A Practical Guide to Crowdinvesting in Russia: How Entrepreneurs Can Attract Investment Through Investment Platforms - A Step-by-Step Plan, Common Mistakes, IT Project Features, and Market Analysis for 2025
The growth of any startup eventually hits a financial wall. Bank loans for young companies are almost always associated with stringent collateral requirements and frequent rejections, while venture funds rarely consider projects at the very early stages of development.
One way to attract investment is through crowdinvesting. For the Russian market, this is still a relatively new tool, but its popularity is rapidly increasing. In this article, we will explore how crowdinvesting operates, its advantages and risks, how an entrepreneur can navigate from an idea to a successful campaign, and what specific features exist for IT projects.
What is Crowdinvesting and How Does it Work?
Crowdinvesting is a form of collective investing wherein a multitude of private individuals and companies invest relatively small sums into a single project. In return, they receive equity in the business and may also be eligible for dividends.
The operational structure of crowdinvesting is as follows:
- The entrepreneur registers on an investment platform.
- They prepare a project description and investment conditions: the required funding amount, minimum investment, fundraising period, expected returns, etc.
- The platform conducts a basic verification of the company and its documents.
- The project becomes accessible to users of the platform — potential investors.
- Investors make decisions about whether to invest and how much.
- If the target amount is raised in full or partially, the funds are transferred to the company.
- Investors receive rights stipulated in contracts: equity, interest on loans, dividends, or a combination thereof.
Crowdinvesting transforms the search for one or two large investors into engagement with dozens or even hundreds of individuals ready to invest anything from several thousand to hundreds of thousands of roubles.
Benefits of Crowdinvesting for Entrepreneurs
One of the main advantages is accessibility with clear conditions. Crowdinvesting gives a chance to those who do not have access to funds and business angels but possess a clear business model and a solid team.
Furthermore, the entrepreneur retains control over the business. Larger funds often demand significant equity stakes, and sometimes control over key decisions. In crowdinvesting, ownership is usually diluted among many smaller investors.
Lastly, crowdinvesting is not just about funds; it also serves as a marketing tool. The project is exposed to thousands of individuals within the platform’s database, the entrepreneur actively promotes the campaign via social media, press, and niche communities, and investors become "brand advocates," sharing information with friends and colleagues.
As a result, you are simultaneously addressing two objectives: attracting capital and raising product awareness. It is often the case that initial investors also become the first users of the service or customers of the product.
The Legality of Crowdinvesting in Russia
Raising investments through registered investment platforms in Russia is entirely legal. The functioning of crowdinvesting is regulated by Federal Law No. 259-FZ “On Attracting Investments Using Investment Platforms,” which came into force on January 1, 2020.
Key provisions include:
- Platforms must register in the registry of investment platform operators maintained by the Bank of Russia.
- These operators are subject to capital requirements, internal procedures, IT infrastructure standards, and investor protection measures.
- Relationships between the entrepreneur, investors, and operator are formalized on the platform (through contracts, regulations, and offers).
As of late 2025, the Central Bank's registry lists over 70 operators of investment platforms. Working through such venues reduces legal risks for both the entrepreneur and investor.
The law also regulates the volume of funds that users can invest. For instance, non-qualified investors may invest up to 600,000 ₽ annually across all projects on investment platforms; no such limits apply to legal entities.
Investment platforms are obligated to provide truthful and complete information about the business, disclose key risks, and specify how the raised funds will be spent.
Distortion of facts, concealment of information, or intentionally false data can lead to administrative and criminal liability.
Popular Crowdinvesting Platforms in Russia
Below are several significant players in the market through which entrepreneurs are actively raising capital.
Penenza. One of the leaders in terms of the volume of funded projects. Since 2020, over 8 billion ₽ has been invested through Penenza. The primary focus is on technology companies and IT startups, as well as digital services. The platform offers strong analytical support for projects and established legal frameworks.
StartTrack. Primarily focuses on early-stage investments (pre-seed, seed). Many projects come from the IT and innovation sectors. A key feature is the acceleration programmes, which include expertise in business models, assistance in product refinement, and preparation for pitching to investors.
“City of Money.” Works across a wide range of industries: IT, services, manufacturing, catering, and real estate. The platform often attracts entrepreneurs with favourable funding conditions.
The platform actively assists in project packaging prior to launch:
“Aurora.” A platform created by the “Voskhoд” team, a notable venture player in Russia. It focuses on technology companies with significant revenues, starting from 300 million ₽ annually. The platform is geared more towards later-stage companies than startups starting from scratch.
How to Attract Funds Through Crowdinvesting: A Step-by-Step Plan
Step 1. Assess Project Readiness. Investors on crowd platforms want to see more than an idea "on a napkin"; they expect at least a project presentation, a financial model, a description of the team and its achievements. Having an operational product or at least a minimum viable product (MVP), first users, and some revenue significantly boosts the chances of successful fundraising.
Step 2. Choose a Platform. The platform on which you choose to launch will affect your audience and the likelihood of closing the round. Assess the minimum and maximum investment amounts, the average size of rounds, the platform's specialisation, development stage requirements, and service costs.
It is beneficial to examine projects similar to yours that have already been funded on the platform. If the venue has successful cases that resemble your project, this is a significant advantage. Do not hesitate to reach out to platform managers for consultations and preliminary evaluations.
Step 3. Prepare an Investment Proposal. How you "package" the project is often more important than its current metrics. Documents should clearly address several questions:
- What problem are you solving?
