Blockchain and fintech startups are gaining popularity among Russian venture investors, states the report of the RB Partners Group company.
The major investment areas in tech industry traditionally are software and the Internet, though the usual picture is altered by the considerable number of blockchain and fintech startups, disrupting the market. The volume of venture investments in Russian blockchain startups grew threefold in the first half of 2017, compared to the same period in 2016, from $ 98 million up to $ 321 million.
The average number of funds invested in a specific campaign increased from $ 21 million up to $ 26 million.
“Interest in blockchain is associated with an unprecedented growth of cryptocurrency rates. Obviously, this trend has a profound nature, we can witness now that not only professional investors are trying to explore the sphere of cryptocurrency, but state entities as well ” — the authors of the report note.
The researchers of RB Partners Group mentioned the launch of Fintech accelerator FintechLab and the venture fund Target Global Fintech Opportunities Fund. The project of Moscow stock exchange, which also plans to invest in fintech startups and the Fintech association, are also shortly reviewed by the authors.
“We want to acknowledge the constantly growing flow of fintech investments from the side of major banks, such as St. Petersburg, SKB, and significant investments in fintech of such a large player as Sberbank”, — the authors of the document added.