The Impact of the Institutional Environment on the Development of Equity Crowdfunding in Russia: The UK Experience (The world of new economy)

Summary

• In 2025, the global volume of crowdfunding exceeded $20 billion, driven by donation, reward, equity, and lending platforms.p.2
• Equity crowdfunding transactions in Russia generated a total volume of 2.405 billion RUB in 2024 across six active platforms.p.2
• The total volume of equity crowdfunding transactions in the UK reached £325 million in 2024.p.4
• Equity crowdfunding accounted for 3.7% of total venture capital deal volume in the UK in 2024, compared to 1.4% in Russia.p.4
• Russian non-qualified retail investors face a maximum annual investment limit of 600 thousand RUB in crowdfunding projects.p.7

Key insights

1. Major tech corporations in Russia entered the market in 2024–2025, including subsidiaries MTS Stars and T-INVEST LAB.p.3
2. UK platform pioneers Crowdcube and Seedrs launched in 2011 and 2012, facilitating early crowdfunding for future unicorns Brewdog and Revolut in 2017 and 2018.p.3
3. Operating capital requirements for platform operators are set at 5 million RUB in Russia and £50 thousand in the UK.p.8
4. UK platforms widely use a nominee structure to hold shares on behalf of retail crowd investors, reducing governance transaction costs for issuers.p.9
5. UK tax relief mechanisms under SEIS allow investors to claim up to 50% income tax relief on investments up to £200 thousand per year.p.8