Intelligence Partner

The dashboard is designed by The Moscow Agency of Innovations jointly with its intelligence partner  — Dsight, a company that also contributes to the assessment of investments tracked on the dashboard.

Dsight — a business intelligence platform focused on the technology market. The company regularly publishes the following reports: «Venture Russia» (an overview of Russia's venture market), Fintech Monitor (an overview of finance technologies), Proptech Monitor (an overview of modern technologies in the real estate industry)  etc.


Open sources:  — mass media, blogs, company sites, public presentations and startup databases, as well as information  provided by the intelligence partner, obtained from   newsmakers or primary sources.

Indicator values for  earlier periods are updated  subject to the availability of new information on  deals (e.g., data on the value of investments, deal dates  etc.). If you spot  an error or would like to submit information on  your deal to the  dashboard, send us a note .

While putting together this dashboard we used a methodology developed together with several players of the Russian venture market.

Key terms

Venture investments — investments of up to 150 million dollars (for ruble transactions - acc. to the Central Bank of Russia's average weighted exchange rate for the period under consideration) into  high-risk, technology and potentially high-profit (projects with  targeted expected IRR of at least 15%) projects.

Exits — deals   during which no additional project-related funding is raised  while  one or more shareholders sell their stakes through  a deal with   a strategic investor or via an IPO. Exits are featured on  a dedicated page in the dashboard and  are not  reflected in the total venture market value.

While estimating the value of the venture market

we take into account

  • Acquisitions of shares and equities of privately held companies (recipients of investments)
  • Provision of debt financing with the possibility of debt for equity swaps including deferred options
  • Convertible loans and partially borrowed funds

Excluded are

  • Exits
  • Loans, grants

Company features

We tracked investment in  projects/companies of any age (incl.   older than 10 years ) and  any form of ownership (legal entities (incl.  individual entrepreneurs) and  private individuals (teams).

Deals were counted as Moscow-based subject to meeting one of the following criteria: 1) The company in question is registered in Moscow or Moscow Oblast (based on its taxpayer ID), 2) The company is registered elsewhere in Russia or abroad, but operates in Moscow (Moscow-based headquarters/branch/manufacturing facilities).

Venture rounds and startup stages

Rounds are determined based on the number of earlier investments in  a company. An additional criterion — value of investment (a provisional breakdown of investment rounds is presented in the table below).

Venture round Startup stage
Pre-seed Idea (there is an idea, a draft business plan, a prototype), up to $100K raised in funding
Seed Seed (there is an MVP, Product-market fit tests under way, but no first sales yet), between $100K and $500K raised in funding.
Round А Early growth (a finished product is available and first sales have been made), between $500K and $3M raised in funding .
Round B Expansion (production ramp-up, business growth, geography expansion, search for new markets), between $1M and $5M raised in funding.
Round С+ Expansion (continuous growth, usually less rapid than in the previous stages), over $5M raised in funding

Assigning a startup's development stage to a particular round is provisional. The startup stage depends primarily on its product development stage (when respective information is available in open sources).

Investor classification.

1. Investor geography

  • Domestic (Russian) - funds, individuals, companies registered in the Russian jurisdiction. A fund is considered Russian if it meets two of the three criteria: 1) Headquarters in Russia, 2) Investment focus on the Russian market (more than 40% of startups in the portfolio are from Russia), 3) The majority of its managing partners are from Russia.
  • International – private funds, individuals, companies registered in a foreign jurisdiction.

2. Investor type

Тип Описание
Government funds Privately held business entities and  management companies with   a Russian legal entity, the majority owner of which is the Government of Russia and/or its institutions.
Private funds Legal entities that have mobilized funds from more than one source to make direct investments in privately held companies and that position themselves accordingly.
Corporate funds Funds whose capital has been formed with internal sources of the founding company.
Corporate investors Private or state-owned companies investing in  technology companies
Business angels Private individuals that are buying shares of privately held companies (recipients of investments).
Accelerators Organizations providing short-term support programs (featuring educational, consulting, mentoring and resource components) to early-stage startups.

Market niches.

The list of niches is based on insights from both local and international sources (Crunchbase, Tracxn, Rusbase, CBInsight, venture market reports).

Niche Description
Advertising & Marketing Marketing solutions, ad analytics, new ad channels
AgroTech New sources of raw materials, smart agriculture,  incl. agricultural drones, speed breeding
Business Software BA systems, business process management solutions, outsourced business services
CleanTech Environmental monitoring and assessment solutions, «green solutions», power generation and energy efficiency
Consumer Goods and & Services Consumer goods and services
Cybersecurity Antivirus software, access authentication and management systems, data loss and leakage prevention, security information and event management (SIEM), etc.
E-commerce Online commerce, trading platforms, marketplaces
EdTech Educational technologies and online learning platforms
Entertainment Audio, video, TV, music, hobbies, entertainment
FashionTech Fashion, design, new materials in apparel manufacturing
FinTech Financial technologies, payment systems, InvestTech, financial services
FoodTech Food and beverage industry, personalized nutrition, organic food and drink, restaurants, food service
Gaming Computer games
Healthcare Healthcare and medicine, medical devices and equipments, telemedicine, technologies for healthcare institutions, wellness, pharmaceutics, genome technologies
HRTech HR automation, recruitment, employee motivation and management technologies
IndustrialTech Technologies for processing and mining industries, digital manufacturing, additive technologies, digital design and modeling, industrial design
InsuranceTech Digital insurance products
LegalTech Lawyer search platforms, automated document analysis, automated contract management, remote legal support, electronic document management systems
Мedia & Communication Mass media outlets, social networks, messengers, recommendation services
PropTech Real estate management and construction technologies
RetailTech Sales improvement technologies for offline and online stores: electronic shelf labeling, customer experience analytics, loyalty programs, etc.
SafetyTech Video surveillance and face recognition, disinfection and social distance maintenance, other safety enforcement technologies
SpaceTech Space and rocket science
SportTech Sport, cybersport, and fitness technologies
Telecom Telecommunications and internet
Transport & Logistics Motor and maritime transport, aircraft engineering, transportation technologies, vehicles including smart cars and unmanned vehicles, navigation and geolocation
Travel Travel and booking services, hotels, service aggregators


  • Blockchain
  • Additive Technologies
  • New Materials
  • BigData
  • Artificial Intelligence and Machine Learning
  • Computer Vision
  • Robotics
  • AR/VR
  • Internet of Things
  • New and Portable Energy Sources
  • Green Technologies
  • Nanotechnology
  • Biotechnology
  • Biometrics
  • 3D Modeling
  • Unmanned Vehicles


  • B2B
  • B2B2C
  • P2P
  • B2G
  • B2C