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.
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
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.
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