An entire segment of technology companies in Russia remains without access to investment.

Evgeny Borisov, partner at KAMA FLOW, appeared on a podcast ahead of the 20th Russian Venture Forum in Kazan to discuss the state of the Russian investment market and its transformation in recent years.

Key discussion points:

• Venture capital in Russia is still very immature—there are open niches, but a systematic infrastructure and high-quality players are lacking.
• Accelerators, incubators, consultants, and investment bankers are essential parts of the innovation pipeline.
• Investors no longer scatter money indiscriminately: each deal is now almost handcrafted. Many startups look convincing only on paper, but in reality, they lack a solid economic foundation.
• A segment of tech companies has emerged that has outgrown grants and subsidies but still does not fit the criteria for banks or large capital. These are businesses with revenues in the hundreds of millions to around a billion rubles, with no material assets other than intellectual property. Such companies have the potential to become future leaders in their sectors, yet currently have limited access to financing.
• Few investors work with this segment—usually individual business angels or corporate funds. This creates a demand for specialized investment instruments tailored to companies at this intermediate stage of development.
• Artificial intelligence is already helping investors assess deal potential, but final decisions are still based largely on personal trust.

Watch and listen to the full discussion via the link.