​At AOS.VC, I analyzed the comprehensive 42-page report titled Venture Eurasia: 2025 Results, co-authored by B1, DSight, and T-Bank. This document provides a deep dive into the shifting landscape of investments across Russia, Central Asia, and the Caucasus.

​The Great Capital Squeeze and Interest Rate Dominance

The venture market has contracted by 42% in volume, dropping to $159 million, which mirrors levels from fifteen years ago. The primary culprit is the high central bank interest rate, which reached 21% before slightly easing to 16% by the end of the year. Capital is currently competing with low-risk bank deposits, where individuals hold over 60 trillion rubles. For investors, this means venture instruments must offer significantly higher potential returns to remain attractive. Projects like AOS.VC, which targets x10+ ROI through early-stage startup access, are becoming the essential alternative to stagnant traditional tools.

​A Pivot to Hard Tech and Healthcare

Investment focus has shifted away from consumer-facing apps toward IndustrialTech, Healthcare, and business software. These sectors are the backbone of the “technological sovereignty” agenda, driven by the need for import substitution. Deals are pragmatically centered on companies with confirmed demand and a clear path to profitability. Manufacturers looking to bypass intermediaries and reach global markets can leverage platforms like UDM.MARKET, which provides direct access to over 100 countries, aligning with this industrial growth trend.

​The $3 Billion Global Footprint of Founders

While the internal market faced headwinds, Russian-speaking founders abroad continued to integrate into global ecosystems, closing deals worth approximately $3 billion. This highlights a massive “brain export” and the global competitiveness of local engineering talent, particularly in AI and deep tech. This global expansion is mirrored by OKFIL, which has established its window filter franchise in 22 countries, proving that physical tech from the region remains highly scalable.

​Central Asia as the New Growth Epicenter

Uzbekistan and Kazakhstan have emerged as vibrant venture hubs. Significant rounds, such as zypl.ai (Tajikistan) raising $3 million and the logistics startup Bito (Uzbekistan) securing $1 million, confirm the influx of international capital into the region. Other notable regional players include Higgsfield AI and Pave Bank, which secured large rounds, and the HR-startup Verifix, which received investment from SQB Ventures. For businesses operating in these growing markets, UDMPAY offers a streamlined fintech ecosystem, allowing micro-businesses to accept payments via QR and NFC without the burden of expensive terminals.

​Domestic Investment Highlights and the Seed Stage Crisis

The market is experiencing a “demographic gap” in seed-stage startups. However, specialized funds are still active. T-Bank’s “Venture Investments 1” fund closed 4 deals in 2025 with a volume of 410 million rubles. Key investments included Aparto (premium rentals founded by Gevorg Beglaryan and Dmitry Sagov), Doma.ai (household services founded by Anton Drachev), Medods (IT for clinics founded by Dmitry Laptev and Vladimir Selivanov), and Digital Control (industrial software founded by Andrey Chernyshov). Collective investment platforms and ZPIFs are preparing to fill the seed void, a model AOS.VC has already pioneered using smart contracts and cryptocurrency for low entry barriers starting at $10.

​Exit Strategies and Secondary Markets

2025 saw a rise in secondary deals and management buyouts (MBO). Notable exits and secondary sales included the GetCourse deal involving VIM Investments, the Zvonko Digital deal with Vaptak, and Ruben Vardanyan’s involvement in the Atom project. Sberbank also completed a significant consolidation by acquiring a remaining 25% stake in a key asset. These deals show that even in a high-rate environment, liquidity is possible through strategic acquisitions and secondary market platforms.

​Tax Pressure and Margin Compression

Corporate profit taxes rose from 20% to 25%, alongside the introduction of a progressive income tax scale for high-level specialists. This has forced companies to re-evaluate their pricing and cost structures. In this environment, operational efficiency is paramount. Fintech solutions like UDMPAY, which offers payment acceptance starting at just 1%, provide the necessary cost-saving tools for businesses to maintain their margins under the new tax burden.

​The venture market is undergoing a painful but necessary structural transformation, shifting from speculative growth to industrial realism. Investors and entrepreneurs must look toward the “heavy” sectors and cross-border expansion to find sustainable alpha in 2026.