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KAMA FLOW is a private investment company founded in 2013 by a group of entrepreneurs in Russia. The firm is headquartered in Moscow, with an additional office located in Novosibirsk, within the Akademgorodok science district. KAMA FLOW manages over 15 billion rubles (approximately $165 million USD) in assets and has built a diverse portfolio of more than 30 companies. The firm emphasizes supporting technology companies at various stages of development, particularly those that foster advanced technologies in key scientific and technical areas.
Over the years, KAMA FLOW has established itself as a significant player in the Russian venture capital landscape. The firm operates five funds that cover the full spectrum of venture growth, from seed to late-stage investments. Notable milestones include the launch of a new fund targeting 10 billion rubles, which is one of the largest new venture funds in Russia. KAMA FLOW's portfolio consists of high-tech companies focused on innovative segments of the global economy, showcasing the firm's commitment to fostering technological advancement.
KAMA FLOW invests in technology companies across several sectors, including artificial intelligence (AI), biotechnology (BioTech), education technology (EdTech), financial technology (FinTech), gaming, and healthcare. The firm targets projects that demonstrate strong scientific foundations and significant market potential. KAMA FLOW operates a range of funds that cover all stages of venture growth, from seed to late-stage investments, allowing for flexibility in investment strategies.
The firm emphasizes the importance of a competent team, technological advantages, and market dynamics when selecting projects. KAMA FLOW seeks to back Russian technology companies that are building globally competitive products. Their investment thesis is centered around three core criteria: a strong team with technical and business leadership, a product or technology with significant differentiation, and a large addressable market with high growth dynamics. This strategic focus positions KAMA FLOW as a key player in the technology investment space.
KAMA FLOW's portfolio includes over 30 high-tech companies that are focused on innovative segments of the global economy. The firm has invested in various sectors, including:
These projects are developed by scientific and engineering teams that create competitive products and solutions for international markets. KAMA FLOW's emphasis on strong scientific foundations ensures that its portfolio companies are well-positioned to succeed in their respective industries.
Evgeny Borisov - Partner. Borisov has extensive experience in venture capital and technology investments, having led numerous successful deals in the sector.
Kirill Tishin - Partner. Tishin brings a strong background in technology and business development, focusing on identifying promising startups for investment.
Pavel Okhonin - Partner. Okhonin has a track record of working with early-stage companies, providing strategic guidance and support.
Sergey Gayvoronsky - Investment Director. Gayvoronsky specializes in financial analysis and portfolio management, ensuring that investments align with KAMA FLOW's strategic goals.
Kirill Tishenko - Investment Director. Tishenko focuses on sourcing new investment opportunities and managing relationships with portfolio companies.
Ekaterina Kozyura - Chief Accountant. Kozyura oversees financial reporting and compliance for KAMA FLOW.
Yulia Efremova - Deputy Chief Accountant. Efremova assists in financial management and reporting.
Olga Mitchenko - Financial Manager. Mitchenko manages financial operations and budgeting for the firm.
Evgeny Basynya - Technical Director. Basynya provides technical oversight and guidance for portfolio companies.
Petr Sedov - Chief Lawyer. Sedov handles legal matters and compliance for KAMA FLOW.
Ilya Merkulov - Investment Manager. Merkulov focuses on evaluating potential investments and managing existing portfolio companies.
Alexey Pavlyuchenko - Investment Manager. Pavlyuchenko specializes in market analysis and investment strategy.
Maria Korolkova - Investment Manager. Korolkova works on deal sourcing and portfolio management.
Mikhail Oganov - Investment Manager. Oganov focuses on technology assessment and due diligence.
Anna Labunets - Investment Manager. Labunets specializes in financial modeling and investment analysis.
Dmitry Kozyin - Investment Manager. Kozyin works on investment strategy and portfolio optimization.
Erzhena Mathonova - Project Manager. Mathonova oversees project management and execution for portfolio companies.
Karina Ruchkina - Investment Analyst. Ruchkina conducts market research and analysis to support investment decisions.
Elizaveta Samoilova - Investment Analyst. Samoilova assists in financial analysis and reporting.
Alexander Polyansky - Junior Investment Analyst. Polyansky supports the investment team with research and analysis.
Anastasia Druzhinina - Development Project Manager. Druzhinina manages development projects within the firm.
Yulia Mikhaylova - Marketer. Mikhaylova handles marketing and communications for KAMA FLOW.
To pitch KAMA FLOW, founders should send an email to info@kamaflow.com. It is advisable to include a detailed pitch deck that outlines the business model, market opportunity, competitive landscape, and team background. KAMA FLOW appreciates well-structured presentations that clearly convey the startup's vision and potential for growth.
Response times may vary, but founders can expect to hear back within a few weeks. Warm introductions are preferred, as they can facilitate a more favorable review of the pitch.
In April 2026, KAMA FLOW announced the launch of a new fund targeting 10 billion rubles, aimed at investing in high-tech companies. This fund is expected to be one of the largest new venture funds in Russia.
In March 2026, KAMA FLOW co-invested with OSNOVA CAPITAL in Piklema Group, committing up to 1 billion rubles. This investment highlights KAMA FLOW's active engagement in supporting technology companies.
What are KAMA FLOW's investment criteria?
KAMA FLOW focuses on technology companies with strong scientific foundations and significant market potential. They prioritize projects that demonstrate a competent team, innovative technology, and a large addressable market.
How can I apply or pitch to KAMA FLOW?
Founders can reach out to KAMA FLOW via email at info@kamaflow.com to discuss potential investment opportunities. A well-prepared pitch deck that outlines the business model, market opportunity, and team background is recommended.
What makes KAMA FLOW different from other venture capital firms?
KAMA FLOW positions itself as 'smart money,' actively supporting its portfolio companies with legal, financial management, sales, recruiting, and R&D organization. The firm maintains relationships with over 30 large Russian and international industrial partners to facilitate deal origination and pilot projects.
What is KAMA FLOW's geographic focus?
The firm primarily invests in technology companies across Europe and Asia, with a strong emphasis on Russian startups that have global ambitions.
What is the typical check size for investments?
KAMA FLOW invests across various stages, from seed to growth equity, but specific check sizes are not publicly disclosed. The firm is known to co-invest in larger rounds, such as their recent involvement with Piklema Group, where they co-invested up to 1 billion rubles.
What kind of post-investment involvement does KAMA FLOW have?
KAMA FLOW actively engages with its portfolio companies, providing support in areas such as legal, financial management, sales, recruiting, and R&D organization. This hands-on approach helps ensure the success of their investments.
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