SME equity crowdfunding drops 45 percent to 2.1 billion rubles
Small and medium-sized enterprises raised 2.1 billion rubles via equity investment platforms in the first half of 2026, marking a 45 percent annual decline. The Bank of Russia disclosed the figures in its new quarterly statistical series on crowdfunding.
Fewer issuers and steep funding slump
In the first half of 2026, Russian businesses raised 2.1 billion rubles by issuing shares on investment platforms, representing a 45 percent drop compared to the same period in 2025.
Equity issuance constituted 13 percent of all funds secured by small and medium-sized enterprises across investment platforms during the six-month period.
At the same time, the total number of corporate issuers fell 9 percent year on year, with 61 companies entering the equity market.
The Bank of Russia established the dedicated statistical series to provide regular quarterly tracking of SME capital raising and improve supervisory assessments of development prospects across the crowdfunding market.
Tech firms and regional hubs dominate
Capital raising remained highly concentrated by sector and region.
Companies in information technology and computer services secured more than half of all investment volume.
Geographically, share offerings were concentrated in Moscow, Saint Petersburg, the Krasnodar Territory, and the Smolensk Region.
The expanded reporting establishes a structured benchmark for tracking non-bank SME financing channels as alternative capital markets evolve.
Transparency cannot mask shrinking volumes
Publishing granular platform data provides welcome transparency into an otherwise opaque segment of corporate funding.
Yet the sharp decline in equity volumes shows that retail-backed capital remains fragile and secondary for small business growth.
Greater statistical visibility will not offset the underlying scarcity of risk capital.
Source: Statistics on crowdfunding market to be expanded
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