- What does your solution look like, and how does it differ from competitors?
- Who is your customer, and how large is the market?
- How does the business earn its revenue — sources of income, margins, and economics?
- Who is the team, and why are you the right person to implement this project better than others?
- How much money do you need, and what will it be used for?
- How will the investor earn, and in what time frame?
Do not set unrealistic expectations for revenue and profitability without justification. Implausible figures immediately raise red flags for experienced investors.
Step 4. Create a Video Presentation. A video enhances trust and conversion: projects with quality video content typically gather significantly more investments. The purpose of the video is to instil trust and interest rather than "sell everything all at once." Investors will delve into the details in the documents.
Step 5. Launch and Actively Promote the Campaign. The first week post-launch is critical. Statistics from similar markets show that if a project raises about 30% of its target within the first seven days, the likelihood of closing the round approaches 90%.
The "first money" effect creates social proof: people are more willing to invest if they see that others have already done so.
Specific Features of Crowdinvesting for IT Projects
Technology projects often present a stronger case compared to traditional businesses. They typically feature products that are understandable to the mass investor, with high scaling potential and rapid growth when the model succeeds.
Experience shows that the average investment size and total volume of investments in IT projects are significantly higher than in classic "offline" niches due to expectations of high returns.
However, the requirements for IT startups are also higher. Investors expect the project to have an MVP or a working version, a clear development roadmap, and a team with IT backgrounds. Without this, raising funds can be challenging.
Therefore, showcase metrics that demonstrate dynamics to investors:
- MAU (Monthly Active Users) — monthly active audience;
- CAC (Customer Acquisition Cost) — cost to acquire a single customer;
- LTV (Lifetime Value) — total income from a customer during their interaction with the product;
- Churn rate — the proportion of users who disengaged over a period;
- MRR (Monthly Recurring Revenue) — monthly recurring income;
- growth in revenue and user base;
- unit economics — profit/loss per unit of product or per user.
A clear demonstration of how you plan to reduce CAC, increase LTV, and enhance retention helps investors evaluate the scalability and profitability of the project.
Common Mistakes in Crowdinvesting and How to Avoid Them
Error 1. Overvaluation of the company. Overestimating your business is one of the main reasons why investors pass by. Analyse transactions of comparable companies at your stage and consider real financial metrics and the project's risk profile. Also, be prepared for dialogue and to justify your valuation.
It’s better to slightly concede on the valuation and secure capital than to stubbornly cling to an inflated figure and fail to close the round entirely.
Error 2. Rushing the campaign without preparation. Some entrepreneurs hastily launch on the platform without well-prepared materials, promotion strategies, or preliminary agreements with initial investors. This almost guarantees failure.
Error 3. Lack of communication with investors post-funding. Many founders perceive closing a round as the finish line. In reality, it’s just the beginning. It will be necessary to share news with investors, showcase metrics dynamics and progress regarding the use of funds, remain communicative, and answer questions.
Openness and honesty enhance trust and increase the chances of repeat investments in subsequent rounds.
Alternative Routes to Finding Investment
Crowdinvesting isn’t the only avenue for raising funds. Venture funds can offer larger sums and expert support but typically demand significant equity stakes in the company and often insist on involvement in management.
Business angels may be more flexible in their terms but are harder to find. They often invest in projects through personal recommendations and networking.
Additionally, various government support programmes are available for innovative projects. For example, the Innovation Promotion Fund, the Russian Venture Company, and regional entrepreneurship support funds offer grants ranging from 500,000 to 20 million ₽.
The main advantage of grants is that they are non-repayable funds. However, the application process can take months, and the reporting requirements are quite strict.
You can combine different sources of funding. For example, start with a grant for prototype development, then attract crowd investment for launching sales, and after reaching breakeven, seek venture investments for scaling.
This approach allows for minimizing equity dilution for founders and achieving optimal conditions at each stage of development.
What to Expect from Crowdinvesting in Russia
The crowdinvesting market in Russia is in a phase of active growth. Laws are being refined, and new tools are emerging. For instance, the “SPB Exchange” is launching a platform for participation in pre-IPO. Investors can buy startups featured on the investment platform “Aurora” and the crowdinvesting platform brainbox.VC through broker applications.
Overall, the future of crowdinvesting lies in technology. The advancement of blockchain and smart contracts could revolutionise the field. The tokenization of equity will create a secondary market where investors can sell their stakes before a company's IPO or strategic sale.
Artificial intelligence is already being utilized for project evaluations and forecasting their success. In the future, AI systems could automatically match projects to the risk profiles of specific investors.
Key Takeaways from the Article
Crowdinvesting opens up opportunities for Russian entrepreneurs. It’s not just a means to attract funds — it’s a chance to build a community of supporters around your project, gain market validation for your idea, and create a significant PR effect.
Success in crowdinvesting necessitates thorough preparation, honesty, and active communication with investors. There isn’t a magic formula that guarantees success, but following best practices and learning from others' mistakes can greatly improve your chances.
Start small: study successful cases in your industry, prepare a high-quality project presentation, and secure initial supporters. Remember that every successful business began with a first step, and crowdinvesting can be the very tool to transform your idea into a thriving business.
The crowdinvesting market in Russia is young and full of opportunities. Those who master this tool now will gain a competitive advantage in the future. Don’t delay — start preparing to attract investments today. Your future investors are already waiting for exciting projects, and your startup could be the next success story in Russian crowdinvesting.
