... Europe, a restructuring of the landscape is evident: in 2025, Germany surpassed the UK in venture capital investment for the first time in a decade, signaling growth in continental ecosystems. Meanwhile, the dynamics in Asia are uneven — in China, startup financing has dropped to multi-year lows, while India and Southeast Asia continue to attract significant capital. Even local markets, such as those in the CIS, are eager to catch the new wave of growth despite external constraints. The overall picture indicates a resurgence of the global venture boom, although ...

... project's development. Unlike venture funds, business angels invest their personal money and often provide not only financial support, but also share their experience, connections and knowledge, helping the startup develop and grow. Characteristics and role of a business angel Business angels play an important role in the startup ecosystem, as they provide financing at a stage when traditional sources, such as banks, may not offer lending due to the high level of risk. Business angels, as a rule, have entrepreneurial experience, which they can use to support a startup not only with money, but also with ...

... dual-use projects (drones, AI, robotics, and other high-tech fields). Besides government institutions, private players are also becoming active: for instance, venture firm Kama Flow launched a new fund of 10 billion rubles for investments in mature startups. Even in the face of sanctions, the market is seeking opportunities to finance priority technologies and striving to nurture its own successful unicorns. At the same time, some regional startups are moving to the next level. For example, the Krasnodar food tech project Qummy raised 440 million rubles at a valuation of ~2.4 billion rubles as it prepares ...

... The largest contributions to growth have been made by the United States and Canada, which account for about 70% of all venture investments this year. In Europe, the situation is more muted: investment volumes have stabilized after last year's spike, and Europe’s share of global venture financing has even declined (about 13% in the first half of the year compared to 19% a year earlier). The Asian market is still lagging – investments in Asian startups fell by about a third compared to the previous year, reaching a multi-year low. Nevertheless, several emerging markets are showing positive trends, which will be discussed further below. Overall, the global venture landscape is entering a phase ...

... dual-use projects (drones, AI, robotics, and other high-tech areas). Alongside state institutions, private players have started becoming active: for example, the venture firm Kama Flow launched a new fund worth 10 billion rubles for investments in mature startups. Even amidst sanctions, the market is seeking ways to finance priority technologies and aims to nurture its own successful "unicorns." Meanwhile, certain regional startups are reaching a new level. For example, the Krasnodar-based food tech project Qummy raised 440 million rubles at a valuation of ~2.4 billion rubles, preparing ...