications (ICT) sector received the largest share of investments. Moreover, Russia was named one of the leading countries for educational startups worldwide.

Russian startups in a nutshell

Most businesses in the market earned between 1 and 10 million Russian rubles annually. Although the primary sales destination of newly developed products and services from Russia was the domestic market, many companies exported their offers to Europe and CIS countries. The most successful startup with Russian roots, although its headquarters are not currently located in the country, was the instant messenger Telegram. Other Russian startup success stories included InMyRoom, an online platform for home furnishing ideas, and MyBook, a digital book platform. The collaboration software Miro was also founded in Russia, but it suspended operations in the country following the war in Ukraine.

Startup funding in Russia

State and private funds have been the greatest source of investment for emerging businesses in Russia in the first six months of 2022. However, the amount invested by governmental funds and corporations was more significant in mature startups, while at the seed and early stages, foreign investment prevailed. The Internet Initiatives Development Fund (IIDF) was one of the largest startup accelerators in Europe by the number of investments. As a consequence of the Russian invasion of Ukraine in 2022, international investment in Russian startups is expected to decrease.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Aug 31, 2023

Key insights

Venture capital investment
0.26bn EUR
Venture capital investment in ICT in Russia
125m USD
Leading Russian startup
Telegram
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Editor’s Picks Current statistics on this topic

Value of venture capital investment in startups in Russia from 1st half of 2016 to 1st half of 2022 (in million U.S. dollars)

Investment Funds

Value of venture capital investment in Russia 2017-2022

Value of venture capital investment in Russia from 2019 to 2022, by sector (in million U.S. dollars)

Investment Funds

Venture capital investment in Russia 2019-2022, by sector

Leading startups in Russia as of June 2022, by SR score

Business Enterprise

Leading startups in Russia 2022, by SR score

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