The state of the Russian venture capital market: Express analysis and forecast

The article provides an express analysis of the state of the Russian venture capital market over the past five years, which include the pandemic period, the beginning of a special military operation, and all this in the context of increasing external sanctions. The subject of the study is investment processes in the Russian venture capital market. The study revealed the volatility of the Russian venture capital market in all its characteristics: the volume of investments, the number of transactions, the average check, as well as the preferences of venture investors by industry composition of investments and stages of venture business. Nevertheless, during the entire analyzed period, private funds led in terms of investment volume and average check (after foreign investors until 2021), while private funds (2019-2021) and business angels (2022-2024) led in terms of the number of transactions. Traditionally, as the venture business progresses, the volume of investments and the average check grow. with a decrease in the number of transactions. It should be noted the positive role of the state in financial support of the initial stages of venture business, implemented through state funds and corporations, as well as non-financial through accelerators. In our opinion, the situation in the Russian venture capital market will not fundamentally change in the next two years.